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VOL 12 | NUM 36 | 27 March 2026
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CHILE | 16 - 22 March 2026
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Power Markets Weekly
is a brief weekly review of the electric market operation in Chile, Mexico, Iberia, France and Italy. If you are not a subscriber, please feel free to subscribe
here
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DNV offers tools for Wholesale Market analysis and operation:
- DNV Power Analytics (DNV-PA) is our web-based platform that provides access to constantly updated long-term energy price forecasts.
- With a refined design and an improved user experience we are upgrading our digital services for our customers.
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Maintenance work in the 500 kV Nueva Pan de Azúcar - Polpaico line led to high solar curtailment and price increase across the system
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The average price in Polpaico was USD 52.4/MWh, up 56% from last week yet still, 6% lower than the same week of 2025.
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Marginal cost evolution in Polpaico during past years
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Regarding the generation mix this week, solar and wind registered a decrease in their share by 6.2 pp and 0.6 pp, respectively, which in turn led to a major increase in participation of thermal sources, with gas and coal increasing their share by 5.1 pp and 1.6 pp, respectively, while oil recorded a slight decrease of 0.2 pp in its share. Dam registered a decrease of 1.2 pp while run-of-river a slight growth of 0.2 pp.
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BESS penetration in the system continues to increase, with injections peaking on Saturday at 12 PM, accounting for 20.7% | 1.9 GW of the demand at that hour, setting a new record in both discharges and system participation.
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Generation Mix
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Variation
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Power range by energy sources (average prices)
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Geothermal
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Cogeneration
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Biomass
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Coal
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Gas
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Oil
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BESS
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Dam
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Run-of-river
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Wind
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PV Solar
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CSP
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Maintenance work in one of the circuits of the 500 kV Nueva Pan de Azúcar - Polpaico line began on Tuesday 17th, limiting the line capacity to 850 MVA from North to South, this led to the recurrent congestion of the line, decoupling prices in the system every day of the week during solar hours and for short periods during some nights. This congestion pushed marginal costs from Polpaico to Puerto Montt nodes up to an average of USD 52.3/MWh, while prices from Pan de Azúcar to Crucero nodes, averaged around USD 33.0/MWh.
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The peak price of the week among reference nodes was recorded in Puerto Montt, reaching USD 187.9/MWh on Thursday at 9:30 PM. This spike was marked by low wind generation in the system, combined with the limited 500 kV Nueva Pan de Azúcar - Polpaico line.
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Crucero
USD 33.1/MWh
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Cardones
USD 32.8/MWh
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Pan de Azúcar
USD 32.8/MWh
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Polpaico
USD 52.4/MWh
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Charrúa
USD 52.3/MWh
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Puerto Montt
USD 53.3/MWh
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Solar and Wind production & BESS dispatch
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Solar output decreased by 24% | 113.3 GWh relative to last week, driven by low solar radiation from Center to South areas since Friday and high curtailment in the Northern areas (due to maintenance work in the 500 kV Nueva Pan de Azúcar - Polpaico line). Plant factor dropped across the entire system, with the highest value recorded in Cardones at 19.9% and the lowest in Puerto Montt at 11.3%. The system-wide solar plant factor reached 17.2%.
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Wind generation declined by 7% | 15.4 GWh. The highest wind plant factor was 34.9% in Puerto Montt, while the lowest was 8.5% in Polpaico. The system‑wide wind plant factor reached 18.9%.
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BESS injections showed a major increase of 15% | 10.0 GWh, powered by a 18.1% | 10.1 GWh increase in the Crucero area, meanwhile, the balance of injections on the rest of the system remained stable.
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This week curtailment rate reached 12.7% | 31.0 GWh for wind and 21.1% | 108.1 GWh for solar, resulting in a combined system-wide curtailment rate of 18.0%, which represent an increase of 8.5 pp, almost doubling the values registered last week.
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Crucero
USD 3.0/MWh
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Cardones
USD 2.5/MWh
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Pan de Azúcar
USD 1.9/MWh
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Polpaico
USD 36.3/MWh
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Charrúa
USD 41.3/MWh
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Puerto Montt
USD 56.1/MWh
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Energy weighted average spot price using PV production by zone
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Crucero
USD 30.1/MWh
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Cardones
USD 34.4/MWh
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Pan de Azúcar
USD 36.0/MWh
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Polpaico
USD 53.9/MWh
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Charrúa
USD 37.8/MWh
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Puerto Montt
USD 46.6/MWh
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Energy weighted average spot price using wind production by zone
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BESS discharge capture price
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Crucero
USD 54.4/MWh
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Cardones
USD 51.6/MWh
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Pan de Azúcar
USD 56.3/MWh
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Polpaico
USD 62.4/MWh
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Charrúa
USD 57.4/MWh
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Energy weighted average spot price using BESS discharge by zone
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BESS charge capture price
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Crucero
USD 0.9/MWh
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Cardones
USD 1.0/MWh
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Pan de Azúcar
USD 1.1/MWh
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Polpaico
USD 41.7/MWh
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Charrúa
USD 48.1/MWh
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Energy weighted average spot price using BESS charge (both from co-located power plant and from grid) by zone
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DNV, Magdalena 181, Las Condes, Santiago, Chile
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