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VOL 12 | NUM 4 | 15 August 2025
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CHILE | 4 - 10 August 2025
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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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Curtailment climbs as wind collapses
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The average price at Polpaico was USD 38.3/MWh, 28% lower than last week and 9% lower than the same week last year.
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Marginal cost evolution in Polpaico during past years
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Renewables reduced their share in the energy mix, mainly driven by a sharp drop in wind. Wind share dipped by 10 pp. Meanwhile, solar and dam increased their shares by 4.5 pp and 2.7 pp, respectively. The increase in thermal participation was led by gas, which raised its share in the mix by 4.0 pp, supported by stable supply from Argentina. This increase in gas was sufficient to offset a 2.0 pp reduction in coal's share.
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The system’s maximum demand reached 11.3 GW on Monday at 10 AM, with wind, solar, and BESS contributing 53.0% of the output. The highest wind-solar-BESS participation occurred on Sunday at 11 AM, covering 70.7% of the 9.6 GW demand. Weekly demand dipped 3.5% compared to the previous week, reaching 1.62 TWh.
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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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This week, prices were mostly coupled. However, the Puerto Montt zone decoupled from the rest of the system due to congestion in the 220 kV Lastarria - Ciruelos and 220 kV Charrúa - Santa Clara lines. In addition, the northern zones Crucero, Diego de Almagro, and Pan de Azúcar decoupled from the rest of the system during Saturday morning due to congestion in the 500 kV Nueva Pan de Azúcar - Polpaico line. The weekly peak price reached USD 91.8/MWh in Crucero on Monday at 7 AM.
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Crucero
USD 34.0/MWh
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D. de Almagro
USD 33.9/MWh
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Pan de Azúcar
USD 34.3/MWh
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Polpaico
USD 38.3/MWh
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Charrúa
USD 36.9/MWh
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Puerto Montt
USD 34.6/MWh
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Solar and Wind production & BESS dispatch
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Solar generation increased by 63.6 GWh (+25.0%) this week, with a system-wide average plant factor of 16.9%. The highest solar plant factor was observed in Crucero (20.8%), while the lowest was in Puerto Montt (7.8%).
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Conversely, wind generation declined by 174.7 GWh (-49.2%). The average system plant factor was 16.9%, with Puerto Montt leading at 25.7% and Diego de Almagro recording the lowest at 4.0%.
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BESS discharges totaled 43.4 GWh, surpassing last week’s output by 5.7 GWh (+15.4%). The average BESS plant factor was 14.8%, peaking in the Crucero zone at 16.2%, and reaching a low of 6.8% in Charrúa.
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This week, solar curtailment reached 19.9%, up by 5.7 pp from the previous week. Wind curtailment rose to 12.4%, up by 4.7 pp. The combined curtailment rate was 17.3%, 6.8 pp higher than last week.
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Crucero
USD 3.8/MWh
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D. de Almagro
USD 3.8/MWh
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Pan de Azúcar
USD 3.7/MWh
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Polpaico
USD 8.5/MWh
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Charrúa
USD 7.5/MWh
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Puerto Montt
USD 24.2/MWh
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Energy weighted average spot price using PV production by zone
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Crucero
USD 38.7/MWh
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D. de Almagro
USD 30.7/MWh
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Pan de Azúcar
USD 37.3/MWh
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Polpaico
USD 45.0/MWh
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Charrúa
USD 38.0/MWh
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Puerto Montt
USD 30.8/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 55.8/MWh
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D. de Almagro
USD 49.0/MWh
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Pan de Azúcar
USD 58.5/MWh
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Polpaico
USD 58.3/MWh
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Charrúa
USD 56.5/MWh
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Energy weighted average spot price using BESS injection by zone
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Visit our Weekly Report Glossary for a detailed description of the abbreviations and terms used in this report.
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DNV, Magdalena 181, Las Condes, Santiago, Chile
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