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VOL 12 | NUM 43 | 15 May 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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Marginal costs spiked above USD 200/MWh systemwide
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The average price in Polpaico was USD 53.0/MWh, up 16.0% from last week and 19.2% lower than the same week one year ago.
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Marginal cost evolution in Polpaico during past years
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This week, thermal generation share decreased by 1.6 pp, driven by a decline in coal of 3.4 pp due to maintenance at the Hornitos coal-fired power plant, as well as a decline in oil of 0.4 pp, leading gas to rise by 2.1 pp to replace this generation.
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Hydro also increased in their share, with an increase in dam and in run-of-river generation by 1.0 pp each.
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Wind share increased this week by 2.5 pp. In contrast, solar share had a 2.3 pp decrease.
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Generation peaked at 11.4 GW on Wednesday at 2 PM, with solar, wind and CSP accounting for 55.3% of the total output at that hour.
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BESS share in the system peaked at 7 PM on Saturday, representing 18.7% of the total output at that hour.
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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, there were several hours with marginal costs over USD 150/MWh, with a peak around USD 278/MWh on Thursday at 10 AM in Puerto Montt, with the oil-fired power plant Trapén setting the price at the moment. At that hour Puerto Montt price was decoupled from the rest of the system. On the other hand, on Monday there were also high prices, but this time through all the system, with prices that reached USD 213/MWh in Crucero with the oil-fired power plant Los Pinos setting the price.
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This week the 500 kV Nueva Pan de Azúcar - Polpaico line reported congestions on Monday, Wednesday, Thursday and Friday during solar hours.
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Puerto Montt also decoupled from the rest of the system this week, on Thursday and Saturday due to a congestion on the 220 kV Lastarria - Ciruelos line, having higher prices in Puerto Montt than in the rest of the system. On the other hand, on Wednesday and Sunday, it was due to a congestion in 220 kV Charrúa - Santa Clara line, driven by high wind generation in the southern part of the grid, which resulted in having zero prices in Puerto Montt.
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Crucero
USD 50.6/MWh
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Cardones
USD 50.6/MWh
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Pan de Azúcar
USD 50.6/MWh
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Polpaico
USD 53.0/MWh
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Charrúa
USD 51.4/MWh
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Puerto Montt
USD 51.7/MWh
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Solar and Wind production & BESS dispatch
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Solar output decreased by 10.5% | 35.5 GWh compared to last week. Regarding the plant factor, the highest was 19.8% in Cardones, while the lowest was 7.7% in Puerto Montt. The system-wide solar plant factor was 15.2%.
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Wind generation increased this week by 17.1% | 42.9 GWh relative to last week. The highest plant factor was 31.7% in Polpaico, while the lowest was 20.4% in Cardones. The system-wide wind plant factor was 24.1%.
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BESS showed a decrease in injections of 5.4% | 4.3 GWh, and a decrease in charges by 3.2% | 2.9 GWh, relative to last week. Additionally, based on the hourly BESS dispatch profile, injections occur predominantly before midnight, resulting in a significant reduction in BESS injections during the early morning hours. BESS injections had a record recorded this week on Saturday at 8 PM, injecting 2.0 GWh, due to the commissioning of new BESS projects.
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This week, curtailment rates reached 4.6% | 12.2 GWh for wind and 9.5% | 39.7 GWh for solar. This resulted in a combined system-wide curtailment rate of 7.5%, which represents an increase of 1.7 pp relative to last week.
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Crucero
USD 20.5/MWh
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Cardones
USD 20.7/MWh
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Pan de Azúcar
USD 20.0/MWh
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Polpaico
USD 20.6/MWh
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Charrúa
USD 16.0/MWh
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Puerto Montt
USD 35.6/MWh
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Energy weighted average spot price using PV production by zone
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Crucero
USD 45.7/MWh
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Cardones
USD 38.2/MWh
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Pan de Azúcar
USD 40.7/MWh
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Polpaico
USD 55.5/MWh
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Charrúa
USD 48.0/MWh
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Puerto Montt
USD 51.2/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 70.3/MWh
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Cardones
USD 69.1/MWh
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Pan de Azúcar
USD 64.5/MWh
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Polpaico
USD 65.7/MWh
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Charrúa
USD 70.3/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 16.9/MWh
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Cardones
USD 15.0/MWh
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Pan de Azúcar
USD 40.8/MWh
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Polpaico
USD 25.6/MWh
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Charrúa
USD 51.1/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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