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VOL 12 | NUM 44 | 22 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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Puerto Montt Price Spikes Intensify, Rising Above USD 300/MWh
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The average price in Polpaico was USD 50.1/MWh, down 1.7% from last week and 20.3% 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 increased by 2.1 pp, driven by a rise in coal and gas by 1.3 pp and 0.8 pp, respectively. Oil generation maintain its share in comparison to last week.
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Hydro decreased in their share, with decline in both technologies, dam and in run-of-river by 1.4 pp and 1.5 pp, respectively.
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Wind share increased this week by 1.8 pp. In contrast, solar share had a 0.8 pp decrease.
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Generation peaked at 11.7 GW on Tuesday at 3 PM, with solar, wind and CSP accounting for 62.6% of the total output at that hour.
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BESS share in the system peaked at 7 PM on Saturday, representing 18.1% 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 above USD 300/MWh, reaching a peak of around USD 314/MWh on Tuesday at 10:00 AM in Puerto Montt, when the oil-fired power plant Trapén was setting the marginal price.
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During these high-price hours, Puerto Montt was decoupled from the rest of the system due to congestion on the 220 kV Lastarria – Ciruelos line. This congestion was associated with the start of the maintenance program at the Canutillar hydro power plant.
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On the other hand, on Thursday, Saturday and Sunday, Puerto Montt was also decoupled from the rest of the system, but this time due to congestion on the 220 kV Charrúa – Santa Clara line. This was driven by high wind generation in the southern part of the grid, resulting in zero marginal costs in Puerto Montt.
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This week the 500 kV Nueva Pan de Azúcar - Polpaico line reported congestions on Tuesday, Wednesday and Friday during solar hours.
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Crucero
USD 49.2/MWh
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Cardones
USD 49.8/MWh
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Pan de Azúcar
USD 50.6/MWh
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Polpaico
USD 52.1/MWh
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Charrúa
USD 50.4/MWh
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Puerto Montt
USD 63.4/MWh
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Solar and Wind production & BESS dispatch
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Solar output decreased by 2.5% | 8.5 GWh compared to last week. Regarding the plant factor, the highest was 18.1% in Cardones, while the lowest was 6.2% in Puerto Montt. The system-wide solar plant factor was 14.8%.
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Wind generation increased this week by 14.1% | 35.5 GWh relative to last week. The highest plant factor was 48.1% in Charrúa, while the lowest was 15.0% in Pan de Azúcar. The system-wide wind plant factor was 27.5%.
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BESS showed a decrease in injections of 3.3% | 2.7 GWh, and an increase in charges by 3.1% | 2.8 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.
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This week, curtailment rates reached 3.2% | 9.6 GWh for wind and 5.3% | 20.7 GWh for solar. This resulted in a combined system-wide curtailment rate of 4.4%, which represents an increase of 3.1 pp relative to last week.
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Crucero
USD 29.8/MWh
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Cardones
USD 32.6/MWh
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Pan de Azúcar
USD 32.9/MWh
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Polpaico
USD 30.2/MWh
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Charrúa
USD 31.5/MWh
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Puerto Montt
USD 57.8/MWh
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Energy weighted average spot price using PV production by zone
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Crucero
USD 48.5/MWh
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Cardones
USD 38.7/MWh
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Pan de Azúcar
USD 46.0/MWh
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Polpaico
USD 53.6/MWh
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Charrúa
USD 49.9/MWh
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Puerto Montt
USD 46.0/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 61.6/MWh
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Cardones
USD 65.0/MWh
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Pan de Azúcar
USD 67.9/MWh
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Polpaico
USD 64.7/MWh
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Charrúa
USD 53.2/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 29.7/MWh
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Cardones
USD 30.7/MWh
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Pan de Azúcar
USD 43.1/MWh
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Polpaico
USD 35.4/MWh
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Charrúa
USD 52.0/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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