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VOL 12 | NUM 45 | 29 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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Low renewables and high thermals increase marginal costs in the SEN
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Polpaico price rose to USD 86.7/MWh, which is 66% higher than last week, and 46% higher than the same week last year.
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Marginal cost evolution in Polpaico during past years
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This price increase was driven by a decrease in wind, solar and run-of-river shares by 4.2 pp, 2.7 pp and 0.7 pp, respectively, which was compensated mainly with increases in dam and coal shares by 2.9 pp and 3.3 pp, respectively. Other technologies like gas, oil and BESS also had slightly higher shares: +0.5 pp, +0.3 pp and +0.3 pp, respectively.
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Generation peaked at 11 am on Friday, with 11.9 GW. At the time, wind and solar represented 46.3% of the generation mix, while thermals represented 30.7%.
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In terms of BESS injection, they peaked at 7 PM of Monday, with 2.2 GW, representing 20.1% of the total energy injected to the grid in 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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Prices stayed largely coupled throughout the week, with only a few instances of decoupling caused by transmission congestion. The main congestion events were as follows:
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- 500 kV Jadresic – Cumbres line congested between 8 AM and 9 AM of Wednesday, decoupling Crucero area from the rest of the system.
- 500 kV Nueva Cardones – Nueva Maitencillo line congested during the solar hours of the same day decoupling Cardones from Pan de Azúcar. This was likely related to some maintenance works on the line.
- 500 kV Nueva Pan de Azúcar – Polpaico line congested during the solar hours from Thursday to Sunday, decoupling those areas.
- 220 kV Lastarria – Ciruelos line congested only on Tuesday, decoupling Puerto Montt area, however on the other days of the week, it remained coupled to Charrúa.
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On Thursday afternoon and night, a low wind availability, combined with a higher demand than forecasted, led to a spike in marginal costs that were set by oil power plants. At 9 PM, prices ranged from USD 214.9/MWh in Crucero to USD 263.6/MWh in Puerto Montt.
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Crucero
USD 56.1/MWh
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Cardones
USD 57.9/MWh
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Pan de Azúcar
USD 61.8/MWh
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Polpaico
USD 86.7/MWh
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Charrúa
USD 85.0/MWh
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Puerto Montt
USD 89.9/MWh
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Solar and Wind production & BESS dispatch
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Solar generation decreased in most SEN areas, except for Puerto Montt, reaching a total decline of 39.7 GWh. The highest weekly average plant factor was registered on Cardones area with just a 16.5%, while the lowest was in Puerto Montt area with 9.4%.The system-wide plant factor reached 13.0%
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Wind generation had a decline of 66.2 GWh, which in this case was mainly driven by a low performance on Charrúa area, where output decreased by 113.7 GWh compared to last week, reaching only a 7.7% weekly average plant factor. The highest plant factor was seen in Cardones area with 45.4%, while the system-wide plant factor reached 20.2%.
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BESS charging and injection increased by 9.0 GWh and 7.4 GWh, respectively, totaling weekly injections of 90.2 GWh.
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This week, curtailment reached 22.9 GWh for wind and 42.3 GWh for solar, which represents 9.4% and 11.0%, respectively. The system-wide solar and wind curtailment reached 10.3%, 5.9 pp higher than last week.
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Crucero
USD 9.1/MWh
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Cardones
USD 8.9/MWh
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Pan de Azúcar
USD 15.4/MWh
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Polpaico
USD 57.0/MWh
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Charrúa
USD 54.8/MWh
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Puerto Montt
USD 71.7/MWh
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Energy weighted average spot price using PV production by zone
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Crucero
USD 52.0/MWh
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Cardones
USD 53.6/MWh
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Pan de Azúcar
USD 69.5/MWh
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Polpaico
USD 72.8/MWh
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Charrúa
USD 76.3/MWh
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Puerto Montt
USD 78.7/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 91.1/MWh
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Cardones
USD 98.7/MWh
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Pan de Azúcar
USD 105.6/MWh
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Polpaico
USD 113.4/MWh
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Charrúa
USD 90.9/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 7.3/MWh
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Cardones
USD 5.3/MWh
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Pan de Azúcar
USD 41.5/MWh
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Polpaico
USD 70.8/MWh
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Charrúa
USD 91.6/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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