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VOL 13 | NUM 8 | 11 September 2026
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CHILE | 31 August - 6 September 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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High wind and hydro generation in the South led to 3 days of almost continuous zero marginal costs in Charrúa and Puerto Montt.
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The average price in Polpaico was USD 19.5/MWh, which is 46.4% lower than last week and 65.2% lower compared to one year ago.
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Marginal cost evolution in Polpaico during past years
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Fossil-fuel generation declined their participation mainly due to a fall in gas by 3.8 pp and coal by 1.8 pp.
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Part of the fossil-fuel generation share in the mix was replaced by an increase in the renewable share: solar increasing by 3.1 pp and wind by 0.6 pp. Hydro participation also increased its share, mainly due to a rose in dam by 1.6 pp.
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Peak demand was 11.7 GW at 12 PM on Monday, with solar and wind accounting for 61.4% of the generation.
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BESS participation peaked at 10 PM on Monday with 26.7%.
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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 were mostly coupled during the week, although 2 main lines experienced congestion throughout the period.
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- Congestion on the 220 kV Lastarria – Ciruelos line during solar hours on Wednesday and Thursday decoupled Puerto Montt, price-wise, from the rest of the system.
- The 500 kV Charrúa – Ancoa line experienced congestion during the early morning on Tuesday. Moreover, due to high wind generation, combined with high hydro generation, this line was also congested overnight on Thursday, Friday and Saturday, with congestion persisting until the solar hours on the following day, leading to day and night zero marginal costs from Charrúa to the South.
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The high availability of renewable energy and lack of transmission capacity is well pictured by the zero-price hours of each node: 74 for Crucero, Cardones and Pan de Azúcar, 121 for Charrúa and 109 for Puerto Montt.
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This week, marginal costs peaked at USD 294.9/MWh in Puerto Montt on Thursday at 11:15 AM, set by the oil-fired power plant Trincao.
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Crucero
USD 19.6/MWh
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Cardones
USD 19.5/MWh
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Pan de Azúcar
USD 19.4/MWh
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Polpaico
USD 19.5/MWh
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Charrúa
USD 8.2/MWh
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Puerto Montt
USD 14.1/MWh
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Solar and Wind production & BESS dispatch
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Solar injection increased its system-wide plant factor by 1.8 pp compared to last week, reaching 16.1%. The highest plant factor was 19.6% in Charrúa zone while the lowest was in Pan de Azúcar area with 13.8%.
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Wind injection maintained its system-wide plant factor with 21.8%. The highest plant factor was in Pan de Azúcar zone with 32.3%, while the lowest was in Cardones area with 11.2%.
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BESS increased its system-wide injection by 5.7 GWh compared to last week, reaching a total of 134.9 GWh. The largest increase was observed in Crucero zone with a rise of 2.6 GWh.
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The combined curtailment rate for solar and wind generation increased by 5.2 pp compared to last week, reaching 17.2%. Solar curtailment reached 18.3% | 95.0 GWh while wind curtailment was 16.2% | 48.7 GWh.
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Crucero
USD 1.3/MWh
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Cardones
USD 1.1/MWh
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Pan de Azúcar
USD 0.8/MWh
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Polpaico
USD 0.6/MWh
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Charrúa
USD 0.3/MWh
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Puerto Montt
USD 12.9/MWh
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Energy weighted average spot price using PV production by zone
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Crucero
USD 18.5/MWh
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Cardones
USD 20.1/MWh
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Pan de Azúcar
USD 20.5/MWh
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Polpaico
USD 21.1/MWh
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Charrúa
USD 2.5/MWh
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Puerto Montt
USD 10.8/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 32.0/MWh
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Cardones
USD 33.7/MWh
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Pan de Azúcar
USD 35.3/MWh
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Polpaico
USD 30.9/MWh
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Charrúa
USD 21.4/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 0.8/MWh
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Cardones
USD 0.4/MWh
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Pan de Azúcar
USD 0.1/MWh
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Polpaico
USD 2.4/MWh
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Charrúa
USD 5.7/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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