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VOL 13 | NUM 14 | 23 October 2026
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CHILE | 12 - 18 October 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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El Niño strikes again: Polpaico prices sink to their lowest weekly level since 2002
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The average price in Polpaico was USD 3.4/MWh, which is 62.8% lower than last week and 89.8% lower compared to one year ago.
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This is the lowest weekly average price recorded since June 2002, when prices fell to USD 1.7/MWh.
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Marginal cost evolution in Polpaico during past years
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The generation mix presented moderate changes. Wind technology recovered from last week drop, increasing by 1.1 pp its share in the mix. It was followed by an increase of 0.7 pp from cogeneration and 0.6 pp from solar PV. As a consequence, hydropower reduced its share by 1.4 pp.
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Peak demand was 10.9 GW at 10 AM on Friday, with solar and wind accounting for 57.0% of the generation.
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BESS participation peaked at 9 PM on Sunday with 26.3%.
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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 two main lines experienced congestion at different and particular times:
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- Congestion on the 220 kV Lastarria – Ciruelos line persisted throughout most of the week, repeatedly decoupling Puerto Montt from the rest of the system between Tuesday and Friday. The southern node's marginal price was alternatively set by local diesel generation (Trapén and Trincao) and wind generation (Aurora and Puelche Sur), depending on operating conditions.
- The 500 kV Charrúa – Ancoa line was congested on Monday and again during the early hours of Sunday. The restriction led to lower marginal prices from Charrúa southwards.
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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: 50 for Puerto Montt, 74 for Crucero, Cardones, Pan de Azúcar and Polpaico, and 90 for Charrúa.
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Crucero
USD 3.5/MWh
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Cardones
USD 3.5/MWh
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Pan de Azúcar
USD 3.4/MWh
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Polpaico
USD 3.4/MWh
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Charrúa
USD 3.1/MWh
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Puerto Montt
USD 83.4/MWh
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Solar and Wind production & BESS dispatch
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Solar injection system-wide plant factor was equal to last week's value, reaching 14.9%. The highest plant factor was 23.2% in Charrúa zone while the lowest was in Crucero area with 13.1%. A notable highlight was that southern nodes recorded higher capacity factors than northern nodes.
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Wind injection increased its system-wide plant factor by 0.9 pp compared to last week, reaching 22.4%. The highest plant factor was in Cardones zone with 32.5%, while the lowest was in Charrúa area with 7.3%.
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BESS decreased its system-wide injection by 11.2 GWh compared to last week, reaching a total of 118.8 GWh. The largest decrease was observed in Crucero zone with a fall of 7.0 GWh.
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The combined curtailment rate for solar and wind generation increased by 6.9 pp compared to last week, reaching 25.5%. Solar curtailment reached 30.8% | 171.3 GWh while wind curtailment was 18.5% | 60.2 GWh.
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Crucero
USD 0.1/MWh
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Cardones
USD 0.1/MWh
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Pan de Azúcar
USD 0.1/MWh
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Polpaico
USD 0.1/MWh
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Charrúa
USD 0.1/MWh
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Puerto Montt
USD 188.0/MWh
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Energy weighted average spot price using PV production by zone
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Crucero
USD 4.3/MWh
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Cardones
USD 3.0/MWh
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Pan de Azúcar
USD 3.4/MWh
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Polpaico
USD 2.4/MWh
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Charrúa
USD 2.7/MWh
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Puerto Montt
USD 20.2/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 8.2/MWh
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Cardones
USD 9.1/MWh
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Pan de Azúcar
USD 9.3/MWh
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Polpaico
USD 10.6/MWh
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Charrúa
USD 5.0/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 0.1/MWh
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Cardones
USD 0.1/MWh
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Pan de Azúcar
USD 0.1/MWh
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Polpaico
USD 0.5/MWh
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Charrúa
USD 2.9/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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You are receiving this email because you are subscribed to our Power Markets Weekly report - CHILE. If you no longer wish to receive this report, or if you would like to subscribe to other regional reports, you can manage your subscription using the button on the right.
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DNV, Magdalena 181, Las Condes, Santiago, Chile
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DNV Chile publishes this weekly report using public information from CEN, CNE & SEIA. This document is for information purposes only. Its partial or total reproduction is authorized while mentioning its source as DNV. Opinions herein expressed are proprietary.
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