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VOL 12 | NUM 41 | 1 May 2026
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CHILE | 20 - 26 April 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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Renewable generation increased during this week with marginal costs below 120 USD/MWh
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The average price in Polpaico was USD 38.1/MWh, 12% down from last week and 58% lower than the same week one year ago.
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Marginal cost evolution in Polpaico during past years
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In this week's generation mix, thermal share decreased by a total of 5.1 pp, driven by declines in gas by 3.1 pp, coal by 1.9 pp and diesel by 0.1 pp.
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Hydro sources remained stable in their share, with a decrease of 0.3 pp in dam generation, offset by an equivalent increase in run-of-river generation.
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On the other hand, wind and solar increased by 3.9 pp and 0.9 pp, respectively.
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Generation peaked at 10.9 GW on Monday at 3 PM, with solar, wind and CSP accounting for 60.8% of the total output at that hour.
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BESS share in the system peaked at 11 PM on Tuesday, representing 17.0% 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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Prices decoupled on Monday and Friday, mainly due to the 500 kV Nueva Pan de Azúcar - Polpaico line being congested during solar hours. On Thursday early morning there was a mantainance event in the line, which lead to limitation of the flow and provoked congestion, which decoupled the prices in hours without solar resource.
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220 kV Lastarria - Ciruelos line also congested on most days of the week, decoupling Puerto Montt from the rest of the system.
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Due to the mentioned congestions there were three different prices across the system on Monday and Friday (north of Pan de Azúcar, Polpaico and Puerto Montt) and two different prices on Thursday early morning (North of Pan de Azúcar and Polpaico to the South).
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Peak price of the week across reference nodes was recorded in Crucero on Wednesday at 7 AM, reaching USD 116.1/MWh with the dam power plant Rapel setting the price at that moment.
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Crucero
USD 36.0/MWh
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Cardones
USD 35.2/MWh
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Pan de Azúcar
USD 34.8/MWh
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Polpaico
USD 38.1/MWh
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Charrúa
USD 37.3/MWh
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Puerto Montt
USD 40.4/MWh
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Solar and Wind production & BESS dispatch
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Solar output increased by 6.1% | 21.2 GWh compared to last week. Regarding the plant factor, the highest was 19.9% in Charrúa, while the lowest was 12.5% in Puerto Montt. The system-wide solar plant factor was 16.6%.
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Wind generation showed a recovery after the decline observed last week, increasing this week by 31.0% | 66.9 GWh relative to last week. The highest plant factor was 40.6% in Pan de Azúcar, while the lowest was 19.2% in Cardones. The system-wide wind plant factor was 27.7%.
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BESS showed an increase in injections of 7.0% | 5.6 GWh, with an increase in discharges of 3.2 GWh in Crucero and Polpaico. 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 7.9% | 24.6 GWh for wind and 13.1% | 61.6 GWh for solar. This resulted in a combined system-wide curtailment rate of 10.8%, which represents a increase of 1.5 pp relative to last week.
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Crucero
USD 3.5/MWh
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Cardones
USD 2.6/MWh
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Pan de Azúcar
USD 2.0/MWh
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Polpaico
USD 7.2/MWh
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Charrúa
USD 7.7/MWh
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Puerto Montt
USD 23.2/MWh
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Energy weighted average spot price using PV production by zone
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Crucero
USD 32.7/MWh
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Cardones
USD 33.1/MWh
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Pan de Azúcar
USD 38.8/MWh
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Polpaico
USD 43.5/MWh
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Charrúa
USD 36.8/MWh
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Puerto Montt
USD 40.7/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 56.8/MWh
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Cardones
USD 56.0/MWh
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Pan de Azúcar
USD 52.7/MWh
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Polpaico
USD 58.0/MWh
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Charrúa
USD 52.5/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 2.6/MWh
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Cardones
USD 0.7/MWh
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Pan de Azúcar
USD 11.3/MWh
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Polpaico
USD 10.9/MWh
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Charrúa
USD 23.6/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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