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VOL 12 | NUM 31 | 20 February 2026
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CHILE | 9 - 15 February 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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Congestion pushed marginal costs above USD 240/MWh on Monday
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The average price in Polpaico was USD 35.2/MWh, which is 6.0% higher than last week but 32.8% lower compared to one year ago.
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Marginal cost evolution in Polpaico during past years
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An increase in hydro share was registered despite a fall in run-of-river by 0.7 pp, due to a rise in dam by 1.0 pp.
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Thermals decreased their participation mainly due a reduction in gas by 3.3 pp, along a slightly decrease in oil by 0.1 pp. However, coal increased by 0.5 pp.
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Renewables increased their share in the mix, with solar up by 0.3 pp and wind up by 1.8 pp.
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Peak demand was 12.6 GW at 2 PM on Monday, with solar and wind accounting for 72.0% of the generation.
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BESS participation peaked at 11 PM on Wednesday with 14.5%.
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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, the system recorded congestions in three main lines.
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The 220 kV Lastarria – Ciruelos line was congested every day of the week except Saturday, causing price decoupling in Puerto Montt. This congestion was observed at dawn from Monday to Friday and was also recorded on Tuesday night and during solar hours on Sunday.
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The 154 kV Charrúa – Concepción line was congested on Tuesday afternoon.
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On Wednesday and Friday, the 500 kV Nueva Pan de Azúcar–Polpaico line experienced congestion during solar hours. This caused price decoupling from Polpaico southward. However, Puerto Montt was not affected in these instances, as it had already been decoupled earlier due to congestion on the 220 kV Lastarria–Ciruelos line.
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The peak price of the week was registered on Monday at 11:45 AM, when the oil power plant Trapén set the price in Puerto Montt at USD 241.1/MWh. At the same time, rest of the system was coupled with zero prices.
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Crucero
USD 34.6/MWh
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Cardones
USD 34.0/MWh
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Pan de Azúcar
USD 33.7/MWh
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Polpaico
USD 35.2/MWh
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Charrúa
USD 34.3/MWh
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Puerto Montt
USD 109.6/MWh
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Solar and Wind production & BESS dispatch
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Solar injection decreased its system-wide plant factor by 0.6 pp compared to last week, reaching 24.5%. The highest plant factor was 30.5% in Charrúa zone while the lowest was in Puerto Montt area with 15.9%.
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Wind injection increased its system-wide plant factor by 2.3 pp compared to last week, reaching 22.8%. The highest plant factor was in Pan de Azúcar zone with 31.1%, while the lowest was in Puerto Montt area with 13.3%.
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BESS decreased its system-wide injections by 1,531 MWh, reaching a total of 57.5 GWh. The largest decline was observed in Crucero zone with a reduction of 2,634 MWh, while the largest increase occurred in Cardones area with an additional 662 MWh.
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The combined curtailment rate for solar and wind generation increased by 0.1 pp compared to last week, reaching 19.4%. Solar curtailment reached 21.5% | 131.8 GWh while wind curtailment was 16.4% | 49.6 GWh.
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Crucero
USD 1.7/MWh
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Cardones
USD 2.4/MWh
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Pan de Azúcar
USD 2.1/MWh
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Polpaico
USD 6.1/MWh
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Charrúa
USD 5.9/MWh
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Puerto Montt
USD 172.3/MWh
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Energy weighted average spot price using PV production by zone
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Crucero
USD 22.6/MWh
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Cardones
USD 33.8/MWh
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Pan de Azúcar
USD 41.2/MWh
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Polpaico
USD 49.2/MWh
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Charrúa
USD 43.0/MWh
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Puerto Montt
USD 83.0/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 60.0/MWh
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Cardones
USD 61.0/MWh
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Pan de Azúcar
USD 69.1/MWh
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Polpaico
USD 56.0/MWh
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Charrúa
USD 44.3/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 0.5/MWh
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Cardones
USD 0.1/MWh
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Pan de Azúcar
USD 0.0/MWh
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Polpaico
USD 8.8/MWh
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Charrúa
USD 32.1/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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