Chile’s electricity market price has been on an overall increasing trend recently, reaching 103.5 Chilean pesos per kilowatt-hour in May 2024 (based on a four-month average ending in this month). The highest figure since the beginning of 2020 was 106.5 Chilean pesos per kilowatt-hour, recorded in April 2023.
The cost of electricity generation in Chile
In 2022, coal accounted for 23 percent of Chile’s gross electricity generation, while natural gas contributed another 19 percent. As such, the country’s electricity generation depends largely on fuel imports – for example, Chile's coal production plummeted over the last few years, recording a year-over-year decrease of around 90 percent. In turn, the price of electricity in the Andean country is highly dependent on international fuel prices and the valuation of the U.S. dollar in comparison to the local currency. Nevertheless, the share of renewables in Chile’s power mix – namely hydro and wind power – has been continuously increasing in recent years, pointing to a reduction in the country’s dependency on imported resources for electricity generation.
How does Chile’s electricity price compare with its Latin American neighbors?
In June 2023, Chile’s household electricity price was just above the average residential electricity price of Latin American countries at 0.19 U.S. dollars per kilowatt-hour. Chile’s residential electricity price was nearly double that of Mexico and over four times the price reported in Argentina in the same period. In terms of electricity for the commercial sector, Chile’s prices were below the Latin American regional average, and its electricity cost less than some South American countries, such as Brazil, Colombia, and Mexico.
Average market price of electricity in Chile from January 2020 to May 2024
(in Chilean pesos per kilowatt-hour)
Prices are weighted averages of the four-month period ending in the indicated month.
According to the source, the average market price is determined on the basis of the average contract prices reported by generators for a four-month window.
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CNE. (August 11, 2024). Average market price of electricity in Chile from January 2020 to May 2024 (in Chilean pesos per kilowatt-hour) [Graph]. In Statista. Retrieved September 18, 2024, from https://www.statista.com/statistics/1029737/chile-electricity-average-market-price/?fbclid=IwAR34_HprFIeZwPU6dauDLuvkczJaiFQJjceqBd_av4Pc1Q6AG4sBHzreVYk
CNE. "Average market price of electricity in Chile from January 2020 to May 2024 (in Chilean pesos per kilowatt-hour)." Chart. August 11, 2024. Statista. Accessed September 18, 2024. https://www.statista.com/statistics/1029737/chile-electricity-average-market-price/?fbclid=IwAR34_HprFIeZwPU6dauDLuvkczJaiFQJjceqBd_av4Pc1Q6AG4sBHzreVYk
CNE. (2024). Average market price of electricity in Chile from January 2020 to May 2024 (in Chilean pesos per kilowatt-hour). Statista. Statista Inc.. Accessed: September 18, 2024. https://www.statista.com/statistics/1029737/chile-electricity-average-market-price/?fbclid=IwAR34_HprFIeZwPU6dauDLuvkczJaiFQJjceqBd_av4Pc1Q6AG4sBHzreVYk
CNE. "Average Market Price of Electricity in Chile from January 2020 to May 2024 (in Chilean Pesos per Kilowatt-hour)." Statista, Statista Inc., 11 Aug 2024, https://www.statista.com/statistics/1029737/chile-electricity-average-market-price/?fbclid=IwAR34_HprFIeZwPU6dauDLuvkczJaiFQJjceqBd_av4Pc1Q6AG4sBHzreVYk
CNE, Average market price of electricity in Chile from January 2020 to May 2024 (in Chilean pesos per kilowatt-hour) Statista, https://www.statista.com/statistics/1029737/chile-electricity-average-market-price/?fbclid=IwAR34_HprFIeZwPU6dauDLuvkczJaiFQJjceqBd_av4Pc1Q6AG4sBHzreVYk (last visited September 18, 2024)
Average market price of electricity in Chile from January 2020 to May 2024 (in Chilean pesos per kilowatt-hour) [Graph], CNE, August 11, 2024. [Online]. Available: https://www.statista.com/statistics/1029737/chile-electricity-average-market-price/?fbclid=IwAR34_HprFIeZwPU6dauDLuvkczJaiFQJjceqBd_av4Pc1Q6AG4sBHzreVYk