The Ministry of Energy of Chile has announced the winners of a massive power auction, consisting of five blocks with a total generation of 12,430 GWh/year for 20 years from 2021.
The auction has attracted 84 bids, from state energy group ENAP and from international groups such as Gas Natural Fenosa, Acciona Energia or wpd, corresponding to 85 TWh of bids. Spanish energy group Endesa has won nearly half (48%) of the 12.43 TWh/year auctioned, while Irish renewable project developer Mainstream Renewable Power won 30% (it will build seven large wind parks with a total capacity of 985 MW for a total investment of US$1.65bn). Acciona Energia also won contracts for 506 GWh/year.
The projects are due to start generating power from January 2021. New generation capacities are expected to reduce power costs, cutting residential bills by at least 15%. Indeed, the average price in the auction tumbled from US$79.34/MWh in the previous auction to US$47.59/MWh.
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