The global energy industry’s hopes for cheap Chilean electricity could be dashed.
(Photo: Getty Images; Per-Anders Pettersson)
Salvador When the Chilean government opened the electricity grid in 2015, the country quickly became one of the top investment destinations for European renewable energy producers. The Andean country is perfect for the production of renewable energies: In the windy south and the sunny deserts in the north, 155 new wind and solar parks were built following the liberalization of the electricity market.
The banks willingly financed electricity supply contracts over 20 years. After all, Chile has by far the best credit rating in Latin America. The companies invested $4.2 billion. In 2021, producers began feeding in their electricity. Around a third of the electricity in Chile is now generated by the sun or wind. Capacities of 13 gigawatt hours (GWh) are now available. In 2022, all producers generated more electricity from wind, water and sun with 46 GWh than from fossil fuels, which came to 37 GWh.
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