Chilean generator Colbún is focused primarily on opportunities in the nonregulated power segment but has not ruled out fresh incursions into the regulated sphere further down the road, investors were told.

Of the 2,721GWh of electricity sold by Colbún in Chile in 3Q25, 2,304GWh corresponded to contracts with nonregulated clients, the balance regulated.

Colbún CFO Miguel Alarcón cited the company’s generation mix, user consumption patterns and reduced exposure to regulatory risk as some of the reasons for prioritizing these customers and contracts.

“That, again, is our current focus, and that does not mean, in any way, that we’re not also interested, potentially, in going to the regulated segment going forward,” Alarcón said during the company’s 3Q25 results call.

“As of today, and again because of our matrix and pipeline, we believe we’re better equipped to serve industrial customers.”

In a results presentation, Colbún said it had signed power purchase agreements this year with 68 clients for a total annual volume of 693GWh.

Supply auctions

Chile has two regulated supply auctions underway.

One is a special short-term auction, 2025/02, to cover demand in 2026. The round was triggered by the early termination of some supply contracts awarded in previous tenders, particularly 2021/01. Bids are due December 2.

The other, 2025/01, seeks to secure supply for 2027–30. Modifications introduced in the last auction, held in 2023, will be retained, including incentives for projects involving energy storage systems. Bids are due November 14.

The regulated market has been affected in recent years by a combination of factors, including curtailment, price decoupling, price stabilization, and a lowering of the access bar to the nonregulated segment.

Still, despite these headwinds, the auction rounds could present “a very attractive opportunity,” a local project finance specialist told BNamericas recently.

Colbún projects

Colbún is building two battery storage systems: BESS Celda Solar and BESS Diego de Almagro Sur. The former is nearly halfway complete, and the latter entered the construction phase in 3Q25.

BESS Celda Solar is scheduled to come online in 2H26 and BESS Diego de Almagro Sur in 1Q27. Each system is expected to provide 300GWh of capacity.

Meanwhile, coal-fired plant Santa María was brought back online last month after repairs were carried out on turbine damage sustained in March.

(The original version of this content was written in English)