Renewable energy transition: a market-driven solution for the energy and environmental concerns in Chile

Over the last few years. Chile has experienced a remarkable energy transformation. The investors’ interest in renewable energies has been increasing rapidly. Despite a relatively small energy market. Chile became the second largest market. after Brazil. for renewable energy investment in South America. Investment—excluding large hydro—reached a record level of about USD 2.4 billion in 2015 (BNEF 2016). making an accumulated investment of around US$ 9.2 billion between 2013 and 2015. It is expected to grow even further. In the same year. 76% of the overall investment in electricity generation came from renewable energy technologies. demonstrating the crucial role played by this industry. Chile ranked 10th in the list of top worldwide investing countries in the renewable industry in 2015 (REN21 2016). Another essential feature of the Chilean renewable industry is the fnancially self‐sustainability of this market as Chile is one of the frst subsidy-free large markets. where renewable projects can compete directly with other conventional sources. Chile’s power sector had 20.080 MW of installed capacity and 66.8 GWh of energy generation in 2015 (CNE 2015). The installed capacity in renewable energy sources has increased sharply in recent years. from 720 MW in 2011 to 3119 MW in 2016.

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