Enel Generación Chile took to the power sector's Panel of Experts the calculation with which the Coordinador Eléctrico Nacional, the grid operator, set the financial guarantees it must post to trade on the spot market in 2027. The discrepancy, published as number 35-2026 on October 29, targets a new capacity component that, according to the company, would raise its guarantees by more than CLP 58 billion, REDIMIN reported on October 30.
This is not a fine, an unpaid debt or a payment already made: it is the amount the company must back with financial instruments to cover its obligations in transfers between generators. Guarantees are due at the end of November 2026, so the Panel's ruling faces a tight deadline.
The Panel of Experts is an autonomous body that settles disputes between power companies and sector authorities, and its rulings are binding within its remit. At the time of writing, there was no ruling on the merits.
What spot market guarantees are
In Chile, generators sell power to their customers under contract, but physical output is decided by the grid operator according to each plant's cost. So every month some generators buy energy from others on the spot market and others sell. If a company does not pay its balances, the problem spreads along the whole payment chain.
In January 2023, after several payment defaults by small companies, the National Energy Commission (CNE) proposed reforms to strengthen that market. One response came with the Energy Ministry's Supreme Decree No. 32, published in the Official Gazette on June 17, 2026, which amended the system coordination and operation regulation, including articles 156 and 157 on guarantees.
| Before DS 32 | With DS 32 |
|---|---|
| Guarantees covered only energy transfers | They cover energy and capacity |
| Calculated under the coordination and operation technical standard | Backing of at least three months of billing |
| — | Uses the three months of greatest deficit in projected scenarios |
| — | Capacity is valued at short-term node prices |
Source: DS 32 of 2026 and the grid operator's calculation, as described by REDIMIN. Sufficiency capacity is the payment plants receive for being available to cover peak demand, even if they do not generate.
Timeline of the 2027 guarantees calculation
| Date | Milestone |
|---|---|
| June 17, 2026 | DS 32 published in the Official Gazette |
| September 3, 2026 | Grid operator publishes the preliminary calculation of 2027 guarantees |
| September 16, 2026 | Grid operator publishes a preliminary internal procedure on payment-chain compliance, still open to comments |
| October 2, 2026 | Grid operator publishes the final calculation |
| October 29, 2026 | Panel publishes Enel Generación's discrepancy 35-2026 |
| End of November 2026 | Deadline to post the guarantees |
Source: REDIMIN, based on documents from the grid operator, the Panel of Experts and the Official Gazette.
CLP 58 billion
Guarantee increase claimed by Enel
Due to the new capacity component
3
Months of billing to back
Energy and capacity, under DS 32
35
Discrepancy number
Published on October 29, 2026
Source: REDIMIN, October 30, 2026
View the data as a table
| Guarantee increase claimed by Enel | CLP 58 billion · Due to the new capacity component |
| Months of billing to back | 3 · Energy and capacity, under DS 32 |
| Discrepancy number | 35 · Published on October 29, 2026 |
What Enel Generación is disputing
Enel Generación does not dispute that capacity guarantees exist: DS 32 establishes them. Its argument is that the grid operator applied that component to the 2027 annual calculation before the CNE issued the final technical standard that must specify how it is calculated. According to the company, the grid operator's September internal procedure was still open to comments and does not replace the CNE standard.
The Panel must decide whether including capacity in the 2027 calculation complies with the current framework, including the DS 32 changes and applicable technical standards, and whether the calculation should stand or be modified. The grid operator, for its part, has argued in other cases that it simply applies current regulation.
Enel Generación is one of Chile's largest generators, with hydro plants such as Ralco (690 MW) and Pangue, plus solar, wind and gas plants. Because it runs many plants with supply contracts, its monthly spot market balances are large, which is why the capacity component weighs so heavily in its case. REDIMIN does not report whether other companies raised similar objections or the total impact on the market.
The guarantees do not raise electricity bills
The dispute does not, by itself, imply higher household tariffs or a change in energy prices. Guarantees are a financial backstop between companies, and each generator bears its cost. What is at stake is how much capital generators must tie up to take part in the market and how well protected the payment chain is if someone does not pay.
It is not the first time this year the Panel has ruled on the grid operator's rules. In October it backed the grid operator on the connection of a data center in Huechuraba, a case we covered in our story on the Huechuraba data center.
The same DS 32 is behind another debate: how the grid operator dispatches batteries, which we analyzed in our story on battery dispatch and DS 32. The decree set deadlines to adjust those rules, and the guarantees dispute shows that its application still creates differences between companies and the grid operator.
Meanwhile, the grid operator reported to the SEC that five companies owed public service charge payments, another sign that the sector's payment chain remains under scrutiny. We covered it in our story on the debts reported to the SEC.
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See advertising optionsFrequently asked questions about Enel Generación's guarantees
Does Enel Generación have to pay CLP 58 billion?
No. It is the increase in guarantees the company estimates from the new capacity component: a financial backstop, not a payment or a fine.
What is the Panel of Experts?
An autonomous body created by Chile's General Electricity Services Law that settles disputes between companies and sector authorities. Its rulings are binding.
When will the Panel rule?
There is no public date. The 2027 guarantees must be posted at the end of November 2026.
Does this affect electricity bills?
Not directly. Guarantees are a backstop between spot market companies and are not part of regulated tariffs.
