Chile to reach 50% renewable energy by 2030, finds report

A new report from GlobalData has forecasted that non-hydro renewable energy will make up at least 50% of Chile’s power generation base by 2030.

The report, titled Chile Power Market Outlook to 2030, Update 2019, found that the share of non-hydro renewable power in Chile reached 19.1% in 2018, with solar PV accounting for 50.8% and wind 33.8% of the total renewable energy mix.

The UK-based data analytics company also found that gas-based power capacity will also increase from 48% of Chile’s thermal power capacity in 2018 to 55% by 2030.

GlobalData analyst Piyali Das said: “Thermal power dominated Chile’s power mix in 2018 with a share of 52.7% of the total installed capacity, followed by hydro and renewables with a share of 28.1% and 19.1% respectively.”

The analysis also stated that Chile is looking into energy storage solutions, including batteries, pumped hydro, molten salts and hydrogen as ‘immediate opportunity’ areas.

The Latin American country has implemented transmission expansion plans to help integrate more renewables.

“The Energy 2050 Roadmap, large-scale energy storage solutions, grid modernisation and the retirement of the fossil fuel plants are the crucial elements expected to drive Chile’s energy transition,” added Das.