The "Let's Get the Bill in Order" bill presented by the Ministry of Energy to contain new increases in electricity bills combines short-term measures with fundamental regulatory adjustments: extension of the electricity subsidy , debt recalculation, mitigation of increases in Los Ríos and Los Lagos , regularization of tariff processes and new powers in the face of supply risks.
But the point that has captured the market's attention is not the tariff structure itself, but rather the opening of an institutional avenue to modify the economic conditions of existing regulated contracts , always under a voluntary framework and with the agreement of the parties. A sensitive debate is at stake here: how far can the government go in easing electricity bills without affecting contractual certainty or the long-term signal of the bidding processes?
Energy Minister Ximena Rincón clarified the scope of this tool during her presentation to the Chamber of Deputies : “Respecting existing contracts, the National Energy Commission is granted the exceptional power, on a one-time basis, to establish voluntary mechanisms that allow for the modification of supply contracts, subject to a mandate and authorization from the Ministry.”
The signal is relevant for the industry. The Executive is not proposing to unilaterally intervene in contracts or force mandatory price reductions, but rather to open a formal window for power generators and the regulatory authority to agree on modifications with a direct impact on the energy component paid by regulated customers.
The minister also explained the tariff rationale to the parliamentarians: “The price is linked to contracts signed more than 15 years ago. At that time, due to the conditions, they were more expensive. Those prices are still in effect today.”
According to sources at Energía Estratégica , the question in the sector is whether that clause came to the project simply as an available tool or whether it was incorporated after preliminary discussions with relevant companies in the market .
The version circulating does not rule out negotiations in Chile, but suggests that some of these explorations may have taken place during the minister's recent agenda in Argentina , where she met with generators with a significant presence in the Chilean electricity system.
This information doesn't confirm any preliminary agreements, but it does provide context. In May, during a business roundtable held at the San Martín Palace , the Chilean delegation included representatives from AES Andes, ENEL, ENGIE, Generadora Metropolitana, and Colbún , among other industry players. Officially, the meeting focused on energy integration, investments, gas, oil, electricity, mining, and strategic infrastructure ; however, the presence of companies with operations in Chile makes the question circulating in the industry today relevant: was the renegotiation agreement preceded by any level of discussion with private sector partners?
The bilateral agenda continued in June, when the minister visited Vaca Muerta , toured YPF offices, and participated in a binational technical meeting. This second milestone focused on energy security, gas, and infrastructure , but it confirms that the relationship with Argentina was not an isolated incident, but rather part of an active agenda with authorities and companies in the sector.
The precedent is significant. The review of supply contracts had already generated resistance within the Chilean electricity industry . In previous discussions, trade associations such as Generadoras de Chile, ACERA, and GPM rejected this possibility due to its potential effects on legal certainty , investor confidence, and the bankability of long-term projects.
The difference lies in the design. The current proposal doesn't call for a forced review, but rather a voluntary, exceptional mechanism agreed upon by all parties . This nuance could be key to unlocking a discussion that, until now, has faced public objections within the labor movement.
The map of awards since 2015 helps to understand the scope of the market. Enel Generación Chile appears as the player with the greatest exposure in the most recent processes, especially in 2023 and 2025 , while other contracts were awarded to developers such as FRV, Sonnedix, OPDE, Canadian Solar, Zapaleri, Aela, Ibereólica, and Cox , among other companies linked to renewable energy projects.
The eventual renegotiation will depend not only on the legal text, but also on the government's political and commercial capacity to transform a voluntary authorization into concrete agreements . Therein lies the true impact of the article: whether it remains merely a regulatory signal or whether it actually manages to modify supply prices .
Rincón compared this mechanism to what has happened in the free market, where generators and consumers have reviewed contractual conditions to adjust energy prices: “We believe it is possible to have conversations that allow maximizing benefits for customers.”
The challenge is to transfer that logic to the regulated segment without straining legal certainty or altering the long-term signal of the tenders.
The project also seeks to extend the electricity subsidy until 2027 , address the debt associated with the Distribution Value Added , streamline delayed transmission processes, and enable investment plans for service quality. However, for the industry, the most sensitive discussion will revolve around how many contracts can be reviewed, with which companies, and under what incentives.
Contracts awarded from 2025 to 2015
Supply Tender 2025/02
In this exceptional, short-term process, Enel Generación Chile was awarded 1,470 GWh/year to supply regulated customers during 2026. The contract was awarded at US$98,699/MWh and structured into two zonal blocks, Z2 and Z3 , with A/B and C/B time-of-use combinations. The minutes do not identify the specific technology or power plant associated with the offer.
Supply Tender 2025/01
Enel Generación Chile secured the entire 3,360 GWh/year tendered, at US$64.499/MWh . Unlike previous long-term processes, this contract covers four years , from 2027 to 2030. The allocation was distributed across four zonal blocks and three time periods .
Supply Tender 2023/01
Enel Generación Chile SA was awarded 3,600 GWh/year at US$56,679/MWh . The process included two blocks: one of 1,500 GWh/year , valid between 2027 and 2046 , and another of 2,100 GWh/year , between 2028 and 2047. The structure combined geographic zones and time blocks , without specifying backup technology.
Supply Tender 2022/01
5,250 GWh/year were tendered, but only 777 GWh/year were awarded, equivalent to 14.8% of the available volume. FRV Development Chile I SpA obtained 651 GWh/year with solar photovoltaic and wind projects, while Zapaleri SpA secured 126 GWh/year with solar photovoltaic and storage projects . The contracts run from 2027 to 2041 .
Supply Tender 2021/01
A total of 2,310 GWh/year were awarded, valid for 15 years , between 2026 and 2040. The largest volume went to Sonnedix PPA Holding SpA , with 903 GWh/year , followed by OPDE Chile SpA , Parque Eólico San Andrés SpA , Canadian Solar Libertador Solar Holding SpA , and Racó Energía SpA . Prices ranged mostly between US$13,320/MWh and US$35,000/MWh , depending on the tier and bid.
Supply Tender 2017/01
2,200 GWh/year were awarded to regulated customers, with 20-year contracts between 2023 and 2042. Enel Generación Chile SA secured the largest volume, with 1,180 GWh/year , followed by Energía Renovable Verano Tres SpA , Atacama Solar SA , Cox Energía SpA , and Atacama Energy Holdings SpA . The process combined hourly and quarterly blocks .
Supply Tender 2015/02
1,200 GWh/year were awarded, valid between 2017 and 2036. Aela Generación SA obtained 768 GWh/year , followed by Ibereólica Cabo Leones I SA , Amunche Solar SpA , SCB II SpA and the consortium made up of Abengoa Chile, Abengoa Solar Chile and Abengoa Solar .
Supply Tender 2015/01
The National Electricity Company SA was awarded a marginal bid for Supply Block No. 3 for 60 GWh/year , equivalent to three sub-blocks, at US$55,440/MWh . The committed supply is valid from January 1, 2022 , to December 31, 2041 .
The data series offers a clear lesson for the legislative process: the contracts are not homogeneous in terms of price , term , or associated technology . It also shows that the largest recent exposure is concentrated in Enel , while the 2021 and 2022 awards reflect a more pronounced influx of renewable portfolios with significantly lower prices.