Renewable Energy

Chile's renewable energy is expected to expand significantly over the coming years. Recent amendments to the Electricity Act enable generation projects based on renewable resources to access electricity markets. Moreover, the Renewable Energy Law (20.257) passed in 2008 establishes that at least 5% of all electricity must come from renewable sources by 2010. This percentage must increase by 0.5% each year to reach an overall goal of 10% in 2024. This new framework and higher energy prices have created a surge in Renewable Energy projects. The country is taking advantage of its outstanding natural resources (wind, hydro, biomass and geothermal) for renewable generation and the Chilean government is actively promoting NCRE development by supporting private initiatives.