Commodity Market Report
Southern Cone gas and power markets short-term outlook June 2021
Report summary
Reservoir levels in Brazil are at 40% at the end of June (SECO is at 29%). In the following months, reservoir levels will be below historical minimums. Maintenance of thermal power plants and the Mexilhão platform could increase the power spot price by over R$ 600/MWh. The hydro crisis in Brazil means that the country will need the most of Bolivian gas, Argentina’s electricity imports and record LNG imports in the second half of 2021. Fortunately, Argentina's gas production continues increasing and hydrology in Chile improved, reducing the stress on the gas and power supply slightly in the Southern Cone for the next half of the year.
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