Southern Cone gas and power short-term outlook: August 2022 Report

Commodity Market Report 31 August 2022

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Report summary

Hydrology keeps improving in the region, allowing countries to recover their reservoirs, despite below-average inflows. In Brazil, the slow-paced decline of hydro reservoir levels will constrain gas demand increase for power plants during the dry season. In Argentina, hydrology improvement and the end of winter poses risks for gas production in next summer. In Chile, spot prices decreased to US$104/MWh in the Central region, reflecting the extra hydro availability. Meanwhile, Petrobras and YPFB reached a gas supply agreement that will prevent Bolivia from paying fines and increase revenues for the country. The new amendment provides more flexibility to the contracted volumes, allowing YPFB to sell to other players in better price conditions. On the other hand, the GSA has been extended to 2025.