The gas and power markets in the Southern Cone have seen a stagnation of market conditions in February. In Brazil, the improved hydrology conditions keep power prices at a minimum and the gas balance at a comfortable position. On the other hand, Chile suffers from its persistent deteriorated hydrology and, consequently, higher thermal dispatch and power prices, which are now above US$100/MWh. Meanwhile, Argentina is still trying to find ways to avoid halting gas supply to Northern provinces as Bolivian gas availability will be much lower this winter. Will the country be able to go through the winter without cutting gas to industries?