Southern Cone gas and power short-term outlook: March 2024

With the El Niño phenomenon expected to end in the coming months, Brazil's reservoir levels decreased 19% y-o-y, and the country is looking into measures to ensure supply throughout 2024. In Chile, the expected decline of reservoir levels in the upcoming months will lead hydro generation to decrease 29% y-o-y next summer. The reversal of Gasoducto Norte works began with delays. However, the reversion works will not be ready to supply the Northern provinces during peak winter. Additionally, the country is facing delays in the Tratayen – Saliqueló pipeline expansion. To cope with this scenario, Enarsa sealed the import of 10 LNG shipments. As for Brazil, in response to planned maintenance in Rota 1, Bolivia balanced Brazilian supply by increasing export volumes and reducing exports to Argentina.