Commodity Market Report

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

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In May, weather abrupt changes caused adverse conditions for the power system in Brazil and Argentina, leading both to a state of emergency. In the case of Brazil, drastic flooding in the south damaged local infrastructure, and the system operator had to increase energy imports from Uruguay and thermal power dispatch. In Argentina, the extreme cold restricted the availability of gas for electricity dispatch and industries, also causing an increase in oil-fired thermal generation.

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