Commodity Market Report
Southern Cone gas and power short-term outlook: November 2020
Report summary
November gas and power markets have been influenced by two major events: the Brazilian dry hydrology and Argentina’s launch of the Gas Scheme 2020-2024. Since September, Brazil has suffered a hydrology wat below the historical levels, and in November had record low historical levels. These poor rainfalls resulted in a PLD power price reaching regulated ceiling price of R$ 560/MWh and boosted Bolivian gas, LNG, and Argentina’s electricity imports. After many months of discussions, the Gas Scheme 2020-2024 was officially launched, representing the biggest gas tender in Latin America over recent years, as it will contract up to 117 bcm and a transitory solution for payments and pricing in Argentina for the next four years.
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