US’ Duke Energy enters Chilean power market

Duke Energy Corporation of the US has successfully secured ownership of a 240 MW thermal power plant in Chile from private equity fund Southern Cross Group.

The energy utility through its subsidiary Duke Energy International Chile CPA will pay $86.2m for the Campanario power station, according to a report by the Chilean daily newspapers La Tercera and Estrategia.

The gas fired Campanario plant declared bankruptcy last year as it was having difficulties in keeping up with payments because of the high cost of the energy it was forced to buy on the spot market in order to fulfill a supply contract with two distributors.

Campanario supplies power to Chile's central grid, SIC, and can run on diesel as well as gas.

“The acquisition, if confirmed, will see Duke Energy enter the Chilean market for the first time,” said a report by Global Insight Limited.

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