Colbún’s Chilean Generation Rises 37%, Supporting Third-Quarter Performance
Key Facts
Colbún said its generation in Chile rose 37% in the third quarter of 2026 from the same period a year earlier, supported by improved hydrological conditions and higher wind and solar output. Operational factors included higher hydropower generation, a contribution from the Horizonte plant and the return of the Santa María plant to operation. The company also reported a tax benefit tied to an adjustment in the corporate income tax rate, estimated at about $140 million. It said the adjustment reduces its consolidated net deferred tax liability, with the benefit recorded in the period’s income statement. The disclosure thus highlights improved operating activity alongside a separate tax accounting impact on the period’s results.
During 2026, the company recorded power sales contracts in Chile with 108 customers, totaling 1,591 gigawatt hours annually. These contracts include the renewal of the agreement with the CMPC Group for 850 gigawatt hours annually. The contracts provide a base of contracted sales as Colbún continues to develop storage projects to support its operations. The BESS Thelda Solar project, with capacity of 912 megawatt hours, reached 96% completion after performance and regulatory tests were completed. The BESS Diego de Almagro Sur project was 79% complete and began cold commissioning.
Third-quarter generation performance compares with the same period in 2025, when Colbún said lower renewable output increased energy and capacity purchases in Chile and Peru, alongside higher gas consumption in Chile. This places current-quarter conditions in a different operating context, as the company linked generation growth to improved hydrological conditions and higher wind and solar output. The return of the Santa María plant to operation and the contribution from Horizonte also helped increase production in Chile. These factors link the improvement to a mix of available generation resources and plant operations, alongside renewable energy sources. The comparison remains tied to the operating conditions the company cited for the two periods.
Colbún attributed the tax impact to lower First Category corporate income tax rates, saying the estimate points to a reduction of about $140 million in its consolidated net deferred tax liability. It said a tax benefit of the same amount was recorded in the period’s income statement. The figure relates to the tax liability adjustment and the benefit recorded, and does not refer to a future benefit date. Its impact therefore appears in current-period results as presented in the third-quarter results, alongside operating developments that included generation growth in Chile. The company did not provide a capital expenditure forecast for next year in the disclosures cited.
Attention now turns to the announcement of fourth-quarter 2026 results, which the company scheduled for January 26, 2027. It also scheduled a conference call to discuss the results for January 29, 2027. The upcoming results will allow investors to track developments in generation performance, contracts and storage projects cited in the third-quarter disclosure. The projects mentioned include Thelda Solar and Diego de Almagro Sur, which are at different stages of completion. The announcement and conference call dates are part of the company’s fourth-quarter results schedule.