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3. Operation of the Chilean electricity market

This chapter describes from very general aspects of the Chilean electricity market to more specific aspects. It starts with the economic fundamentals of the market, then presents the electric market model in Chile and the main markets to trade power: the spot market and the contract market. Subsequently, it describes the treatment given in Chile to the adequacy and safety of the system and how they are financed according to the current legislation. Next, it describes the operation of generation in the residential, commercial and small industries sector and, finally, the regulatory treatment that is currently given to the import and export of electric energy is presented.