Central Illapa, Mejillones
256 MW nominal with the potential to increase to 358 MW
OCGT (potential for phase II CCGT)
701D gas turbines
Central Illapa is a 256 MW open cycle greenfield gas fired power development of which Rurelec owns a 100 per cent. interest
The project has the potential to convert to a 358 MW combined cycle power plant as part of its second stage development
Southern South America, bordering the South Pacific Ocean, between Argentina and Peru.
17,925,262 (July 2018 est.)
Spanish (official), indigenous (includes Mapudungun. Aymara, Quechua, Rapa Nui), English.
16 regions (singular - region); Aysen, Antofagasta, Araucania, Arica y Parinacota, Atacama, Biobio, Coquimbo, Libertador General Bernardo O'Higgins, Los Lagos, Los Rios, Magallanes and Chilean Antarctica, Maule, Nuble, Metropolitan Region (Santiago), Tarapaca, Valparaiso.
Civil law system influenced by several West European civil legal systems; judicial review of legislative acts by the Constitutional Tribunal
71.66 billion kWh (2015 est.)
67.95 billion kWh (2015 est.)
Chile has a market-oriented economy characterized by a high level of foreign trade and a reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. Exports account for approximately one-third of GDP, with commodities making up some three-quarters of total exports. Copper alone provides 19% of government revenue.
From 2003 through 2013, real growth averaged almost 5% per year, despite the slight contraction in 2009 that resulted from the global financial crisis. Growth slowed to an estimated 1.4% in 2017. A continued drop in copper prices prompted Chile to experience its third consecutive year of slow growth.
Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, effective 1 January 2004. Chile has 26 trade agreements covering 60 countries including agreements with the European Union, Mercosur, China, India, South Korea, and Mexico. In May 2010, Chile signed the OECD Convention, becoming the first South American country to join the OECD. In October 2015, Chile signed the Trans-Pacific Partnership trade agreement, which was finalized as the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) and signed at a ceremony in Chile in March 2018.
The Chilean Government has generally followed a countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and generally allowing deficit spending only during periods of low copper prices and growth.
As of 31 October 2016, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than .5 billion. Chile used these funds to finance fiscal stimulus packages during the 2009 economic downturn.
In 2014, then-President Michelle BACHELET introduced tax reforms aimed at delivering her campaign promise to fight inequality and to provide access to education and health care. The reforms are expected to generate additional tax revenues equal to 3% of Chile’s GDP, mostly by increasing corporate tax rates to OECD averages.
Source: CIA Worldfact Book, last updated November 20, 2018