Forecast: Geothermal and Biomass Energy Consumption in Chile

The geothermal and biomass energy consumption in Chile showed significant variability over the past decade. In 2023, the consumption stood at 6.32 Terawatthours. Analyzing year-on-year variations, we observe fluctuations such as a sharp decline of -27.64% in 2014 and a notable increase of 22.93% in 2018. The last two years before 2024 saw a trend of stabilization with a modest 1.43% uptick in 2023, following several years of decline since 2018. The last 5-year CAGR stood at -7.15%, indicating an overall decreasing trend.

From 2024 onwards, the forecast indicates a slight but consistent growth with a 5-year forecasted CAGR of 1.07%, suggestive of a period of gradual recovery. Future trends to watch for include:

• Technological advancements in geothermal and biomass energy efficiency.
• Government policies and subsidies promoting renewable energy adoption.
• Economic factors influencing energy consumption patterns.