Engie Energia Chile S A : Press Release EECL 3Q23 Inglés

November 2, 2023

ENGIE ENERGÍA CHILE REPORTED EBITDA OF US$312 MILLION AND A NET PROFIT OF US$70 MILLION IN THE FIRST NINE MONTHS OF 2023.

EBITDA REACHED US$123 MILLION IN THE THIRD QUARTER OF 2023, A 115% INCREASE COMPARED TO THE SAME PERIOD OF 2022. THIS QUARTER HAS BEEN MARKED BY AN IMPROVEMENT IN HIDROLOGY AND THE PRESENCE OF ARGENTINIAN NATURAL GAS IN THE SYSTEM WHICH, TOGETHER WITH LOWER FUEL PRICES IN THE INTERNATIONAL MARKET, HAVE TRANSLATED INTO LOWER GENERATION AND MARGINAL COSTS.

• Operating revenues amounted to US$1,715.9 million in the first nine months of 2023, a 23% increase compared to the same period of 2022, mainly due to an increase in physical sales to regulated clients, and the increase in average realized energy prices explained by the increase in fuel-price indices.
• EBITDA amounted to US$312 million in the first nine months of 2023, a US$194 million increase compared to the same period of 2022, due to the increase in operating revenues, which offset the increase in generation costs and energy purchase costs.
• Net income reached US$69.5 million in the first nine months of 2023, which favorably compares with a net loss of US$58.2 million reported in the same period of 2022. This result is explained mainly by the notable recovery of the operational result mainly due to lower international fuel prices and the reduction of marginal costs or average spot prices of the system.

Financial Highlights (in US$ millions)
	3Q22	3Q23	Var %	9M22	9M23	Var%
Total operating revenues	499.7	512.0	2%	1,398.9	1,715.9	23%
Operating income	9.2	77.6	n.a	(20.6)	175.5	n.a
EBITDA	57.3	123.0	115%	117.8	312.0	165%
EBITDA margin	11.5%	24.0%	(15.6pp)	8.4%	18.2%	(9.8pp)
Total non-operating results	(18.4)	(19.9)	n.a	(46.4)	(93.9)	n.a
Net income after tax	(17.8)	42.7	n.a	(58.2)	69.5	n.a
Net income attributed to controlling shareholders	(17.8)	42.7	n.a	(58.2)	69.5	n.a
Earnings per share (US$/share)	(0.017)	0.040		(0.055)	0.066
Total energy sales (GWh)	3,100	3,005	-3%	9,107	9,023	-1%
Total net generation (GWh)	1,310	1,641	25%	4,318	4,492	4%
Energy purchases on the spot market (GWh)	1,308	697	-47%	3,421	2,327	-32%
Energy purchases - back up (GWh)	497	724	46%	1,488	2,324	56%

ENGIE ENERGÍA CHILE S.A. ("ECL") is engaged in the generation, transmission and supply of electricity and the transportation of natural gas in Chile. ECL is the fourth largest electricity generation company in Chile and one of the largest electricity generation companies in the northern segment of the SEN national grid (formerly known as SING). As of September 30, 2023, ECL accounted for 8% of the SEN's installed capacity. ECL primarily supplies electricity to large mining and industrial customers, and it also supplies electricity to distribution companies throughout Chile. ECL is currently 59.99% indirectly owned by the French company, ENGIE LATAM. The remaining 40.01% of ECL's shares are publicly traded on the Santiago stock exchange. For more information, please refer to www.engie-energia.cl.

Contents
HIGHLIGHTS:	3
RECENT EVENTS	3
THIRD QUARTER 2023	3
SECOND QUARTER 2023 ………………………………………………………………………………….4
FIRST QUARTER 2023	5
INDUSTRY OVERVIEW	7
Marginal Costs	7
Fuel prices	8
Generation	8
Management's Discussion and Analysis of Financial Results	10
3Q 2023 compared to 2Q 2023 and 3Q 2022	10
Operating Revenues	10
Operating Costs	11
Electricity Margin	12
Operating Results	12
Financial Results	13
9M2023 compared to 9M2022	14
Operating Revenues	14
Operating Costs	15
Operating results	16
Financial Results	17
Liquidity and Capital Resources	18
Cash Flow from Operating Activities	18
Cash Flow Used in Investing Activities	18
Cash Flow from Financing Activities	19
Contractual Obligations	20
Dividend Policy	21
Risk management policy	22
Hedging Policy	23
Business Risk and Commodity Hedging	23
Foreign Currency Hedging	24
Interest Rate Hedging	25
Credit Risk	26
OWNERSHIP STRUCTURE AS OF SEPTEMBER 30, 2023	27
Number of shareholders:	27
APPENDIX 1	28
PHYSICAL DATA AND SUMMARIZED QUARTERLY FINANCIAL STATEMENTS	28
Physical Sales	28
Quarterly Income Statement	29
Quarterly Balance Sheet	30
Main Balance Sheet Variations	30
APPENDIX 2	32
Financial information	32
Financial Ratios	32
CONFERENCE CALL 3Q23	34

2

HIGHLIGHTS:

RECENT EVENTS

• Environmental approval of PV Libélula project: On October 23, 2023, the environmental committee (Comisión de Evaluación Ambiental (Coeva)) approved the "Estudio de Impacto Ambiental" (EIA) of the PV Libélula ("Parque Fotovoltáico Libélula") project from ENGIE Energía Chile, thus completing its environmental permit phase, which started in May 2021 and included two community participation instances. The project has a 265 hectare extension and will be located in the communes of Colina and Til- Til, in the Metropolitan Region. The life of the Project is expected to be 34 years, with a 199 MW installed capacity and an annual generation capacity of 423 GWh. The CAPEX for the project is expected to reach approximately US$140 million. Engie Chile expects to install and operate approximately 233,430 bi-facial solar panels, with a 620 Wp minimum nominal capacity of direct current. The project will also include a BESS (Battery Energy Storage System), which will allow the storage of electricity generated during the day to later be injected to the Electrical System ("Sistema Eléctrico Nacional" (SEN)) during the night hours. A lifting substation will also be built within the area of the project; and a 1x220 kV, 16-km long high voltage transmission line will be built to inject the power into the SEN grid at the "El Manzano" Substation.
• Imports of Argentinian natural gas. On October 1, 2023 Argentina re-started its firm exports of natural gas to the North of Chile. This is an important milestone for both countries considering that the last time it occurred was 13 years ago. The above is the result of commercial agreements among ENGIE Chile and two natural gas producers from that country with whom ENGIE signed supply agreements in July 2023. The agreement consists of two separate contracts which in total amount to 400,000 m3 per day. The gas will be sourced from the Cuenca Austral, using the infrastructure owned by Transportadora de Gas del Sur S.A. and Transportadora de Gas del Norte S.A.

THIRD QUARTER 2023

• First sale of Documents of Payment under MPC law ("PEC-2"):On August 14, 2023, the company signed an agreement with Inter-AmericanInvestment Corporation ("IDB Invest"), under which the company will sell to IDB Invest, subject to certain conditions, Documents of Payment ("DDPs") stemming from the application of the Price Stabilization Mechanism pursuant to (i) Law #21,472, which created a price stabilization fund and established a new transitional electricity price stabilization mechanism for clients subject to regulated prices (the "PEC-2"law), and (ii) the Exempt Resolutions #86 and #334 both issued by the National Energy Commission ("CNE"). The amount of the DDPs will correspond to the difference between the invoiced amount, which would have resulted if contracted energy tariffs had been applied, and the amount actually invoiced to regulated clients in accordance with the PEC-2law. On August 30, 2023, the company completed the first sale of DDPs to IDB Invest and received cash resources in an amount of US$ 200.000.000, plus accrued interest between August 2, 2022 and August 30, 2023. The proceeds of this first DDP sale contributed to improve the company's liquidity and reduce its indebtedness. Going forward, the company expects to sell the DDPs, which it is entitled to receive, every two months starting October 30, 2023.
• IFC and DEG financing and other financial activity: On July 28, 2023, the company received US$200 million in cash proceeds under the financing agreements for a total committed amount of US$400 million, signed with the International Finance Corporation ("IFC"), a member of the World Bank Group, and the German development bank, DEG, a member of the KfW group. The remaining US$200 million are available for the company to finance renewable projects. During the third quarter, the company repaid (i) a US$50 million short-term loan provided by Banco de Crédito del Perú and (ii) a US$75 million short-term loan extended by its controlling shareholder, Engie Austral. This allowed the company to reduce its short- term debt.

3

• Environmental approval for La Ligua Substation: The ("Servicio de Evaluación Ambiental" (SEA)) approved the Environmental Impact Declaration ("Declaración de Impacto Ambiental" (DIA)) for the La Ligua Substation project, located in the La Ligua commune, in the Valparaíso Region. The project, which considers an investment amount of US$24 million, includes the construction of a new Substation which will allow for the sectioning of the 2x220 kV Nogales - Los Vilos transmission line and the 1x110 kV Quínquimo - Cabildo transmission line. As provided in the electric energy zonal transmission system expansion plan, sponsored by the Ministry of Energy through Decree N° 185, the main role of the La Ligua Substation will be to improve the safety, continuity and flexibility of the SEN grid.
• Approval of BESS Tamaya project: During the first week of August, 2023, the construction of a Battery Energy Storage System (BESS) named BESS Tamaya started in the North of Chile. The Project will receive energy from the renewable Photovoltaic solar Project Tamaya (114 MWac), will have a daily storage capacity of 418 MWh of energy, and will have an installed capacity of 68 MW per year, which considers more than 5 hours of storage at the beginning of its useful life. The BESS facility consists of 152 containers which, thanks to a lithium battery based solution integrated by Sungrow Power Supply, will receive the energy generated by the photovoltaic solar plant. This will allow for a more efficient system and will provide a supply of renewable energy during the hours of higher demand. BESS Tamaya will mean a 42,187 tons of CO2 per year emissions reduction, which is equivalent to retiring approximately 14,500 conventional combustion vehicles from circulation. When both BESS Tamaya and BESS Coya projects begin their operation, Engie Chile will reach a 1GWh storage capacity.
• Approval of the Pampa Fidelia Project environmental impact declaration (DIA): The Environmental Evaluation Service (Servicio de Evaluación Ambiental (SEA)) approved the DIA of Engie's Pampa Fidelia Wind Project. The Project will include 51 wind turbines located 98 kilometers from the city of Taltal, with a combined capacity of 336.6 MW, and will require a US$645 million investment. The plant will include a 30 kilometer transmission line which will evacuate the energy generated to the future Parinas Electric Substation, where it will be connected to the National Electric System (Sistema Eléctrico Nacional (SEN)). The wind turbines to be installed, will have a nominal capacity of 6,6 MWp, a hub height of 115 meters, and will have three 83,5 meter blades, each, reaching a rotor diameter of 170 meters. The project site is located 180 kilometers south of the city of Antofagasta, on a 289-hectareplot. This land was assigned to the Company through an onerous use concession (Concesión de Uso Oneroso (CUO)) provided by the "Ministerio de Bienes Nacionales" to be used for electric generation purposes. This zone has a high wind generation potential, due to the intensity, frequency and regularity of the local wind and solar radiation. There are no protected resources or areas, conservation priority sites, protected wetlands, or glaciers or territories of high environmental value in the area comprised by the Project.
• Standard & Poor's revised the Outlook of its rating and Fitch Ratings reviewed its rating for ENGIE Chile: On September 11, 2023, S&P Global Ratings reaffirmed ENGIE Energía Chile's 'BBB' international rating, and returned its outlook to Stable, highlighting the improvement in the Company's liquidity. Fitch Ratings also ratified the BBB international rating for ENGIE Energía Chile as well as the AA-(cl)local rating, both with a Stable Outlook, on July 28th, 2023.

SECOND QUARTER 2023

• IFC and DEG financing for US$400 million: The International Finance Corporation (IFC) announced the execution of a "Super Green" loan - green and sustainability linked - for ENGIE Energía Chile S.A. (ENGIE Chile). This loan, together with the parallel financing supplied by the German Bank DEG is for a total amount of US$400 million with a 10-year tenor. The purpose of this loan is to provide financing for CAPEX in renewable projects, which is aligned with the Company's energy transformation plan, aiming at transiting from a fossil fuel energy generation matrix to one based in renewable generation assets, as well as the installation of Battery Energy Storage Systems - BESS. This financing includes US$200 million provided by IFC, US$114.5 million by investors in the Managed Co-financing Program - MCPP by IFC, US$35.5 million by an investor who's concentrated in the ODS - ILX Fund, within the B Loan framework by IFC, as well as the DEG Loan for US$50 million.

4

• Puerto Andino. To give continuity and to enhance the profitability of our Puerto Andino port operations in Mejillones, in 2019 the company signed a strategic alliance with PASA, an experienced port operator controlled by the Sigdo Koppers group. On April 3 this alliance signed its first unloading contract through Puerto Andino with SQM. This contract will allow to receive, load, unload, transfer and store third-party cargoes. In this way, the port will be able to continue operating responsibly together with the communities, giving new uses to the company's assets, extending their life, and becoming a development opportunity for the Bay of Mejillones. Puerto Andino, in operation since 2017, has the capacity to receive more than 6 million tons of solid and liquid bulk. The terminal has a maximum allowable draft of 17.9 meters, a maximum displacement of 198,500 tons, and a design that allows the operation of capesize carriers.
• Financing activity: On April 10, 2023, the company took a US$75 million short-term loan from its parent company, Engie Austral, to finance investments in fixed assets and LNG purchases. The amount may be increased to US$150 million. On April 20, in an effort to extend the average tenor of its debt, the Company renewed two loans with Scotiabank for a total of US$100 million, with original maturity in April and May 2023, and extended their maturity date to October 21, 2024, and on May 22, the Company renewed a US$50 million loan with BCI, extending its maturity until November 12, 2024.
• Publication of Node Price Decree, a fundamental condition for the implementation of the PEC and MPC laws: On April 12, 2023, the July 2022 Average Node Price Decree issued by the National Energy Commission was published in the Official Gazette. With the publication of this decree, together with the publication of the Exempt Resolution of the CNE that established the guidelines for the application of Law No. 21,472 (MPC or Consumer Protection Mechanism), the requirements for the monetization of Documents of Payment ("DDPs") to be issued by the Chilean Treasury on account of the receivables to be collected from distribution companies were met. This program has been structured by IDB Invest with the collaboration of Goldman Sachs and JP Morgan and Itaú, who will support the process of selling these DDPs in the international financial market. This program will allow the company to sell part of the accounts receivable originated by the energy price stabilization mechanisms, which as of June 30, 2023 reached a total of US$451 million. The monetization of this amount should be realized through the sale of DDPs as well as the re-liquidationin installments included in the bills of regulated customers as soon as all the regulatory conditions needed for this mechanism are in place.
• Last sale of "PEC-1"accounts receivable: On May 12, 2023, the Company was able to sell a nominal amount of US$51 million corresponding to accounts receivable under the program known as PEC-1, recovering US$38 million after a financial discount of US$12.6 million. This sale marked the end of the sales of accounts receivable from regulated customers to Chile Electricity PEC framed within the PEC-1 program. This way a total nominal amount of US$272.9 million was sold with a total of US$193.8 million of net resources received between February 2021 and May 2023. The total financial cost attributed to this transaction during this period amounted to US$79.1 million.
• Annual Ordinary Shareholders' Meeting: On April 25, 2023, the Company's shareholders agreed the following:
• • Dividend Policy: No final dividends will be paid on account of 2022's net results given the losses reported in the period.
  • Auditors: To appoint EY Servicios Profesionales de Auditoría y Asesorías SpA as the Company's external auditors.

FIRST QUARTER 2023

• Tamaya solar PV plant: This 114MWac plant located in the Antofagasta region achieved its commercial operation date on January 14, 2022, as confirmed by the national grid coordinator ("CEN"). This new asset forms part of our ambitious transformation plan, which considers the addition of 2GW of renewable generation and is in line with our zero carbon goals. The Tamaya plant has been injecting power to the system since November 2021.

5

• Coya solar plant COD: This 181.25 MWac solar PV plant achieved its commercial operation date (COD) on March 24, 2023, as confirmed by the National Electric Coordinator. The PV plant -located in the commune of María Elena, Antofagasta region- became the company's largest renewable operation currently connected to the SEN power grid. With its 369,432 photovoltaic panels, it allows to supply renewable energy to the equivalent of 73 thousand homes, which means a reduction of 311,293 tons of CO2 per year. The solar energy generated by the PV plant will be stored thanks to a Battery Energy Storage System (BESS), which will have a capacity of 638 MWh. The initiative called "BESS Coya", which is currently under construction, will deliver greater efficiency and flexibility to the SEN.
• LNG supply: During the first quarter of 2023, the company was able to secure the purchase of liquefied natural gas for a total volume of 14 TBtu to replace the 4 cargoes for a total volume of 13.2 TBtu that its liquefied natural gas ("LNG") supplier, Total Energies Gas & Power Limited ("Total"), did not confirm, as reported by the company in the Material Fact notice issued on December 23, 2022. Through this supply of LNG, acquired at current market prices, the company has been able to reduce its exposure to the spot market and to ensure the continuous supply of energy to its customers.
• IEM plant outage: On January 24, the Infraestructura Energética Mejillones (IEM) power plant presented a failure in one of its auxiliary transformers, which caused malfunctioning of its electrical system. In accordance with ENGIE's protocols, the unit's operation was immediately halted. The initial scheduled return date was early July 2023; however, the company took all the necessary measures to anticipate the operational return of the plant to mid-May 2023. The unit's scheduled annual maintenance was anticipated to shorten the total operation stoppage period in 2023.
• Financing activity: During the first quarter, the company renewed US$80 million of debt maturing in February 2023, obtained a new US$50 million one-year loan and drew US$93 million from the 5-year loan granted by Banco Santander at the end of 2022 for the purchase of renewable assets in Chiloé. The company used the proceeds from the last disbursement of the Banco Santander loan to prepay the existing project financing of one of these assets a total of US$80 million.
• S&P rating outlook: On March 31, 2023, S&P Global Ratings placed the company's 'BBB' rating on CreditWatch negative. In S&P's opinion, the liquidity position of Engie Energia Chile S.A. (Engie Chile) has worsened due to higher working capital requirements in 2022, and S&P believes that this situation will persist until the company is able to refinance or pay off part of its short-term debt, which reached US$360 million in December 2022. A downgrade could occur if the company fails to remedy current liquidity pressures through a refinancing strategy over the next three months. Engie Chile's debt maturity profile could improve either through the monetization of its accounts receivable originated by the tariff stabilization laws for regulated customers, a liability management program, or explicit support from its parent, Engie S.A. S&P also revised downwards the independent credit profile (SACP) of Engie Chile to 'BB' from 'BB+'. However, S&P continues to view the company as a strategically important subsidiary of Engie S.A. (Engie; BBB+/Stable/A-2), and this group support provides an up to three-notch increase to Engie Chile's SACP rating.
• Albemarle project: On March 24 and 25, the transmission business unit project team reached an important milestone, performing all scheduled tasks for the energization of the new Albemarle Project facility. The project scope included the expansion of the existing Tap-Off 220/23kV Substation (owned by AES Andes), the construction of the Salar Substation within the Albemarle plant and the construction of a 35-kilometer 23 kV line to connect both substations to transmit energy to the plant for 20 years. This project involved a total of 600,000 human hours without accidents, with a peak of 180 workers in the field during the construction process.

6

INDUSTRY OVERVIEW

The SING and SIC power grids operated independently until November 24, 2017, when the interconnection of both grids was perfected through EECL's 50%-owned TEN project, giving birth to the SEN ("Sistema Eléctrico Nacional"). Currently, the company's generation assets are predominantly located in the northern segment of the SEN, in the area that used to be covered by the so-called SING Grid ("Sistema Interconectado del Norte Grande"), which serves a major portion of the country's mining industry. Given local conditions, the northern segment of the SEN is predominantly a thermoelectric system, with generation based on coal and LNG, with growing penetration of renewable sources, including wind, solar, geothermal, and storage systems, which allow to cope with the renewable energy generation intermittence, decoupling and curtailment. In 2018, EECL began its geographical diversification with the acquisition of renewable generation assets in other regions of the country and with the start of supply under PPAs awarded with distribution companies in the center-south region. The interconnection of the grids and the entry into operations of the Cardones-Polpaico Interconnection Project of InterChile, on May 30, 2019, allowed for the coupling of transmission bars in the different substations of the system, reducing the curtailment of renewable energy supply due to the insufficiency of the transmission infrastructure. However, the accelerated installation of renewable energy projects in recent years has exceeded the capacity of the transmission infrastructure, making it necessary to expand it to prevent renewable energy losses.

Marginal Costs

2022		Real (Monthly Average per Node)
Month	Crucero 220	Polpaico 220	Charrúa 220	Pto. Montt 220	Temuco 220
Ene	69	69	75	213	77
Feb	68	68	69	290	72
Mar	95	102	114	210	117
Abr	108	118	126	230	127
May	96	102	100	187	101
Jun	190	200	196	224	192
Jul	116	154	148	241	144
Ago	101	112	100	199	90
Sep	84	87	82	198	70
Oct	83	69	61	77	54
Nov	112	95	86	100	72
Dec	96	91	89	83	61
YTD	101	105	104	188	98

Source: Coordinador Eléctrico Nacional

2023		Real (Monthly Average per Node)
Mes	Crucero 220	Polpaico 220	Charrúa 220	Pto. Montt 220	Temuco 220
Ene	96	94	91	197	89
Feb	114	114	110	215	107
Mar	106	133	132	207	128
Abr	109	133	132	160	130
May	106	123	123	138	118
Jun	93	104	102	90	88
Jul	60	59	56	48	47
Ago	54	52	48	36	36
Sep	53	50	46	32	33
Oct
Nov
Dec
YTD	88	96	93	125	86

In January 2023, marginal costs averaged US$96/MWh in the north and US$92/MWh in the center, while in the south they stood at US$197/MWh due to high temperature, transmission restrictions and higher demand.

In the first half of February 2023, there was a significant increase in marginal costs in the system (+30 US$/MWh in the north and center), due to transmission works, failures of own and third-party units, and lower hydroelectric contribution given the end of the thaw period.

During March, marginal costs reached US$106/MWh on average in the north and US$130/MWh in the center as a result of LNG purchases at market prices, while in the south they climbed to US$206/MWh due to the delay in the start of transmission works in the Araucanía region.

In April, both in the north and center zones of Chile, marginal costs maintained their high levels of the previous month reaching an average of 109 USD/MWh in Crucero and around 130 USD/MWh in the Center, whilst in the Puerto Montt Node, the average marginal cost dropped to 160 USD/MWh, mainly due to the rain registered in the South.

In May the marginal cost decreased somewhat to 106 USD/MWh in the north, while in the center zone it averaged around 123 USD/MWh and in the Puerto Montt node it decreased the most, reaching 138 USD/MWh. The main reason for these declines were the lower costs of fuels and the increase in rain during this month in the South.

In June the marginal costs reached 93 USD/MWh in the north, 102 USD/MWh in the center and 90 USD/MWh in the south. The lower marginal costs reflect lower fuel costs and the higher precipitation level in the south and in the center of Chile towards the end of the month.

7

During the third quarter, rain provided a considerable improvement in water accumulation in the different reservoirs, making some of the hydroelectric power plants reach maximum capacity and even having to dump water, so as to not reach the maximum elevation. This had the effect of reducing the marginal costs, which should remain low until the beginning of 2024, considering the thaw forecast of September 2023. During this third quarter, the average marginal cost reached 56 USD/MWh in the north, 50 USD/MWh in the center and 39 USD/MWh in the south.

Fuel prices

					International Fuel Prices Index
		WTI			Brent		Henry Hub	European coal (API 2)
		(US$/Barrel)		(US$/Barrel)		(US$/MMBtu)		(US$/Ton)
	2022	2023 % Variation	2022	2023	% Variation	2022	2023	% Variation	2022	2023	% Variation
			YoY			YoY			YoY			YoY
Jan	84.3	78.1	-7%	86.2	82.2	-5%	4.32	3.18	-27%	167.2	167.5	0%
Feb	95.8	77.3	-19%	96.6	83.2	-14%	4.75	2.39	-50%	194.5	138.3	-29%
March	107.9	72.5	-33%	116.2	77.5	-33%	4.99	2.26	-55%	325.3	138.3	-57%
April	101.9	79.6	-22%	104.5	83.9	-20%	6.50	2.16	-67%	319.3	140.3	-56%
May	111.5	71.7	-36%	114.3	79.7	-30%	8.24	2.15	-74%	328.1	119.0	-64%
June	114.3	70.4	-38%	122.4	79.5	-35%	7.46	2.12	-72%	352.9	115.6	-67%
July	101.2	75.8	-25%	111.6	79.9	-28%	7.37	2.55	-65%	389.0	110.5	-72%
August	93.7	81.6	-13%	100.7	86.3	-14%	8.76	2.61	-70%	364.9	117.7	-68%
September	85.4	89.6	5%	89.5	93.9	5%	7.73	2.63	-66%	328.5	123.3	-62%
October	87.6			93.3			5.69			267.9
November	82.8			89.9			5.45			213.6
December	76.0			80.3			5.52			227.9
Source: Bloomberg, IEA

As shown in the table above, when comparing 2023 to 2022, we can see a significant reduction in international fuel prices. During the third quarter of 2023, prices remained at a similar levels as those of the first half of the year, remaining significantly below the record high prices observed in 2022. Natural gas and coal prices showed a slight increase towards the end of this third quarter as compared to the lower levels of the second quarter.

Generation

The following graphs provide a breakdown of generation in the SEN by fuel type and by company for the first nine months of 2022 and 2023:

Source: Coordinador Eléctrico Nacional

8

During the first nine months of 2023, demand reached a maximum of 11,499.7 MWh/h in June, 0.8% below peak demand of the same period in 2022. Accumulated sales reached 57,994.7 GWh, with a 2.0% increase in unregulated customer sales and a 1.3% decrease in the regulated client segment as compared to the same period in 2022.

Regarding renewable energy, solar generation increased by 16.6%, while wind generation rose by 8.4% as compared to the first 9 months of 2022. As of the end of September, the National Electricity System (SEN) reported total gross installed capacity of 34,653 MW, including 15,521.2 MW qualifying as non-conventional renewable energy capacity, as defined by Law #20,257.

In terms of hydraulic generation, as of September, the estimated probability of exceedance for the April 2023-March 2024 hydrological year was 62.5% (medium-dry year).

Electricity production in the SEN grid, broken down by company, was as follows:

Source: Coordinador Eléctrico Nacional

9

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL RESULTS

The following discussion is based on our unaudited consolidated financial statements for the 9-month periods ended September 30, 2023, and September 30, 2022. These financial statements have been prepared in U.S. dollars in accordance with IFRS and should be read in conjunction with the financial statements and the notes thereto published by the Comisión para el Mercado Financiero (www.cmfchile.cl).

3Q 2023 compared to 2Q 2023 and 3Q 2022 Operating Revenues

	Quarterly Information (In US$ millions)
	3Q22		2Q23
Operating Revenues	Amount % of total	Amount % of total
Unregulated customers sales…………………..	229.5	50%	223.2	40%
Regulated customers sales…………………….	205.3	44%	222.7	40%
Spot market sales………………………………..	26.9	6%	106.5	19%
Total revenues from energy and capacity sales	461.8	92%	552.3	90%
Gas sales…………………………..	11.8	2%	29.6	5%
Other operating revenue……………………….	26.2	5%	34.3	6%
Total operating revenues………………….	499.7	100%	616.2	100%
Physical Data (in GWh)
Sales of energy to unregulated customers (1)……	1,796	58%	1,739	58%
Sales of energy regulated customers……	1,255	41%	1,249	42%
Sales of energy to the spot market…………….	48	2%	17	1%
Total energy sales………………………….	3,100	100%	3,005	100%
Average monomic price unregulated
customers(U.S.$/MWh)(2)	124.4		127.1
Average monomic price regulated customers
(U.S.$/MWh)(3)	163.6		178.2

3Q23 Amount % of total

223.2 48%

183.9 39%

62.4 13%

469.5 92%

12.7 2%

29.7 6%

512.0 100%

1,725	56%
1,289	42%
65	2%
3,079	100%
124.7
142.6

• Variation
  QoQ YoY
  0% -3%
  -17%-10%
  -41% 132%
  -15% 2%
  -57% 8%
  -13% 14%

-17%	2%
-1%	-4%
3%	3%
294%	36%
2%	-1%
-2%	0%
-20%	-13%

Energy and capacity sales reached US$469.5 million in the third quarter of 2023, representing a US$7.7 million, or 2%, increase compared to the third quarter of 2022. This slight increase is explained by higher sales to the spot market.

The drop in tariffs to regulated customers corresponds to decreases in inflation rates and fuel prices used in the indexation formulas of the contracts that are reflected in the third quarter of 2023.

When compared to the previous quarter, energy and capacity sales decreased by 15% (US$82.8 million), explained by lower volume sales to unregulated customers and drops in the average monomial prices of both unregulated and regulated customers.

Sales of energy to the spot market include energy generation produced at the Kelar Plant, owned by BHP, which is operating under a tolling agreement with fuel supplied by EECL. This is the main reason of the increase in that line. However, in the physical statistics, the MWh generated by Kelar are registered under gas sales and not under spot sales. In the third quarter of 2023, sales by volume in the spot market, excluding Kelar sales (397 GWh), totaled 65 GWh. In the second quarter of 2023, sales by volume in the spot market, excluding Kelar sales (402 GWh), totaled 17 GWh, a decrease as compared to the prior quarter when the San Pedro I and San Pedro II wind farms were still selling their whole generation to the spot market. In March 2022, supply contracts came into force under which CTH and Solar Los Loros began selling all their power generation to EECL. Spot sales in the first quarter of 2023 include the energy generated by the San Pedro 1 and San Pedro 2 wind farms in Chiloé, which sold all their energy to the spot market. Both wind farms sold all their energy to EECL under supply contracts that became effective in the second quarter of 2023.

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