Chile’s regulated power market tender received bids from 24 companies, of which around 10 were solar and wind projects, amid declining demand from a slowing economy that led the government to reduce the amount of electricity to be contracted.

According to power sector regulator CNE, the 24 bids included proposals from Chilean, Spanish, US and Italian companies in relation to 2.2TWh a year of power from wind, solar, hydro, biomass and gas co-generation projects for 20 years, starting in 2024.

Among renewable energy bidders are Spain’s Ibereolica, Gas Natural Fenosa – through its renewable energy unit GPG – and Solarpack, Italy’s Enel, and the US’s Solar Reserve and JP Morgan through its global renewable energy joint-venture Sonnedix.

The companies can bid in hourly and seasonal blocks during the 20-year supply period.

The number of bidding companies was significantly below the 84 CNE registered in last year’s tender, which resulted in record low average prices of $47 per MWh. In 2015, 38 companies lodged bids.

According to the Chilean renewable energy association (Acera) the decline in the number of bids compared to last year was mainly due to the smaller amount of power demanded by power distributors. In the 2016 tender Chile contracted 12TWh a year.

Chile’s slowing economy has led to delays in the process and a reduction in the amount of power needed. When the tender was announced, the government said it could buy as much as 4TWh a year.

Officials will qualify the bids by 19 October. After the qualification, bidders can improve proposals through to 30 October and the government expects to announce the tender results on 2 November.