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El estudio incluye una revisión exhaustiva del material bibliográfico técnico atingente a los mercados de derechos de aprovechamiento de aguas (DAA) en Chile y otros países. Esta revisión constituye la base para el posterior desarrollo de una metodología de estimación del precio de mercado de DAA consuntivos y no consuntivos. A continuación de esa...
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Citations
... The second adaptation measure considers the possibility that the water utility buys a variable number of water rights belonging to farmers. Information is available related to water market prices, with which modeling possible transactions in the future is feasible (Cristi et al., 2014). For each decision time (k) associated with a development plan (DP k ), a quantity of shares is purchased (B k ) Thus, for the decision time k, the shares that the operator would have (OS k ) are the initials (OS 0 ) plus the shares acquired: ...
Climate change is a challenge to drinking water providers worldwide and to regulatory frameworks that consider long-term investment decisions. Coping with an unstable climate warrants adjustments in regulations and new investments. The investment required to maintain a selected service level needs to balance the potential for high regret stranded assets with the political and socioeconomic consequences of not meeting water demands. In recent years, the City of Santiago in Chile has seen drought events associated with climate change, which could worsen in the future. Chile's drinking water regulatory framework does not account for uncertainty in infrastructure design to cope with the potential impacts of such events. This work presents an adaptation option design process that considers multiple plausible climate change-impacted future scenarios, accommodating both structural and nonstructural measures. In our Santiago case study adaptation measures include extensions to the existing Chilean water market and traditional structural alternatives (e.g., storage infrastructure); all are represented in a simulation model of the water utility. We evaluate and optimize packages of efficient adaptation measures for various climate scenarios. This allows comparing different portfolios of combined institutional and infrastructure interventions via a range of stakeholder measures and comparing their tradeoffs under different plausible climate-impacted hydrological scenarios. Results showed that water supply performance without climate change adaptation is worse under climate scenarios with lower water availability, which are likely to be associated with higher GHG emission scenarios such as RCP 8.5. The optimized portfolios implement various combinations of adaptation strategies to reduce the impacts of this poor performance. Considering the uncertainty on future climate scenarios, the use of nonstructural adaptation measures such as option contracts exhibits the advantage of providing water in critical periods while avoiding large investments such as building reservoirs or the purchase of permanent water rights, which could end up underused if favorable climate scenarios manifest.
... The market for non-consumptive WRs (NCWR) has traded approximately 2.6 million l/s between 2009 and 2014 (Cristi et al., 2014). In terms of market activity measured as the percentage of the total volume of granted NCWR, about 20% of granted NCWR have been traded (Cristi et al., 2014). ...
... The market for non-consumptive WRs (NCWR) has traded approximately 2.6 million l/s between 2009 and 2014 (Cristi et al., 2014). In terms of market activity measured as the percentage of the total volume of granted NCWR, about 20% of granted NCWR have been traded (Cristi et al., 2014). ...
Chile was an early adopter of water rights (WR)markets. WR markets have been documented and are driven by demand from relatively high-valued water uses. WR markets in Chile face many challenges in order for it to deliver its full potential as an efficient water allocation mechanism. The objective of this chapter is to apply the WMRA framework to detect those issues that must be considered in order to establish an effective water allocation mechanism based on a WR market. The analysis indicates that although weaknesses exist, Chile has significantly advanced in achieving Trade Step 2 of the WMRA framework.
... The existence of groundwater markets has been documented (Cristi et al., 2014;Hearne, 2018). The regions with the greatest GWR market transactions have been the Metropolitan region, with 73%, and Araucanía, with 10% of total transactions. ...
... GWR markets have also been active in river basins in northern Chile, allowing expanding mines and growing cities to purchase water rights from farmers (Hearne, 2018). Notwithstanding, the majority of transactions have been between agricultural users, moving GWRs towards high valued agricultural export sector with resulting efficiency gains (Cristi et al., 2014;Hearne and Donoso, 2014;Donoso, 2013). ...
... Thus, the WC81 was designed to protect traditional and customary WR and to foster economically beneficial reallocation through market transfers (Montginoul et al., 2016). The existence of groundwater markets has been documented (Cristi, Melo, & Donoso, 2014;Hearne, 2018). The regions with the greatest GWR market transactions have been the Metropolitan region, with 73%, and Araucanía, with 10% of total transactions. ...
... GWR markets have also been active in river basins in northern Chile, allowing expanding mines and growing cities to purchase water rights from farmers (Hearne, 2018). Notwithstanding, the majority of transactions have been between agricultural users, moving GWRs towards high valued agricultural export sector with resulting efficiency gains (Cristi et al., 2014;Donoso, 2013;Hearne & Donoso, 2014). ...
Groundwater has increasingly become a water supply source in Chile. In the future this trend is expected to grow as a consequence of the increased water use due to economic growth, together with population growth, urbanization, water contamination and pollution, as well as the projected climate change impacts. The Water Code of 1981, as well as previous water codes, were in essence designed for surface water and, thus, contained only few references to groundwater. This regulatory absence has been covered with groundwater guidelines established through internal administrative acts. As it stands, the legal and institutional context considers the required instruments and mechanisms to balance growing demand and the need to protect and preserve groundwater resources. This chapter investigates whether this framework has been effective to ensure that groundwater is managed sustainably, through the analysis of two cases located in an arid region of northern Chile: the Copiapó Valley and the Pampa del Tamarugal Aquifer.
... In addition, mining operations use less than half of their WR entitlements due to these restrictions. (Cristi et al. 2013). In the Copiapó Basin mining, high-valued agriculture, and small populations centers have competed for increasingly scarce water. ...
... However more recent analysis shows that WR trading has occurred throughout Chile for the period 1999-2009 (Table 8.1) and agriculture accounts for 57% of all purchases and 68% of all sales. Thus, trading has been quite common during this period (Cristi et al. 2013;Donoso 2013). ...
... Note that this data is incomplete, given that only 60% of local real estate registries forwarded data. Often volumetric flows and prices are not recorded (Cristi et al. 2013). Thus, totals do not match. ...
The case of Chile is illustrative of a transition from command and control to market based management policies, where economic incentives play a significant role in water management. This book deals with water policy in Chile. It offers a detailed examination of the main sources of Chile’s water, its principle consumers, the gap between supply and demand, hydrological droughts, and future projected impacts of climate change. It describes, analyzes and evaluates the performance of water policies, laws and institutions, identifies the main challenges that Chile needs to face and derives lessons learnt from Chile’s reform experience.
Expert contributors discuss such topics as Chile’s water policy, and the reasoning which explains its policy reform. Presents and evaluates the performance of the legal and institutional framework of water resources. Other chapters describe efforts to meet actual demands for water by augmenting supplies with groundwater management, waste water re-use and desalination and improve the state of water ecosystems. The last chapter presents the editor’s assessment and conclusions
... There are two main reasons that explain this. In first place, the cost of expropriation is burdensome for the government, especially in arid and semi-arid basins where the value of WR is very high; on average; in the northern arid regions, the value fluctuates between $130,000/l/s (Cristi, Melo, & Donoso, 2014) and $500,000/l/s (EMG, 2011). In second place, its application would lead to an important social and political conflict, due to the transfer of wealth to the WR holder, when these were allocated free of charge. ...
This paper analyses the factors that explain why groundwater can be over-exploited despite the existence of sophisticated water laws, institutions and effective state agencies responsible for water management. The analysis is based on a case study conducted in the Copiapó Valley in Northern Chile. Based on an analysis of water use data, policy documents and interviews with a variety of stakeholders, the paper highlights the state's failure to perform some of its key missions and the ineffectiveness of groundwater users' associations in water management despite a very supportive legal framework. The paper concludes with some recommendations on how ensure long-term sustainable groundwater use.
... In general, intersectoral water transfers have not been frequent throughout Chile. The large percentage of small-value transactions (Cristi, 2010;Cristi, Melo, & Donoso, 2014) challenges the argument that high transaction costs have limited market trading in Chile. It is interesting to note that Chile's water market developed mostly in the absence of market intermediaries. ...
Despite rising global interest in introducing water markets, only a small number of implemented markets function efficiently. Market intermediaries, by improving information flows and introducing market participants to trade, play a crucial role in initiating water markets. This article inductively generates profiles for different types of market intermediaries, which then can be applied to prevailing country contexts. The results demonstrate that generic criteria influencing the emergence or creation and success of market intermediaries can be inductively generated from existing water markets.
Economic and social changes that have occurred in Chile in recent decades have affected water management in multiple ways. In particular, its adoption of an export-oriented growth strategy since the 1980s, based on developing natural-resource intensive activities in the primary sector has led to significant increases in water demand. Decoupling of economic growth from water demands is, thus, a priority so as to not limit future economic growth and social development. In this chapter an overview of the water sector in the national economy and growth is presented. Then the economic value of water resources is covered, analyzing its apparent productivity, as well as the water-energy-food nexus. Finally, some conclusions are presented.
Chile’s system of water management has traditionally featured user management of rivers and canals and private water rights. Chile’s National Water Law of 1981 maintained this tradition and was designed to foster the efficiencies of water markets. In a number of key river basins in northern and central Chile water markets have allowed expanding mines and growing cities to purchase water rights from farmers. The majority of transactions have been between agricultural users, with resulting efficiency gains. The presence of adjustable gates to easily modify flows and well-managed water users’ associations have reduced transactions costs and fostered trading. The wide range of transactions’ prices demonstrate that markets are imperfect and subject to the individual bargaining power of the buyers and sellers. Despite continued needs to improve market information and formalize customary water rights, the volume of water being reallocated by water markets have continued to grow throughout the nation. In the 35 years after the 1981 National Water Law, water markets have matured.
Climate change extreme events pose an important challenge for urban water managers. In Santiago (Chile) the total cost of such events can be reduced by an option contract that sets ex-ante water prices and water volumes to be traded in case certain triggering conditions are met in the future. We first propose an option contract of water leasing to trade water from agriculture to urban uses during droughts. Another option contract is proposed to reduce water consumption during short-term turbidity events. Water option contracts are flexible instruments that allow an optimal distribution of hydrological risks.
