Comprehensive solutions
for investors, banks,
and energy project developers.

Business Areas


Energy Trading

Management of energy trading, structuring, negotiation and procurement of energy sales contracts, as well as their subsequent administration.


Quantitative consulting and energy price projections

Energy prices projection: spot prices, stabilized prices, nodal differences, income projections.


Asset Management and CDEC interface

Management of all the CDEC interaction, contracts and tolls, and interface with regulatory bodies.


Market intelligence

Specific reports on generation, transmission, prices and regulatory changes.


M&A and corporate finance

Evaluation and analysis of projects and investments in the energy sector. Designing business plans which are in line with the risk profile of investors. Consulting on acquisition or sale of energy projects.

Price Stabilization Fund

The Price Stabilization Fund (PSF-NCRE) is a Private Investment Fund managed by BCI Asset Management in consultation with Antuko.



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The Price Stabilization Fund (PSF) is a Private Investment Fund managed by BCI Asset Management in consultation with Antuko. Its equity comes from private investor contributions.

The PSF acts as a broker on the domestic electricity market by purchasing energy from Non-Conventional Renewable Energy (NCRE) producers and reselling this energy to unregulated (industry, mining, commercial chains, etc.) or regulated customers (electrical distributors) of the system, or directly on the spot energy market.

Through this brokerage work, the PSF provides hedging solutions for both NCRE producers and energy purchasers.


The PSF is bound by strict investment and risk control policies which are implemented and supervised on an ongoing basis by BCI Asset Management.

The solvency of the PSF is guaranteed by its equity and by insurance policies which provide coverage for the most adverse climatic scenarios.

Antuko is in charge of the commercial management of the fund, namely procuring energy contracts and finding purchasers.


In the first stage of the PSF an energy purchase portfolio is created, diversified by technologies (solar, wind, hydro, and biomass) as well as geographic area and counterparty.

By aggregating various technologies, the PSF manages to eliminate the effect of the seasonal nature of each technology and achieve an energy matrix with a stable production profile.

The PSF offers to purchase the production of each NCRE project, assuming the risk of variability.


In the second stage, the PSF will resell the purchased energy on two possible markets:

  • Unregulated or regulated energy market customers: industry, mining, commerce, or electrical distributors. These will be the primary customers of the PSF, representing approximately 2/3 of its sales. For this type of customer, the PSF must adapt to their demand and in most cases sell fixed blocks of power.
  • Spot Market, in which all electricity producing companies participate. In this market the SPF will unload the rest of the purchased energy (1/3) at the hourly Marginal Cost.

Through its brokerage and risk management, the PSF will invigorate the domestic electricity market by providing solutions for both producers and purchasers of energy:

  • Producers sell their actual production to the PSF at a minimal fixed price that is set beforehand. Thanks to this they have a predictable and certain long-term source of income which will enable them to obtain financing from banks and continue to develop;
  • Purchasers have access to ERNC projects without having to assume the seasonal risk of these technologies, as the PSF offers energy in fixed blocks of power and at a fixed price which is known long-term.

Income from the PSF comes from the sale of energy either at a fixed price to unregulated and regulated customers, or at marginal cost on the spot market.

The primary expense of the fund consists of the purchase of energy from the ERNC producers which comprise its portfolio, at a fixed price (the fund has very low administrative, accounting, and audit expenses).

The resulting profit, which is calculated as the difference between the purchase price and the sales price of the energy, is distributed equally among the producers and the investors.

This is a simplified explanation of the operation of the PSF. For further information please contact Antuko or BCI Asset Management. Under no circumstances is this information intended to be considered sales information or a solicitation for investment.

Our Team

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Olivier Potart

Partner, General Manager

Bachelors in Economics from the University of Paris X, European Masters in Management from ESCP-Europe, concentration in finance. His professional career has been focused on financial markets and in particular on trading and structuring of financial products such as equity derivatives. He worked for 12 years at Société Générale bank as director of equity for Spain, and later on in several financial positions in the energy sector in Spain as well as in Latin America.

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Fernando Cubillos

Partner (non executive)

Industrial Civil Engineer specialized in Electricity, P.U. Católica, MBA University of Maryland. Worked in Matte group electrical companies, at the World Bank and J.P. Morgan in executive positions. Specialized in electrical energy markets, project finance, renewable energies, and carbon markets.

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Marcos Semmler

Partner (non executive)

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Valentin Albinet

Partner, Head of Quantitative Analysis

Master’s degree of INSA Lyon, Specialized Master in New Energy Management of AMPT Lille. Worked 2 years as Research Engineer in Lille L2EP Laboratory to develop methods and solutions for optimization of renewable energy production and consumption. Specialist in Smart Grid and Energy Management with knowledge of modelling electrical transmission grid, renewable energy and storage systems.

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Leticia Hermida

Partner, Head of Legal & Compliance

Degree in Law from the Complutense University (Madrid), Master in Stock Markets and Financial Markets, Instituto de Estudios Bursátiles (Madrid). Leticia is responsible for legal counsel at Antuko where she leads PPA contract negotiations and participates in internal and third-party Due Diligence processes. Prior to joining Antuko, she specialized in commerce law, renewable energy and finance at renowned corporate groups such as CIMD and Banco Santander.

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Felipe Novoa

Partner, Head of Sales | AGSA

Industrial Civil Engineer, from P.U Católica de Valparaíso, worked for more than 10 years in commercials areas of important companies of energy industry, leading several success negotiations of PPA´s, was Chief of department of large customers of CGE Distribución, main Distribution Company of the country where worked for 7 years and later he was in charge of energy commercialization in SunEdison as a Business Development Manager for more than 2 years.

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Alfonso Gutiérrez

Business Development Director | Mexico

Bachelor in International Business with a Master of Science in Sustainable Development from the Monterrey Tec. For the past 10 years, Alfonso has developed Business and Entrepreneurial ventures in Biotech and Environmental Science throughout Latin America. His experience and strength designing strategies for income growth, market penetration, and efficiency generation have made him the Head of the Antuko Offices in Mexico.

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Fernando Parra

Business Development Manager

Civil engineer Universidad de Santiago de Chile, Master of Science Sustainable Energy, Imperial College London. Prior to joining Antuko, Fernando led commercial relationships and investment projects for Scottish and Southern Energy (SSE) in London, United Kingdom. Fernando has over 7 years experience in energy infrastructure development, finance and M&A in Latin-America.

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Miguel Capoferri

Senior Consultant

Mechanical Engineer, with energy degree from U. Federico Santa María, MBA in Energy Companies of Escuela de Organización Industrial (EOI) of Spain and Electric Market Regulation Diploma of U. de Chile, with 6 years of experience in the Chilean energy sector, mainly in areas of Project and Business development of Non Conventional Renewable Energy for multinational companies such as Renewable Energy Systems (RES), ENDESA and DNV GL.

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Cécile Michiels


Civil engineer in Electromechanics with a specialization in Energy at the Université Catholique de Louvain (Belgium). Prior to joining Antuko, Cécile worked as a consultant of the European energy market for, among others, Engie Electrabel (the main producer and supplier of electricity and natural gas in Belgium) and EPEX (the European power exchange for the SPOT market). Actually Cécile works as a consultant in the area of Market Consulting.

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Magdalena Cortés


Civil Engineer, P.U. Católica and MSc. in Civil Engineering, P.U. Católica. Prior to joining Antuko, she worked in Systep as a Consultant in the Energy Market Regulation area. Magdalena has expertise on Electrical Regulatory schemes, Tariff Processes and projects in the Electricity Market for different players in the sector.

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Ignacio Mena

Associate, Head of Market Modeling

Industrial Civil Engineer specialized on Electricity from P.U. Católica and postgraduate in “Economic dispatch coordination in hydro-thermic power systems and NCRE integration” from U. de Chile. Ignacio is responsible for Antuko’s market modelling and price projection activity where he advises both internal and external clients strategic decisions regarding PPA contracts, project transactions and structured financing. Prior to joining Antuko, Ignacio worked for 2 years as a consultant for Electricity Markets at Systep, where he executed various technical and economic studies regarding the energy sector.

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María Miranda

Associate, Head of Market Intelligence

Industrial Engineer with specialization in Renewable Energies and and Environment by the U. de Las Palmas de Gran Canaria. María is responsible for Antuko’s Market Intelligence department where she delivers custom market reports for our Consulting and Asset Management clients. Prior to joining Antuko, María led the implementation of HSQE management systems in engineering companies sucha as Idom and Hidramar.

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Aloïs Salmon

Quantitative Analyst

Engineer of Polytecnique (Paris) with a MSc at Mines Paris Tech in Renewable Energies. Before joining Antuko, he worked in energy efficiency as Head of R&D in Beebryte (France), developing battery optimization for industry. Specialist in solar energy, grid analysis and data engineering.

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Céline Assemat

Quantitative Analyst | Mexico

Engineer from Supélec (France) with a MSc in Electric Power Engineering from KTH (Sweden). Céline works on the electrical system analysis and modelling, with special focus on the development of Antuko’s Quantitative Studies in Mexico and Spain, after having first worked on the Chilean market. Prior to joining Antuko, Céline, during her master thesis at EDF in France, investigated the consideration of some gas plants long-term constraints in their short-term optimization.

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Julien Chan Yao Chong

Quantitative Analyst | Mexico

Engineer from EPF (France) with a Master in International Energy Management from Mines ParisTech and Tsinghua University (Beijing). Before joining Antuko, Julien worked as a consultant in Renewable Energies where he studied potential of Energy Management Systems applied for Microgrid Markets. In Antuko, Julien is responsible for the development of the Market Modelling and Consulting Studies for Mexico.

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Marta Cañizares

Asset Management Analyst & CEN

Forest Engineer graduate from the Universidad Politécnica de Valencia and completed an MSc in Cranfield University (UK). Marta is currently working at the Asset Management Department and her task is to analyze the CEN reports. Before joining Antuko, Marta worked as an ISO 14001 specialist in the Environmental Department at the construction of the hydroelectric power plant "Los Cóndores".

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Jorge Campos

Asset Management Analyst & CEN

Bachelors in Electrical Engineering from Universidad de Chile. Before working in Antuko, Jorge worked in CDEC-SING and Celeo Redes. Also he designed an energy efficiency plan for the engineering school of Universidad de Chile as undergraduate thesis.

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Wilson Cariñe

Asset Management Analyst & CEN