We analyse the wave energy resource available along the Pacific coast of South America from Panama from the latitude of 8°N to the Drake Passage at 55°S. The analysis is based on wave time series over 63 years (1959–2021) from the European Union Copernicus database constructed using the WAM wave model for the entire Pacific forced by wind information from ERA5. The novel features are the analysis of temporal variations in the wave energy flux, quantification of the contribution of swells and wind-seas into the wave energy potential, establishing properties of the most energy-carrying wave conditions, and evaluation of the role of El Niño and La Niña in the wave energy potential. The annual average wave energy flux increases from about 2 kW/m just to the north of the equator on the Colombian Pacific coast to 20–50 kW/m in the central and southern mainland of Chile and up to 80 kW/m near the Drake Passage. The wave energy resource to the north of latitude 32°S is almost entirely provided by swells. To the south of 44°S wind-seas predominate among the most energetic wave conditions and the maxima of energy flux by wind-seas up to 20 times exceed the already high average energy flux. The temporal variation in the wave energy flux follows the same pattern. It is fairly small at lower latitudes and increases rapidly from the forties. The magnitude of seasonal variation in terms of monthly mean wave energy flux is commonly from −47% to +32% from the long-term mean. The calmest time that contains 1% of the total annual energy flux is 10–20 days, about 10% of energy is contained in the 100 calmest days, while 50% of the annual energy flux arrives during the 100 days with strongest waves in the entire study area. The typical height of waves that provide the largest contribution to wave energy is about 1–1.5 m in the very north, around 1 m near the equator, gradually increases to the South and reaches 3.5–4 m on the shores of southern Chile. The associated wave periods are about 10 s in the entire study area. The wave energy flux has been almost constant over the 63 years near the equator but has increased at a rate up to 0.6 kW/m per year in the nearshore of Chile. For the evaluated time scales in coastal areas of South America, the interchange of El Niño and La Niña does not have detectable impact on the wave energy resource. © 2024 The Authors