Energy and water have faced important levels of conflicts in the last 20−25 years in Chile. However, the way that they have been politically addressed in the last decade differs. These differences emerge from how these fields have been historically configurated, impacting on how the policy problems and policy options have been framed. Using thematic analysis of 93 interviews and documentary analysis, this article analyzes by contrasting two participatory processes which nourish the formulation of the energy and water policies in Chile in 2014−2015. It seeks to understand the factors that may influence why the development, impact and inclusion of new voices in public policies related to water and energy have been different, and how that can impact the water−energy nexus. Five factors emerge as determinants in this difference: structure of use, number of actors, governance and institutional framework, elite conformation, and legal framework. These factors impacted the policy processes and the scope of the policy outcomes, generating two different results: a long-term energy policy, and a water policy that did not survive the presidential period. Thus, the water−energy nexus is under pressure as a result of the tension between power structures, social responses to environmental issues and decision-making, environmental limitations, and climate change stressors, creating greater vulnerability and conflicts.