Overview

• CNMC vice president Ángel García Castillejo said the regulator will consider the Government’s new networks plan yet expects no considerable impact on its proposal, signaling only limited adjustments for anticipatory and avifauna-related spending.
• The regulator plans to send its final text to the Council of State around late October and aims to publish the rule in the fourth quarter so the new regime applies from 1 January 2026.
• The draft sets a 6.46% return for 2026–2031, up from 5.58% today but below the roughly 7%–7.5% sought by distributors.
• Endesa postponed its strategic-plan update to the first quarter of 2026, with CEO José Bogas saying the CNMC’s latest draft would prevent the company from delivering its €4 billion networks program.
• The Government’s draft raises the investment cap by 62% and would allow up to €7.7 billion in distribution spending over five years, though companies say the proposed methodology could still curb projects critical to the energy transition.