Overview

• Endesa postponed its strategic-plan update to 2026 and warned its €4 billion distribution investment push may not proceed under the CNMC’s draft.
• The CNMC’s July proposal sets a 6.46% return for distribution in 2026–2031 with a new calculation methodology, below the roughly 7–7.5% utilities say they need.
• CNMC vice president Ángel García Castillejo said the Government’s new network plan will be considered but is unlikely to substantially alter the proposal, with only limited adjustments possible for anticipatory and avifauna-related investments.
• The Government’s draft would lift distributors’ investment cap by 62%, enabling up to €7.7 billion over five years plus €3.6 billion for Red Eléctrica, and remains in public consultation.
• The CNMC defended its approach as an improvement on the prior period and questioned cross-country comparisons, while companies warned that inadequate remuneration risks stalling network upgrades.