Overview

• Endesa pushed its strategic-plan update to early 2026 and warned its €4 billion distribution upgrade program may not proceed under the current proposal.
• CNMC vice president Ángel García Castillejo said the 2026–2031 framework improves the prior draft by more than 200 basis points and is unlikely to shift materially due to the government’s planning paper.
• The draft sets distribution remuneration at 6.46%, below utilities’ calls for roughly 7%–7.5%, and introduces a methodology that Endesa argues is opaque and discourages investment.
• The government is preparing a reform to lift the legal cap on network spending by about 62%, a move intended to unlock several billion euros for distribution and transmission projects.
• The CNMC aims to submit the final text to the Council of State around late October so the new remuneration can take effect on January 1, while power companies warn inadequate returns would stall grid reinforcement.