Overview

• The CNMC’s consultation sets network investment returns at 6.46% for 2026–2031, up from 5.58% but below the 7.5% utilities deem necessary to finance future expansions.
• A new methodology would calculate returns for grid extensions based on kilowatts connected rather than on actual investment costs.
• Utilities warn the shift will make rural areas unprofitable to serve and could stall the electrification of medium-sized industry under Spain’s climate plan.
• Major electricity firms have submitted detailed objections and will appeal to courts if the regulator does not adopt their amendments by August 4.
• Companies are counting on government influence through the Commission of Cooperation to sway the CNMC’s final decision on remuneration.