Spain Approves 6.46% Return for Trunk Gas Network and Regasification, 2027-32
CNMC Approves Gas Network Remuneration Framework for 2027-32
Overview of the Approved Remuneration Framework
Sept 18 (Reuters) - Spain's energy and competition watchdog CNMC on Friday approved the remuneration framework for gas transport, regasification and distribution for 2027-32, including a financial return of 6.46% for core gas network activities.
Industry Response and Stakeholder Feedback
• Industry group Sedigas had previously called for changes to the draft remuneration rules.
Analyst Perspectives
• Analysts viewed the proposals as more favourable than expected, particularly for Enagas, which runs Spain's trunk gas grid.
Details of the Remuneration Rates
Return Rates for Gas Network Activities
• The 6.46% rate will apply to regasification, transport and system operation, while a different rate of 6.87% is set for gas distribution operations related to meter activities.
Comparison with Electricity Sector
• The new rate is 12 basis points below the 6.58% return set for electricity transport and distribution for 2026-31.
Factors Influencing the Gas-Sector Rate
• The CNMC said the lower gas-sector rate reflects a one-year lag in the calculation period, and factors such as lower investment needs and a declining asset base.
Adjustments to Gas Meter Distribution Activities
• The gas meter distribution activities rate of 6.87% is 20 basis points above the level initially proposed.
Implementation Timeline
• New gas rules will take effect on October 1, 2026.
Reporting and Editorial Information
(Reporting by Mireia MerinoEditing by Pietro Lombardi and David Goodman)
