CNMC sets 6.58% return rate for Spanish power networks

The CNMC has approved new circulars setting remuneration methodologies for Spanish electricity networks and a 6.58% financial return rate for 2026–2031.

• Remuneration rate: The financial return rate (TRF) for electricity transmission, system operation and distribution (and gas activities via methodology change) is raised 100 basis points from the previous period to 6.58% for 2026–2031, applying for six years, with methodologies approved after multiple consultations and 69 Council debates, and including dissenting votes from some Council members.
• Network remuneration methodologies: A new distribution remuneration methodology (CIR/DE/006/24) improves network efficiency, quality, loss reduction and electrification incentives, aligns with government investment limits up to 0.13% of GDP, and narrows the sustainability mechanism to investments responding to demand in a forthcoming Royal Decree on grid investment plans; a separate transmission methodology circular (CIR/DE/007/24) updates unit investment and O&M values, while another circular (CIR/DE/002/24) amends the TRF calculation methodology for electricity and gas activities.