Appeal against financial remuneration for networks 2026-2031: what changes for distributors and consumers

Key data

Electricity and gas transmission and distribution companies face a major regulatory uncertainty for the 2026-2031 period. The Circular 9/2025, of 22 December 2025, of the Comisión Nacional de los Mercados y la Competencia (CNMC), which sets the methodology for calculating the financial remuneration rate for their regulated activities, has been appealed before the Audiencia Nacional through contentious-administrative appeal 4/350/2026.

The CNMC published on 23 March 2026 the resolution summoning interested parties to said proceedings. This means that any company with a legitimate interest may appear in the judicial process before the summons deadline closes.

What does this regulation establish?

The resolution published in the BOE on 23 March 2026 is a procedural act: the CNMC formally notifies interested parties that a contentious-administrative appeal is underway before the Audiencia Nacional against Circular 9/2025.

To understand the scope, it is necessary to know what the challenged regulation governs:

• Circular 9/2025 amends Circular 2/2019, of 12 November, which established the methodology for calculating the financial remuneration rate for electricity transmission and distribution activities, and for regasification, transmission and distribution of natural gas.
• In addition, Circular 9/2025 sets the financial remuneration rate applicable to the 2026-2031 regulatory period for electricity transmission, system operation and distribution activities.
• This rate determines the return that regulated network companies obtain on their assets, being the key financial component of their regulated revenues.

Economic and operational impact

The financial remuneration rate is the parameter that defines how much network companies can earn on the capital invested in their infrastructure. A variation in this rate has a direct effect on:

• Regulated revenues of electricity and gas distribution and transmission companies throughout the entire 2026-2031 period.
• Investment planning in network infrastructure: a lower rate reduces the incentive to invest; a higher rate increases it.
• Network access charges and tariffs paid by domestic consumers, SMEs and large energy consumers, since the regulated revenues of distributors are passed through to access tariffs.

While the appeal is being processed, Circular 9/2025 remains applicable. However, judicial uncertainty may condition investment and financing decisions of the affected companies. If the Audiencia Nacional upholds the appeal, it could require a review of the methodology and, consequently, a recalculation of remuneration already applied or to be applied in the future.

Who is affected?

• Electricity transmission companies: their regulated remuneration for 2026-2031 is directly linked to the rate set by Circular 9/2025.
• Electricity distribution companies: likewise. Any change in the methodology affects their regulated revenues.
• Regasification, transmission and natural gas distribution companies: Circular 9/2025 also covers these activities.
• Large energy consumers: indirectly, through network access charges and tariffs that could be modified if the remuneration framework changes.
• Investors and financiers of network infrastructure: uncertainty over the financial remuneration rate affects the valuation of regulated assets and financing conditions.

Practical example

An electricity distribution company operating in several provinces has its regulated revenues calculated, among other parameters, by applying the financial remuneration rate set by Circular 9/2025 to its regulated asset base.

If the Audiencia Nacional were to uphold appeal 4/350/2026 and annul or amend the methodology of Circular 9/2025, this company could be required to recalculate its regulated revenues for the 2026-2031 period using a different rate. Depending on whether the resulting new rate were higher or lower than the current one, its regulated revenues would increase or decrease, with a corresponding impact on its income statement and on the access charges it passes on to its customers.

For this reason, both distributors and large consumers with network access contracts must actively monitor judicial proceedings 4/350/2026 before the Audiencia Nacional.

What should companies do now?

1. Verify whether they have a legitimate interest in appeal 4/350/2026: electricity transmission and distribution companies, as well as regasification and gas distribution companies, must assess whether their regulated remuneration is affected by Circular 9/2025 and, consequently, whether they should appear as interested parties before the Audiencia Nacional.
2. Consult with legal advisors specialised in regulatory energy law to assess the advisability of appearing in the proceedings and the applicable procedural deadlines.
3. Review internal financial models for the 2026-2031 period incorporating an uncertainty scenario: what would happen if the financial remuneration rate were modified by judicial resolution.
4. Monitor the progress of the judicial proceedings before the Audiencia Nacional, especially if interim measures are adopted that could suspend the application of Circular 9/2025 during the proceedings.
5. Large energy consumers: follow the development of the appeal to anticipate possible changes in network access charges and tariffs that form part of their energy bill.

Official source

Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, please consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-6780