April 2025 Power Outage Settlement: Prices and Compensation Set by CNMC

Key data

All agents in the Spanish electricity market that operated during the market suspension between 13:00 h on April 28 and 24:00 h on April 29, 2025 now have a clear reference for knowing how much they will receive or pay. The CNMC Resolution of July 22, 2026 closes the regulatory gap created by the electrical blackout and establishes the criteria that the system operator (REE) and market operator (OMIE) must apply in their resettlements.

The regulation responds to an unprecedented situation: the total suspension of the electricity market for almost 35 hours forced improvised system restoration with technologies operating outside normal market conditions. Without clear settlement criteria, producers and consumers were left in a situation of significant economic uncertainty.

What does this regulation establish?

The resolution sets settlement criteria for a period in which the electricity market was suspended. During those hours, energy was generated and consumed without an ordinary market price being formed. The CNMC has established the following rules:

The multiplier 1.15 on the daily market price is the central piece of the mechanism: it recognizes that operating during an emergency of this magnitude entails costs and risks higher than usual, without setting an arbitrary price. P.O.3.9 is the operating procedure that precisely regulates emergency situations and restoration of the electrical system.

Economic and operational impact

The economic impact of this resolution is direct for all agents that operated during the suspension period. The most relevant effects are:

• Producers with restoration technologies (combined cycle, coal, hydroelectric, pumping): will receive specific additional compensation to the base price, recognizing their critical role in system recovery.
• Producers with other technologies: will receive the daily market price multiplied by 1.15, which represents a 15% increase over the reference price.
• Consumers and retailers: will pay for energy consumed during the outage at the prices set by the resolution, which may involve adjustments in their pending settlements.
• REE and OMIE: have the operational obligation to execute resettlements applying these criteria, which involves reviewing all generation and consumption records for the affected period.
• International exchanges: support flows with France and Morocco are settled under expressly regulated criteria, avoiding bilateral disputes over the price of that emergency energy.

The resolution closes a period of accounting and economic uncertainty for market subjects. Until its publication, amounts corresponding to that period could not be settled definitively.

Who does it affect?

• Electricity producers that generated during the period 13:00 h on 28/04/2025 — 24:00 h on 29/04/2025, especially those operating combined cycle plants, coal power plants, hydroelectric plants and pumping facilities.
• Electricity consumers (large direct consumers in the market) that took energy during the suspension.
• Electricity retailers that managed supply during the outage and must balance their market positions.
• Red Eléctrica de España (REE), as system operator, responsible for executing resettlements.
• OMIE, as market operator, responsible for applying criteria in daily market settlement.
• Agents with international exchanges with France and Morocco during the restoration period.

Practical example

Suppose a producer with a combined cycle plant that injected energy into the system during restoration on April 29, 2025. Under normal conditions, it would have received the daily market price (say, illustratively, the reference price of the daily market that day). With the CNMC resolution, that producer will receive that price multiplied by 1.15 at minimum, plus the specific compensation recognized for combined cycles for their participation in restoration.

In practice, this means that a combined cycle that invoiced €1,000,000 at ordinary market price will receive at least €1,150,000 under the criteria of this resolution, before applying the additional specific compensation. The exact amount of that additional compensation will depend on the calculations performed by REE in the resettlement, in accordance with P.O.3.9 criteria.

For an agent with international exchanges with France or Morocco during those hours, the resolution eliminates uncertainty about the price applicable to those emergency flows, which are settled under the expressly established criteria.

What should companies do now?

1. Identify if you operated during the affected period: review whether your company generated, consumed or intermediated energy between 13:00 h on April 28 and 24:00 h on April 29, 2025. If so, this resolution directly affects you.
2. Review your generation and consumption records from the suspension period to quantify the volume of energy subject to resettlement under the new criteria.
3. Verify with REE and OMIE the schedule and status of resettlements corresponding to the outage period, as both operators must apply these criteria.
4. If you are a producer with restoration technology (combined cycle, coal, hydroelectric or pumping), ensure that your specific compensation is correctly recognized in the resettlement. Document your participation in system restoration.
5. If you have international exchanges with France or Morocco from the period, coordinate with your counterparty and with operators the application of settlement criteria set by the resolution.
6. Consult with your energy or legal advisor if the resettlement amount is significant or if you believe the criteria applied do not comply with what is established in the resolution.

Official source

Consult complete regulation in official source

Notice: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-16925