CNMC Incentives to Electricity System Operator 2025: Final Figures and Impact on Tariffs

Key data

Red Eléctrica's final remuneration as electricity system operator for 2025 is now set. The CNMC has approved, through a resolution published on November 4, 2026, the final values of incentives for the 2025 fiscal year, thus closing the regulatory cycle of the 2023-2025 period established by Circular 4/2019, amended by Circular 1/2023.

For companies with high electricity consumption, energy managers, and sector advisors, this resolution is relevant because the incentives—or penalties—applied to the system operator influence the overall costs of the electricity system that, ultimately, are passed on to access tariffs.

What does this regulation establish?

The resolution determines the final values of incentives for the remuneration of the electricity system operator for the year 2025. The applicable regulatory framework is the CNMC Circular 4/2019, amended by Circular 1/2023, which establishes the calculation method and evaluation indicators.

The system works as follows: Red Eléctrica receives a fixed base remuneration for its function as system operator. On that basis, the CNMC applies an incentive mechanism that can generate bonuses or penalties based on performance measured in six specific indicators. The maximum limit for variation is 2% of base remuneration, that is, €1,544,000.

The six evaluated indicators are as follows:

The results obtained in each indicator determine whether Red Eléctrica receives a bonus (above base remuneration) or a penalty (below), always within the 2% ceiling. The resulting adjustment is integrated into the settlement of regulated activities of the electricity system.

Economic and operational impact

The direct economic impact of this resolution falls on Red Eléctrica as system operator. The maximum possible variation in its remuneration is €1,544,000 up or down from the base remuneration of €77,190,000.

For the electricity system as a whole, the effect is as follows:

• If Red Eléctrica receives a bonus, the system cost increases by up to €1,544,000, an amount distributed among all consumers through regulated tariffs.
• If Red Eléctrica receives a penalty, the system cost is reduced by up to that same amount, with the opposite effect on tariffs.
• The adjustment is channeled through the settlement of regulated activities, the accounting mechanism that balances the costs of the electricity system.

In relative terms, the incentive ceiling (€1,544,000) represents exactly 2% of the base remuneration of €77,190,000. Although in absolute terms it may seem a moderate figure within the overall costs of the Spanish electricity system, its relevance lies in establishing a mechanism of accountability for results on a function critical to supply security.

Who does it affect?

• Red Eléctrica de España (REE): directly affected as system operator. Incentives or penalties modify its final remuneration for 2025.
• Large industrial consumers: the adjustment in system costs is passed on through the access tolls and charges they pay in their electricity bills.
• Electricity retailers: must pass on variations in regulated costs to their customers, which may affect the structure of their offers.
• Energy managers and sector advisors: need to know the result of incentives to correctly model system costs in their analyses.
• Electricity consumers in general: indirectly affected through the impact on regulated network access tariffs.

Practical example

Imagine an industrial company with an annual consumption of 10 GWh that pays tolls and access charges to the electricity network. The costs of the electricity system—which include the remuneration of the system operator—are distributed proportionally among all consumers.

If the CNMC applies the maximum bonus to Red Eléctrica (€1,544,000), that amount is distributed among the total national electricity demand. Given the total volume of the Spanish electricity system, the unit impact per kWh consumed is marginal. However, the mechanism is relevant because:

• It establishes that Red Eléctrica is evaluated for its actual efficiency in managing the system, not just for its function.
• The six evaluated indicators—especially renewable generation forecast and technical restrictions—are critical for supply stability in a system with high renewable penetration.
• Poor management of technical restrictions or thermal reserve can have operational consequences far greater than the incentive amount itself.

What should companies do now?

1. Energy managers and CFOs of large consumers: review whether the final result of incentives (bonus or penalty) has been incorporated into system cost forecast models for 2025 and its projection for 2026.
2. Electricity retailers: verify that the settlement of regulated activities derived from this resolution is correctly reflected in the calculations of access costs passed on to customers.
3. Energy sector advisors: document the final values of the six evaluated indicators to have a comparative reference for the next regulatory period.
4. Regulatory compliance managers: file the resolution as part of the regulatory file for fiscal year 2025, given that it has effects on the settlement of regulated activities already in force since November 4, 2026.

Official source

Consult complete regulation at official source

Disclaimer: 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-2026-23169