Key data
| Regulation | Order TED/634/2026, of June 17 |
|---|---|
| Publication | June 25, 2026 |
| Entry into force | June 25, 2026 |
| Affected parties | Electricity sector companies: production, transport, distribution and retail |
| Category | Energy |
| Year | 2026 |
| Regulation it updates | Order TED/1524/2025, December 2025 |
| Discounts covered | 35% for vulnerable consumers / 50% for severely vulnerable consumers |
| Body proposing percentages | CNMC (National Commission for Markets and Competition) |
Electricity sector companies have had a new cost distribution framework since June 25, 2026 that they must integrate into their financial planning. The Order TED/634/2026 approves the updated distribution of the amounts that each sector entity must finance to cover the electricity social bonus and the cost of supply for the most vulnerable consumers during 2026.
This order is not new in concept: it updates and replaces the provisional distribution that had been established in the Order TED/1524/2025 of December 2025, applying the new percentages and unit values per activity proposed by the CNMC. The change has a direct effect on the cost structure of all companies operating in the electricity supply chain.
What does this regulation establish?
The electricity social bonus is a legal mechanism by which the most vulnerable consumers receive a discount on their electricity bill. That discount is not absorbed directly by the State: it is financed by the sector entities themselves in proportion to their activity.
Order TED/634/2026 specifies three key aspects for 2026:
- Update of distribution: Replaces the provisional percentages of Order TED/1524/2025 with the final values proposed by the CNMC for 2026.
- Unit values per activity: Each segment of the chain (production, transport, distribution, retail) has a different unit value assigned, calculated based on its weight in the sector's aggregate billing.
- Covered groups: The bonus finances discounts for vulnerable consumers (35%), severely vulnerable consumers (50%) and families with minors or dependents at risk of social exclusion, in accordance with articles 52.4.j) and 52.4.k) of the Law 24/2013 of the Electricity Sector.
| Concept | Order TED/1524/2025 (provisional) | Order TED/634/2026 (updated) |
|---|---|---|
| Validity | December 2025 (provisional for 2026) | June 25, 2026 (final for 2026) |
| Percentages per activity | Provisional (CNMC estimate) | Final (updated CNMC proposal) |
| Unit values | Provisional | Updated by activity |
| Covered groups | Vulnerable and severely vulnerable consumers | Vulnerable, severely vulnerable consumers and families with minors/dependents at risk of social exclusion |
Economic and operational impact
The direct impact of this order falls on the income statement of electricity companies. The quota that each company must assume is calculated based on its aggregate billing in the supply chain: the greater the volume of activity, the greater the contribution to the social bonus fund.
The most relevant operational points are:
- Review of accounting provisions: If the company had provisioned costs based on the provisional percentages of Order TED/1524/2025, it must review those figures with the new final unit values.
- Impact on margins: The cost of the social bonus is a regulated cost that companies cannot freely pass on to the end consumer beyond what the tariff framework allows.
- Coordination with the CNMC: The final unit values have been proposed by the CNMC, which means that any discrepancy with the provisional amounts must be managed in accordance with the established regulatory procedure.
Who does it affect?
- Electricity production companies: Generators that sell energy in the wholesale market.
- Transport companies: Operators of the high-voltage transmission network (fundamentally Red Eléctrica de España).
- Distribution companies: Network operators that deliver electricity to supply points.
- Retailers: Companies that sell electricity directly to end consumers, both in the free market and in the regulated market (PVPC).
- Vulnerable and severely vulnerable consumers: They are indirect beneficiaries, as this order guarantees the financing of their 35% and 50% discounts respectively.
Practical example
A medium-sized retailer that had calculated its provision for the 2026 social bonus using the provisional percentages of Order TED/1524/2025 of December 2025 must, following the publication of Order TED/634/2026, review that amount with the final unit values set by the CNMC.
If the new unit values for retail activity are higher than the provisional ones, the company will have to record a higher regulated cost in its accounts. If they are lower, it will release part of the provision. In both cases, the adjustment must be reflected in the 2026 financial statements from the date the order enters into force: June 25, 2026.
The same applies to distributors and producers: each must compare its provisional quota with the new unit value assigned to its specific activity in this order.
What should companies do now?
- Review 2026 accounting provisions: Compare the provisioned amounts with the new final unit values per activity published in Order TED/634/2026.
- Identify the company's own activity in the chain: Confirm whether the company operates as a producer, transporter, distributor or retailer, as each activity has a different unit value.
- Consult the CNMC's final unit values: Request or download the CNMC proposal that serves as the basis for this order to verify the percentages applicable to the company's specific activity.
- Update the financial planning for the year: Adjust the regulated cost budget for the second half of 2026 with the final data.
- Coordinate with the legal-regulatory department: Verify that the settlement procedure with the system operator complies with the new amounts from June 25, 2026.
Frequently asked questions
What is the electricity social bonus and who finances it?
The electricity social bonus is a discount on the electricity bill for vulnerable consumers (35% discount) and severely vulnerable consumers (50% discount), as well as for families with minors or dependents at risk of social exclusion. It is financed by the sector entities themselves —producers, transporters, distributors and retailers— in proportion to their aggregate billing in the supply chain, in accordance with articles 52.4.j) and 52.4.k) of Law 24/2013 of the Electricity Sector.
What changes with Order TED/634/2026 compared to Order TED/1524/2025?
Order TED/1524/2025 of December 2025 established a provisional distribution for 2026 based on estimates. Order TED/634/2026, published on June 25, 2026, updates it with the final percentages and unit values per activity proposed by the CNMC. Companies that had provisioned costs with the provisional data must review and adjust those amounts.
How is the quota calculated that each electricity company must pay?
Each company's quota is calculated based on its aggregate billing in the electricity supply chain. The CNMC proposes the unit values per activity (production, transport, distribution, retail), and each company applies that unit value to its activity volume to determine its contribution to the social bonus fund.
When does the new 2026 social bonus distribution come into force?
Order TED/634/2026 came into force on the same day as its publication in the BOE: June 25, 2026. From that date, the final unit values replace the provisional ones from Order TED/1524/2025.
Does this order affect the rates paid by end consumers?
Indirectly, yes. This order guarantees the financing of the 35% and 50% discounts received by vulnerable and severely vulnerable consumers on their bill. The cost is borne by the sector companies, not the end consumer affected by the bonus. For other consumers, the impact is indirect through the regulated cost structure of the sector.
Official source
View 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-2026-13759