Enagás 2025 Incentive Compensation: What the CNMC Sets and How It Works

Key data

Enagás' regulated compensation is not fixed: part of it depends on how it manages the gas system. The Resolution of the National Commission of Markets and Competition (CNMC) of June 12, 2026 closes the calculation of that variable compensation—called "incentive compensation"—corresponding to gas year 2025, which runs from October 2024 to September 2025.

The mechanism is relevant for any agent in the gas sector: the efficiency with which Enagás manages the system has direct consequences on its regulated compensation and, ultimately, on system costs that are passed on to consumers and companies in the sector.

What does this regulation establish?

The resolution determines the incentive compensation corresponding to Enagás in its role as gas system technical manager for gas year 2025. This type of variable compensation is calculated by applying an efficiency factor—which can range between -2% and +2%—on Enagás' remuneration base.

The efficiency factor is obtained from the evaluation of seven indicators that measure different dimensions of gas system management:

In September 2024, a provisional estimate of this compensation was made. The resolution published on June 24, 2026 sets the final value. Differences between both calculations—provisional and final—are not adjusted immediately: they will be incorporated into the compensation for gas year 2027.

Additionally, the resolution requires Enagás to publish on its website the values of all indicators and the information used for their calculation, thus ensuring transparency of the process before market agents.

Economic and operational impact

The direct economic impact of this resolution falls on Enagás: the efficiency factor resulting from the 7 indicators determines whether the company receives more or less compensation relative to its regulatory base.

• Positive factor (+2% maximum): Enagás would receive additional compensation on its base, rewarding efficient system management.
• Negative factor (-2% maximum): Compensation would be reduced, penalizing performance below regulatory objectives.
• Deferred adjustment: Differences between the provisional estimate of September 2024 and the final value now set are not collected or discounted immediately, but are transferred to gas year 2027. This introduces a two-year time lag in the final settlement.

For the gas sector as a whole, the impact is indirect but relevant: Enagás' regulated compensation is part of gas system costs that, ultimately, are passed on to the tolls and charges paid by industrial and domestic natural gas consumers.

The obligation to publish indicators on Enagás' website also has an operational impact: market agents—retailers, distributors, large consumers—will be able to consult and audit the values that determined compensation, increasing pressure on the operator's management.

Who does it affect?

• Enagás: Directly affected as gas system technical manager. The resolution determines its variable compensation for gas year 2025 and the differences that will be settled in 2027.
• Natural gas retailers: Indirectly affected, as Enagás' regulated compensation impacts system costs passed on to tolls.
• Large industrial gas consumers: The cost of the regulated gas system influences the access tolls they pay.
• Gas distributors: They operate in a system whose technical management is performed by Enagás; continuity and quality indicators affect them operationally.
• Energy sector regulators and advisors: The resolution establishes the evaluation and transparency framework they must follow and communicate to their clients.

Practical example

Suppose Enagás' remuneration base as technical manager for gas year 2025 amounts to a certain figure. The CNMC evaluates the 7 indicators and obtains an efficiency factor of, for example, +1.5% (within the permitted range of -2% to +2%).

That +1.5% is applied to the remuneration base, generating additional compensation in favor of Enagás. However, in September 2024 a provisional estimate of that factor was already made. If the provisional estimate was +1%, the difference of +0.5 percentage points is not paid in 2025 or 2026: it is incorporated into the compensation for gas year 2027.

This deferred settlement mechanism means that Enagás must manage its treasury taking into account that regulatory adjustments for gas year 2025 will not materialize economically until 2027. For market agents, it means that system costs passed on to tolls are also adjusted with that time lag.

What should companies do now?

1. Check Enagás' publication: Access Enagás' website to review the final values of the 7 efficiency indicators for gas year 2025, which the company is required to publish by mandate of this resolution.
2. Review toll impact: Retailers and large industrial consumers must analyze whether the result of Enagás' efficiency factor has implications for system costs passed on to them.
3. Anticipate the 2027 adjustment: Finance and regulation departments must take into account that differences between the provisional estimate of September 2024 and the final value now set will be incorporated into gas year 2027 compensation, which may affect system cost projections.
4. Monitor regulatory transparency: Advisors and consultants in the sector must track the indicators published by Enagás to detect trends in gas system management that may anticipate future regulatory changes.
5. Update cost models: Any company that includes gas system costs in its business models should update its projections incorporating the final efficiency factor for gas year 2025.

Official source

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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-2026-13737