Gas regulatory account 2025: Enagás recovers 1.8M€ and who pays the bill

Key data

Industrial users and natural gas traders in Spain will finance almost 1.83 million euros in additional costs as a result of the CNMC Resolution of 29 June 2026. The resolution closes the calculation of the regulatory account of Enagás GTS —technical manager of the gas system— for fiscal year 2025, within the 2024-2026 regulatory period.

The mechanism, regulated by the CNMC Circular 1/2020 (modified by Circular 2/2023), allows the system manager to recover extraordinary costs that are not included in its ordinary remuneration. The CNMC verifies the documentation —invoices and supplier justifications— before validating the final balance.

What does this regulation establish?

The regulatory account is an adjustment mechanism that allows Enagás GTS to request recovery of extraordinary costs —specific projects, technical adaptations, safety improvements— that were not foreseen in its ordinary remuneration budget. At the close of each fiscal year, the CNMC audits the requests and sets the final balance that is incorporated into system fees.

For fiscal year 2025, Enagás GTS requested recovery of 1,828,807 € for the following projects:

• New access to the PVB (Virtual Balance Point): technical adaptations to improve access to the gas balancing market.
• Flexibility adaptations: projects to increase the system's capacity to respond to demand variations.
• Guarantee updates: work related to the review and updating of the operator's guarantee systems.
• Supply security: investments and costs linked to maintaining the gas system's security standards.

The CNMC validated all documentation provided by Enagás GTS —invoices and supplier justifications— before setting the final balance. The applicable regulatory framework is Circular 1/2020, in its version modified by Circular 2/2023.

Economic and operational impact

The direct impact of this resolution falls on gas system users: traders, distributors and large industrial consumers who pay network access fees. These costs are incorporated into the regulatory account balance and are recovered in a deferred manner through tariffs.

The accumulated balance for the 2024-2026 period already exceeded 6.2 million euros at the close of 2024. With the incorporation of the 1.83 million from 2025, the total balance for the period approaches 8 million euros, which must be absorbed by system users before the close of the regulatory period in 2026.

For companies with gas supply contracts linked to regulated tariffs or with network access tolls, this type of resolution can translate into adjustments in their gas bills, although the unit effect depends on the total volume of users and the distribution mechanism applied by the CNMC.

Who does it affect?

• Enagás GTS: as technical manager of the gas system, it is the direct beneficiary of the approved cost recovery.
• Natural gas traders: pass on system fees to their end customers; must anticipate possible tariff adjustments.
• Gas distributors: affected by changes in access fees to the transport system.
• Large industrial consumers with direct access to the transport network: pay tolls that incorporate these regulatory costs.
• CFOs and procurement directors of companies with high gas consumption: must monitor the impact on their energy costs.
• Energy advisors and tariff consultants: need to incorporate these balances in their cost analyses for clients.

Practical example

A natural gas trader managing supply to several industrial parks pays access fees to Enagás GTS's transport network. These fees include, among other components, the recovery of regulatory account balances approved by the CNMC.

With an accumulated balance approaching 8 million euros for the 2024-2026 period (6,246,000 € at the close of 2024 plus the 1,828,807 € from 2025), the CNMC will distribute this amount among all system users based on their consumption volumes and access. The trader must review whether its contracts with industrial clients include tariff review clauses that allow it to pass on these adjustments without absorbing the cost in its margin.

A large industrial consumer with direct access to the transport network should request from its trader or energy advisor an estimate of the impact of these regulatory balances on its bill for the next settlement period.

What should companies do now?

1. Review gas supply contracts: verify if they include tariff review clauses linked to changes in system regulatory fees, to anticipate possible cost pass-throughs.
2. Request information from the trader: ask for an estimate of the impact of the 2024-2026 regulatory account balances on bills for the next settlement period.
3. Update energy cost budgets: incorporate the effect of regulatory adjustments into cost models for 2026, especially if gas represents a significant item in the cost structure.
4. Monitor the close of the 2024-2026 period: the final balance for the period will close in 2026; it is advisable to track upcoming CNMC resolutions to anticipate the total impact.
5. Consult with an energy advisor: if the company has direct access to the transport network or consumes large volumes of gas, a specialist can calculate the specific impact on its bill and evaluate tariff optimization options.

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-2026-15022