Operating remuneration Q3 2026: what changes for installations with fuel costs

Key data

Electrical installations with specific remuneration regime that depend on fuel for their operation have new operating remuneration values (Ro) from July 1, 2026. The Resolution of July 2, 2026 from the State Secretariat for Energy sets the parameters that will determine the regulated income of these installations throughout Q3 2026.

This is not a model change: the methodology was already reformed by Order TED/526/2024, which moved from semi-annual to quarterly review. What changes now are the specific values applicable to the July–September 2026 period, calculated with the most recent market data.

What does this regulation establish?

The State Secretariat for Energy updates quarterly the operating remuneration values (Ro) for standard electrical generation installations with specific remuneration regime whose operating costs depend essentially on fuel price.

The three parameters that feed the calculation of the new Ro values are:

• Electricity market price: evolution of OMIP futures for the quarter.
• Price of CO2 emission rights: quotation of the European carbon market.
• Fuel price: specific for each installation type (biomass, natural gas in cogeneration, etc.).

The affected technologies are those classified in the specific remuneration regime with variable costs linked to fuel. The main ones are:

Change from the previous system: before Order TED/526/2024, the review of these values was semi-annual. Since the entry into force of that order, the update is quarterly, which allows greater alignment with the actual evolution of market prices and reduces the gap between actual costs and remuneration received.

Economic and operational impact

The change in Ro values has a direct and immediate effect on the income statement of companies holding these installations:

• Regulated income for Q3 2026: the new Ro values determine the operating remuneration supplement that each standard installation will receive during July, August and September 2026.
• Financial planning: any cash flow or operating result forecast prepared before July 1 must be reviewed with the new parameters.
• Retroactivity to the beginning of the quarter: the resolution is published on July 4 but has effects from July 1, so the first days of the quarter are already covered by the new values.

The quarterly frequency introduced by Order TED/526/2024 means that these companies must incorporate the review of Ro values as a recurring process in their financial planning cycle: four times a year, not two as previously occurred.

Who does it affect?

• Holders of biomass installations with specific remuneration regime.
• Holders of cogeneration installations with specific remuneration regime.
• Holders of other electrical generation installations whose operating costs depend essentially on fuel price and are covered by the specific remuneration regime.
• CFOs and financial directors of energy companies with this type of assets, responsible for planning regulated income.
• Energy advisors and consultants who manage regulated remuneration for their clients.
• Funds and investors with stakes in renewable generation or cogeneration assets with specific remuneration regime.

Practical example

A company holding a cogeneration plant covered by the specific remuneration regime prepared in June its income forecast for Q3 2026 using the Ro values from the previous quarter. With the publication of this resolution on July 4, the Ro values applicable to the July–September period are updated based on the new OMIP futures quotation, CO2 price and natural gas price.

If the natural gas price has risen compared to the previous quarter, the updated Ro value should compensate to a greater extent that operating cost, increasing the operating remuneration supplement received. If, on the other hand, the gas price has fallen, the Ro value will be adjusted downward. In both cases, the company must recalculate its regulated income forecast for Q3 and adjust its cash flow planning before closing July.

The same applies to a biomass plant: the price of biomass as fuel is the key parameter that will have varied compared to Q2 2026 and that will determine whether the new Ro value means more or less regulated income for the quarter.

What should companies do now?

1. Identify if your installations are affected: check if any of your generation plants are covered by the specific remuneration regime with costs linked to fuel (biomass, cogeneration or other equivalent technologies).
2. Obtain the new Ro values for Q3 2026: access the full text of the resolution in the BOE (BOE-A-2026-14552) to extract the specific values applicable to your installation type.
3. Recalculate the regulated income forecast for Q3: update your financial models with the new Ro parameters before closing the July planning.
4. Review cash flow planning: if the new Ro values differ significantly from those of Q2 2026, adjust the forecasts for collection of regulated remuneration for July, August and September.
5. Incorporate the quarterly cycle into the financial calendar: schedule the reviews of Ro values for the following quarters (Q4 2026 and beyond) as a recurring process, given that Order TED/526/2024 establishes this frequency permanently.
6. Inform investors or partners if applicable: if the variation in Ro values has material impact on the year's results, consider whether it is necessary to communicate it within the framework of your financial reporting obligations.

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-2026-14552