CNMC: zero balance in the electricity operator's regulatory account for 2025

The National Commission on Markets and Competition (CNMC) has calculated the balance of the electricity system operator’s regulatory account at zero euros as of the end of 2025. This is done through the resolution of September 29, 2026, approved by the Regulatory Supervision Chamber in its session on September 25 and published in the Official State Gazette (BOE) no. 247, of October 5, 2026, with official reference BOE-A-2026-20733. The decision validates the documentary support provided by Red Eléctrica de España (REE) and transfers 9,554,574 euros of justified costs to the 2026-2028 regulatory period.

The framework: remuneration of the system operator

The resolution is issued under Article 9 of Circular 4/2019, of November 27, which regulates the remuneration methodology for the electricity system operator, developed by Circular 1/2023, of February 7. The legal authorization comes from Article 7.1.i) of Law 3/2013, of June 4, as amended by Royal Decree-Law 1/2019, of January 11.

The regulatory account allows the operator to assume new obligations attributed by European regulations or national legislation, with a balance that accrues one-third each year of the regulatory period. For the 2023-2025 period, the Resolution of December 15, 2022 (RAP/DE/004/22) set that balance at 5,000,000 euros. The remuneration base was calculated using the regulatory accounting data from 2020, the last available exercise at the time, meaning only incremental costs relative to that year are recognized.

Recognized costs and rejected items

REE submitted its justification report for the 2025 regulatory account on April 14, 2026. The CNMC finally recognizes the following amounts:

• Justified external expenses: 7,998,796 incremental euros (compared to the 8,296,509 requested).
• Investment costs: 475,609 euros.
• Additional personnel costs: 1,080,169 euros.
• Total recognized costs: 9,554,574 euros.

The adjustments are concentrated in two items. The CNMC deducts 126,008 euros from CORESO due to two duplicate invoices that had already been recognized in the resolution for the 2024 exercise (RAP/DE/003/25). Furthermore, under the concept of coordination and calculation of protection adjustments, it only admits 60% of the increase (771,151 euros of the 942,857 indicated), linking the remaining 40% to an increase in activity rather than new obligations.

The balance moves to the 2026-2028 period

The accrued amount of the regulatory account in 2025 was 1,666,667 euros, meaning the costs incurred exceeded it by 473%. The balance for the 2023-2025 period is thus zero, having already been exhausted in 2024.

In application of point 7 of Article 9 of Circular 4/2019, the justified costs of 2024 and 2025 are incorporated into the following period:

• 2025 Financial Year: 9,554,574 euros.
• 2024 Financial Year: 4,589,440 euros.
• Planned initial allocation: 18,000,000 euros.
• Total balance for the 2026-2028 period: 32,144,014 euros.

Allegations and appeal process

The proposal was submitted for a hearing on July 2, 2026, with referral to the Electricity Advisory Council and publication on the CNMC website. Allegations from agents were entered into the registry on July 16, 2026, and addressed the recovery of activity costs, travel for European projects, the imbalance of the SIDC project, and non-payments by marketers. The CNMC considers that these latter issues, along with the general design of the remuneration, exceed the scope of the resolution.

The resolution concludes the administrative process and may be appealed through contentious-administrative proceedings before the Audiencia Nacional within two months from the day following its publication in the BOE. No appeal for reversal (recurso de reposición) is applicable. The document is signed by the Secretary of the Council, Miguel Bordiu García-Ovies.

The zeroing out of the regulatory account and the transfer of nearly 9.6 million euros to the 2026-2028 period condition the remuneration of the system operator and, consequently, the costs that impact the settlement of the electricity sector and the tariffs paid by consumers.

Source: Official State Gazette (Boletín Oficial del Estado), no. 247, October 5, 2026, Sec. III (Other provisions), page 130517 (official reference: BOE-A-2026-20733).