The CNMC sets the new regulated remuneration for natural gas for 2027-2032

The National Commission on Markets and Competition (CNMC) has set the new regulated remuneration for natural gas for the 2027-2032 regulatory period through three circulars published in the Official State Gazette (BOE) no. 231, dated September 18, 2026. The regulations, approved by the Plenary of the Council on September 8, 2026, and signed by its president, Juan José Ganuza Fernández, establish the methodology for transport and liquefied natural gas plants, the financial remuneration rate, and the distribution methodology. The methodology will be applicable from October 1, 2026.

The jurisdictional framework stems from Article 7.1.h) of Law 3/2013, of June 4, as amended by Royal Decree-Law 1/2019, of January 11, which granted the CNMC the power to approve the methodology, parameters, and asset base of these activities via circular. The remuneration rights of transporters and distributors are set out in Articles 69 and 75 of Law 34/1998, of October 7, on the Hydrocarbons Sector, and the economic principles in Article 60 of Law 18/2014, of October 15. Energy policy guidelines were provided by Order TED/1318/2025, of November 19.

Three circulars to close the 2021-2026 cycle

• Circular 4/2026 (BOE-A-2026-19425), pp. 123503 to 123589: methodology for determining the remuneration of natural gas transport facilities and liquefied natural gas plants. It repeals Circular 9/2019, of December 12, and Circular 8/2020, of December 2, integrating their reference unit values into a single text.
• Circular 5/2026 (BOE-A-2026-19426), p. 123590: financial remuneration rate applicable to regasification, transport, and technical system management, as well as activities linked to distribution for the 2027-2032 period.
• Circular 6/2026 (BOE-A-2026-19427), pp. 123595 to 123611: remuneration methodology for natural gas distribution, which repeals Circular 4/2020, of March 31.

Regulatory periods have a validity of six years and are broken down into gas years, which run from October 1 to September 30.

The financial rate: 6.46% for transport and regasification

Circular 5/2026 sets the calculation parameters according to the methodology of Circular 2/2019, of November 12, as amended by Circular 9/2025, of December 22. For transport, regasification, and technical system management, the financial remuneration rate is set at 6.46%, with a nominal post-tax WACC of 4.85%. The main parameters are:

• RFP: 6.95%; RA: 46%; RLR: 3.27%, which includes a QE adjustment of 156 basis points.
• βU: 0.45; β: 0.73; PRM: 5.02%; CA: 0.07%; RD: 3.17%.

For activities linked to distribution, consisting of the setting of the rental price for meters, the rate is 6.87%, with a WACC of 5.15% and an RFP of 7.48%. The application of both rates will take place as of October 1, 2026.

Distribution: new incentives and greater financial demand

Circular 6/2026 maintains the model from the previous stage, with base remuneration, remuneration for market development, a new parameter for digitalization, cybersecurity, and reduction of methane emissions equivalent to 5% of the base remuneration, the incentive for the injection of gases other than natural gas, and the incentive for the settlement of shrinkage. The transitional distribution remuneration is suppressed, and the incentive for the gasification of municipalities ceases. The remunerative parameters for 2027-2032 include:

• €55.372 per supply point in networks up to 4 bar and from more than 4 up to 60 bar.
• €8.305/MWh for annual consumption up to 50 MWh in networks up to 4 bar; €4.366/MWh above that consumption; and €1.382/MWh in networks from more than 4 up to 60 bar.
• €2.689/MWh and €1.344/MWh as unit incentives for other gases different from natural gas injected from plants registered according to Royal Decree 376/2022 or unloaded at satellite plants (bioLNG).
• €77.522 per supply point for recently gasified municipalities beyond October 1, 2026.

The penalty for financial prudence is increased from 1% to 1.5% of the remuneration starting from gas year 2030, and up to and including gas year 2029, it may not exceed 1%.

Decarbonization and energy transition

The three regulations respond to the context of decarbonization, reduction of demand, high degree of asset amortization, and the upcoming end of the regulatory period. The stated objective is to facilitate the penetration of renewable gases and the progressive abandonment of fossil gas, in line with the 2030 climate goal (“Fit for 55”) and the climate neutrality of the European Union by 2050, while also ensuring the resilience of existing infrastructures. In transport and regasification, the remuneration for continuity of supply disappears, and incentives are incorporated for the efficient acquisition of operation and maintenance costs and for the reliability and valuation of amortized assets, along with new incentives for LNG and bioLNG with guarantees of origin.

The impact is direct on the bill: the remuneration for these activities is financed through the tolls and fees of the gas system, such that the new framework conditions the income of transporters, regasifiers, and distributors and the regulated cost borne by consumers over the next six years.

Source: Official State Gazette, no. 231, of September 18, 2026, Sec. I. General provisions (official reference: BOE-A-2026-19425, BOE-A-2026-19426 and BOE-A-2026-19427).