The remuneration plan to the electrical networks proposed by competition for the 2026-2031 period favors the system operator (Redeia) By privileging “clearly” to the transport of electricity on the distribution, according to Financial analysts reports International to which the reason had access.
The electricity transport activity conducts electricity from generation plants to substations, using high voltage lines to minimize losses in long distances. That activity is carried out in Monopoly Redeia regime.
Regarding the distribution of electricity through medium and low voltage lines, it deals with carrying electricity from substations to final consumers (households, industries and companies). In this case, they are the electric ones responsible for performing this task without which it is impossible to cover the demand, expand it and favor the implementation of new companies and the creation of thousands of jobs.
According to these studies of financial analysts, the new remuneration models proposed by the National Commission of Markets and Competition (CNMC) for electricity transport and distribution networks They are disparate and generate an imbalance situation that clearly favors the interests of the “private” operator of the electrical system directed by Beatriz Corredor and from which The State is the reference shareholder, by having 20% of participation through the State Society of Industrial Participations (SEPI).
Although both activities will have The same retribution rate of 6.46%the method of calculation and incentives They differ deeply, which could distort future investment in electrical infrastructure and slow down the economy electrification process.
In this sense, competition has made its layer a sayo and has disassembled government indicationsthat last October he published in the BOE the order with the orientations of energy policy so that competence issuesto “appropriate signals” to encourage lIn investments in all electrical networks and thus meet the growing demand and favor the electrification contemplated until 2030 in the National Integrated Energy and Climate Plan (PNIEC). The electricity sector considered that in order to compete with the countries around us, similar parameters should be applied and that, therefore, the fork for remuneration to investments in distribution networks could move between 7.3% and reach up to 8.7%.
The fact is that, according to the competition proposal, Redeia investments will be remunerated according to audited costswhich gives “visibility and certainty “to your income.
On the contrary, investments in Distribution are only paid according to future connected powerthat is to say, Investment is not recognized until I know They connect new consumers.
This approach, according to experts, Discounts structural investments in distribution, such as extension of electric lines to empty industrial polygons or areas without immediate demand.
“A company may take eight years to connect, and until then, the investment is not remunerated,” says sources in the sector.
This imbalance has implications on the entire electrification because if transport networks are extended without a proportional expansion of the distribution networks, a “bottleneck” that prevents connection of new users.
In addition, the Costs of this infrautilized infrastructure They will fall on current consumers via tollsmore expensive, As can be seen from these studies.
Analysts warn that only a “parallel and balanced growth” between transport and distribution networks can guarantee the efficiency of the system and avoid an EStructural NCARE OF ELECTRICITY.
Redeia, the great beneficiary with 52% more
In this remuneration framework raised by competition, Redeia emerges as the great beneficiary. Its annual regulated income will go from 1,217 million euros in 2025 at 1,858 million in 2026which represents an increase of 52%, according to estimates based on the aforementioned financial analysis.
This increase is accompanied by more favorable operational conditions. For example, the Reduction of the operating cost (the one paid for operating the current network) recognized by the CNMC SIt will be less 6% for Redeiawhile lelectric as will suffer a 24% reduction In distribution. A reduction that will come into force already in 2026, which has involved strong drops in the stock market contributions of electricity since the CNMC announced its purposes.
The studies consulted by this newspaper They question even if the CNMC isunjustifiably favoring redeia, to the detriment of the rest of the operators and highlight the Doubts about equity of the regulatory process and its alignment with the energy transition objectives.
Bogas (Endesa) believes there is room
In its presentation of semiannual results this last week, in which Endesa rejected this rate of 6.46 % by qualifying it as “Discriminatory and asymmetric” Regarding other regulated sectors in Spain and other European countries, the electricity was confident that, after the allegations that end on September 9, the text provides the appropriate economic signals.
In a note, the CEO of Endesa, José Bogas, said that the proposal of a new remuneration model limits the investment in electrification of the demand contemplated by the PNIEC and insisted on a fair and attractive remuneration.
“It puts in serious danger to reach the level of investment that Spain requires to achieve its objectives of decarbonization, electrification of the demand and investment in networks contemplated by the PNIEC, in addition to being misaligned with the government’s energy policy guides,” said the CEO of Endesa.
Electric believes that the methodology is “biased against investment, limiting capital spending to the replacement of the existing network and not towards its extension “and that the incentive model “still has space to be improved.”
Bogas raised a financial compensation environment between 7% and 7.7%, since otherwise the sector would be facing a “Austericide”.
In a conference with analysts on the occasion of the presentation of the results, Bogas pointed out that the group’s strategic plan includes a combined remuneration of 7.5%, compared to the almost 6.5% proposed by the CNMC. “It is an austericide (…) we need to increase the penetration of renewables and the key is the networks. Without this improvement in resilience and without strengthening the networkit will be impossible to continue with this transition. What we have in our strategic plan is a 7.5%remuneration. “