Sedigás warns of financial risks in new CNMC gas sector framework

The Spanish Gas Association (Sedigás) has issued a response to the new regulatory framework approved by the National Commission on Markets and Competition (CNMC). The new circulars establish the methodology for financial remuneration and the compensation for gas transport, regasification, and distribution activities for the 2027–2032 regulatory period, effective October 1, 2026.

While Sedigás welcomes the continuity of the existing regulatory architecture—noting it provides stability and predictability for investment planning—the association warned of potential risks to the sector's financial equilibrium. Specifically, Sedigás expressed concerns regarding a projected reduction in income, uncertainty over certain remuneration parameters, and the limited scope of new incentives.

The association highlighted that the current framework includes tools to address energy transition challenges, such as decarbonization, the integration of renewable gases, digitalization, and cybersecurity. However, it argued that an inadequate update to the remuneration base and uncorrected imbalances from the previous regulatory period could compromise sufficient and stable compensation for gas infrastructure companies.