The National Markets and Competition Commission (CNMC) has proposed setting a financial remuneration rate of 6.46% for regasification, transport, and technical management activities of the gas system, and 6.67% for activities related to natural gas distribution and meter rental, for the next regulatory period 2027-2032.
The agency headed by Cani Fernández has submitted for public consultation its draft circular that determines the financial remuneration rate applicable to regasification, transport, and technical management of the system activities, as well as tasks related to the distribution of natural gas, for the regulatory horizon 2027-2032.
These new rates improve those in effect in the current 2021-2026 period, where the remuneration for the regasification and transport of natural gas is 5.44% and, in the case of distribution, amounts to 5.83%.
According to the regulator's explanation in a note, the calculation has been carried out following the methodology established in Circular 2/2019, modified by Circular 9/2025, common to electricity transmission and distribution activities, and based on the WACC (Weighted Average Cost of Capital).
Comparison with the electricity sector
The result obtained for the transport and regasification of natural gas is 12 basis points below that of transport and distribution of electricity, whose rate was set at 6.58% for the regulatory period 2026-2031.
The CNMC attributed this difference "to the one-year lag in the calculation period, as well as to the different values of the representativeness coefficient of incremental investments and the depreciation coefficient of fixed assets, which reflect the different situation between the regulated activities of the electricity sector and the gas sector".
In the case of gas, the agency considers that said coefficients show a lower need for new investments and a declining fixed asset, unlike what happens in the electricity sector.
Rental and renewal of meters
For activities associated with the distribution of natural gas, the CNMC proposes to set a financial remuneration rate of 6.67% specifically for the rental of meters.
This rate has been determined taking as a reference the draft order for the implementation of smart natural gas meters, which will involve the renovation of the distributors' meter fleet, replacing analog equipment with digital devices.
The proposed financial remuneration will apply when calculating the rental price of the meters. Currently, it is estimated that around 90% of domestic users have the meter on a rental basis.
Economic impact of the rate hike
In the memorandum accompanying the proposal, the CNMC details that the increase in the financial remuneration rate from 5.44% in force in 2021-2026 to 6.46% for 2027-2032, taking as a reference the net RAB on December 31, 2024, for regasification and transport activities, would result in a combined annual economic impact of 31.3 million euros, of which 26 million would correspond to natural gas transport and 5.4 million to regasification.
If the impact calculation is carried out by projecting the evolution of the net RAB as of October 1st throughout the period 2027-2032, without including new investments and considering their progressive amortization, the effect would be reduced over time, reaching a cumulative joint impact of 140.7 million euros.
Of that figure, the total impact on gas transport activity would amount to 123.0 million euros, while the regasification activity would add up to 17.7 million euros.
Regarding the technical management of the gas system, the increase in the financial remuneration rate from 5.44% to 6.46% would imply an annual increase of approximately 0.1 million euros, equivalent to approximately 0.5% of its remuneration.
Regarding activities related to the distribution of natural gas, the CNMC has calculated the effect on the transitional price that the consumer will pay for the rental of the smart gas meter. Thus, raising the financial remuneration rate from 5.83% to 6.67% would mean that the rental price would go from 1.10 euros/month to 1.14 euros/month, which represents an increase of 3.6%.