The electricity system closed the thirteenth and penultimate settlement of the 2025 fiscal year with a provisional deficit of 1,098.13 million euros, according to data published by the National Commission for Markets and Competition (CNMC).
Although this is the thirteenth settlement, the figure is not yet final. The settlements are calculated based on consumption and the total annual consumption is not known until two months after the end of the fiscal year, which is why 14 provisional cumulative on-account settlements are made. In this way, the final settlement will be carried out before December 1 of this year.
In this thirteenth settlement, the system's revenues amounted to 13.336,98 million euros, compared to costs that reached 14.435,11 million euros.
The CNMC pointed out that in this month temporary imbalances were registered between the revenues and costs of the electricity system, covered by article 19 of Law 24/2013, of December 26, so that the accumulated settlement charged to the electricity sector was conditioned by a coverage ratio of 90.9%. Consumption demand stood at 232,519 gigawatt hours (GWh).
This settlement represented a total of 4,358.43 million euros between January 1 and December 31, 2025. Of that amount, 4,310.66 million euros were paid by the electricity sector and 47.78 million euros came from the General State Budgets (PGE), equivalent to 50% of the specific remuneration of facilities located in non-peninsular territories.
In this same month, temporary imbalances occurred between revenues and costs of the electricity system, contemplated in article 19 of Law 24/2013, of December 26, so the accumulated settlement charged to the electricity sector was affected by a coverage ratio of 90.9% and the amount to be paid on account to producers amounted to 253.54 million euros.
860.5 million of deficit in the first settlement of 2026
Parallelly, the CNMC disseminated the figures of the first settlement of 2026, corresponding to the month of January, in which the electricity system posted a deficit of 860.49 million euros.
In this period, total revenues amounted to 261.22 million euros, while costs rose to 1,121.71 million euros. This month, temporary imbalances between revenues and costs of the electricity system occurred, contemplated in article 19 of Law 24/2013, of December 26, so the accumulated settlement charged to the electricity sector was affected by a coverage ratio of 18%. Consumption demand was 3,924 GWh.
The gas sector
As for the gas sector, the total liquidable revenues declared in the fourth settlement amounted to 627.41 million euros, 10.3% more than in the same period of the previous year.
Gas demand in the gas year 2026 invoiced up to January 31, 2026 reached 92.4 terawatt hours (TWh), which represents an 8% increase compared to the same period of the gas year 2025.
The increase in consumption in the upper tier RL.11 of 12.9% (5.7 TWh) stood out, as did tiers RL.2 and RL.3 with respective consumption increases of 14.5% (0.7 TWh) and 27.1% (0.3 TWh).
Additionally, natural gas exports by pipeline were 5.7 TWh, the gas transferred from regasification plants to ships was 4 TWh and the gas loaded into tankers was 3.3 TWh. In total, the energy output of the gas system in the settlement period was 105.5 TWh.