RBC European Utils & Infra Morning Lightbulb

Research evidence excerpt

RBC European Utils & Infra Morning Lightbulb

RBC Europe Limited

Research RBCCM European

Utils & Infra (Equity)

+44 20 4557 7210,

RBCEuropeanUtilities@rbccm.com

Fernando Garcia (Analyst)

+44 20 7029 0267,

fernando.garcia@rbccm.com

June 29, 2026 Alexander Wheeler

(Analyst)

+44 20 7653 4481, RBC European Utils & Infra Morning Lightbulb alexander.wheeler@rbccm.com

Joseph Pepper (Analyst)RESEARCH • CNMC sends Council of State circulars on 2027-32 gas remuneration with no significant changes +44 20 4557 7410,

• Fortum agrees acquisition of Elmera Group joseph.pepper@rbccm.com

• Gresham House provisionally awarded LDES contract for Ocker Hill Ziyad Jasimuddin (Senior Associate)

• EDF sells its 5.6GW North American renewable energy portfolio +44 20 7653 4757,

ziyad.jasimuddin@rbccm.com

CNMC sends Council of State circulars on 2027-32 gas remuneration with no significant Charlotte Mettyear

changes (Analyst) +44 20 4557 7210,

The CNMC has sent to the Council of State its circulars on gas network remuneration for 2027-2032, with charlotte.mettyear@rbccm.comEQUITY no significant changes from the March draft. For Enagás, proposed remuneration totals c.€3,453m for

transport and c.€2,263m for regasification over 2027-2032, retaining the IFVA incentive for amortised

assets (c.€26m/year) and a 6.46% financial rate of return. For distributors, the regulator proposes c.

€1,194m/year on average (vs €1,165m in the current period), with upside from biometane injection,

digitalisation and cybersecurity incentives but no inflation-linkage and a higher prudence penalty (1.5%

from 2030 vs 1% prior). (Cinco Dias)

So what? The Council of State will issue its opinion, before the CNMC board approves the final circulars.

We believe the final determination will be published in Oct-2026.