Initial Thoughts on Final Spanish Gas Networks Remuneration

Research evidence excerpt

Initial Thoughts on Final Spanish Gas Networks Remuneration

Update

June 26, 2026 12:01 PM GMT

Morgan Stanley Europe S.E., Paris Branch+MUtilities | Europe Arthur Sitbon, CFA

Equity Analyst

Initial Thoughts on Final Spanish Arthur.Sitbon@morganstanley.comMorgan Stanley & Co. International plc+ +33 1 42 90 71-03

Marina Fuentes Juan

Research AssociateGas Networks Remuneration Marina.Fuentes.Juan@morganstanley.com +44 20 7425-2268

Robert Pulleyn

Key Takeaways EquityRobert.Pulleyn@morganstanley.comAnalyst and Commodity Strategist +44 20 7425-4388

The Spanish regulator CNMC published the final methodology for the next Sarah E Lester, CFA

regulatory cycle (2027-32) in Spanish gas transport, regas & distribution. EquitySarah.Lester@morganstanley.comAnalyst +44 20 7425-0551

We expect Naturgy shares to continue to react modestly positively to the CNMC

Utilities

proposal. We think this could lead to a 1% consensus EPS uplift. Europe

Industry View Attractive

We expect Enagas shares to continue to react modestly negatively as the final

proposal may imply slightly lower allowed revenues, leading to minor EPS

downgrade

The CNMC published the final draft related to the gas networks remuneration

for the new regulatory period (2027-32). The drafts provide regulated revenues

trajectory for regasification, transport and distribution activities. The first two

activities are relevant for Enagás (97% of 2027 EBITDA) and the latter for Naturgy

(15% of 2027 EBITDA). Both drafts will be sent for the State Council for its opinion,

the last mandatory step before approval by October 2026. We note the Ministry of

Ecological Transition has also published the new remuneration with respect to gas

storage, which is relevant for Enagás.

Naturgy's remuneration slight improvement.