Elia: Belgian regulator sets electricity transmission tariff methodology for 2028-2031 in line with draft proposals

研报英文原文证据摘录

Elia: Belgian regulator sets electricity transmission tariff methodology for 2028-2031 in line with draft proposals

1 July 2026

Bartlomiej Kubicki

+49 69 717 4418

European Utilities & Clean Energy bartlomiej.kubicki@bernsteinsg.com

Elia Group Thibault Dujardin, CFA

+33 1 58 98 59 16

Rating thibault.dujardin@bernsteinsg.com

Outperform Specialist Sales

Price Target Gareth Williams

+44 20 7762 5256

ELI.BB 145.00 EUR gareth.b.williams@bernsteinsg.com

Elia: Belgian regulator sets electricity transmission tariff

methodology for 2028–2031 in line with draft proposals

Belgian regulator CREG announced on 30 June that it has set the methodologies for

Close Date 30 Jun 2026

determining electricity transmission tariffs for the 2028–2031 period (link, link in French).

ELI.BB Close Price (EUR) 139.80

Based on our analysis, and following discussions with the company, all key parameters of the

Price Target (EUR) 145.00

Final Methodology appear in line with the Draft Methodology published on17 April 2026 (link).

Upside/(Downside) 4%

Next steps: Based on the tariff methodology, Elia will submit a tariff proposal by early May

52-Week Range 143.10/92.35

2027, following a public consultation. The CREG expects these tariffs to be finalised by early

EDME 1,596.71

November 2027. We reiterate below the conclusions of our note Elia: New consultation paper

FYE Dec

suggests higher incentives in the upcoming regulatory period.

Div Yield 1.5%

Key Parameters of the Final Methodology: The methodology no longer distinguishes Market Cap (EUR) (M) 15,248

between existing and new RAB. The risk-free rate is subject to a lower floor of 1.0%, EV (EUR) (M) 30,189

compared with 1.68% under the current framework, while the beta, equity risk premium and Performance YTD 1M 6M 12M

gearing remain unchanged.