The National Commission for Markets and Competition (CNMC) has published the Resolution of July 22, 2026 , which sets the criteria used to settle the costs arising from the restoration of the electricity system after the blackout of April 28, 2025. The resolution was published in the Official State Gazette (BOE) on August 3, 2026, and establishes how, when, and to whom these costs will be passed on.
In this article we review the key aspects of the resolution : the origin of the cost, its breakdown, the planned settlement schedule and the estimated impact on the electricity bill.
Origin of the cost: the replacement of the system
To restore power after the blackout, various generation facilities participated, primarily combined cycle, coal-fired, hydroelectric, and pumped storage plants. This was supplemented by support received through the electrical interconnection with France, which is also included in the total cost recognized by the CNMC (National Commission on Markets and Competition).
Breakdown of estimated costs
According to the estimates included in the resolution, the costs are as follows:
- Cost of the generation used for replacement: approximately 33,1 million euros.
- Costs associated with the support received through the interconnection with France: approximately 5,6 million euros.
- Estimated total cost: approximately 38,7 million euros.
- Amount already paid: about 9,1 million euros.
- Amount due: about 29,6 million euros.
How and when will the outstanding cost be settled?
The CNMC has established that these costs will be incorporated into the system operator's settlements and will be financed by demand: retailers (who will in turn pass them on to their customers) and direct consumers, in proportion to their consumption. The aim of this distribution is to avoid a large one-off impact by spreading the cost gradually.
The settlement will be carried out over a maximum period of 12 months. This period will begin, at the latest, on the first day of the month following the four-month period after the publication of the resolution in the Official State Gazette (BOE). Since this resolution was published on August 3, 2026, the settlement would begin, at the latest, in January 2027.
However, Red Eléctrica must publish, at least two months in advance, the final schedule and the monthly replacement cost, so more details about the exact distribution over time will be known in the coming weeks.
Estimated impact on the bill
The CNMC itself initially estimates that the outstanding cost to be settled will amount to approximately €0,12/MWh , an amount that will be allocated to the entire demand through the settlements of the system operator (Red Eléctrica).
This is an initial estimate that may be adjusted as the liquidation process progresses and the final schedule is published.
Where can I find the full resolution?
The full resolution of the CNMC is available at this link , published in the Official State Gazette on August 3, 2026.
At Exclusivas Energéticas, we will closely monitor the implementation of this resolution and the settlement schedule published by Red Eléctrica, and we will keep our clients informed of any developments that may affect their electricity bills. If you have any questions about how this new cost may affect your company, please do not hesitate to contact us.