The Spanish Competition Authority (CNMC) has released the final settlement for the electricity sector for the year 2022, revealing a surplus of €6.19 billion. This figure surpasses the initially projected surplus by €5.93 billion, indicating a positive financial outcome for the sector.

The surplus can be attributed to higher-than-expected external revenues from tolls, which contributed an additional €3.33 billion, alongside lower regulated costs that were €2.23 billion less than anticipated. Additionally, the surplus from the previous year's settlement added €772.4 million, along with €555 million from prior year deviations.

Lower costs compared to initial forecasts were primarily due to a significant reduction in specific remuneration for the peninsula, which decreased by €2.59 billion, and a slight reduction in distribution remuneration. However, this was partially offset by increased additional remuneration for non-peninsular systems and higher transportation remuneration.

On the revenue side, the increase was mainly driven by funds from the State General Budgets, aimed at compensating for revenue losses due to measures implemented to mitigate the impact of high market prices on consumers. This was somewhat counterbalanced by lower revenues from billing charges, which fell by €1.31 billion due to a reduction in charges established by a recent royal decree.

As per Article 14.1 of Royal Decree-Law 20/2020, €4.5 billion has been transferred to the settlements for the year 2023, leaving €1.69 billion pending incorporation into the provisional settlements for 2023, in accordance with Article 186 of Royal Decree-Law 5/2023.