The Spanish competition authority, CNMC, has released a report indicating that the debt of the Spanish electricity system stood at €3.552 billion as of December 31, 2025. This figure represents a significant reduction of 38% compared to the previous year's debt of €5.727 billion.

The current debt is categorized into two main types of receivables: the Fund for the Securitization of the Electricity System Deficit (FADE), which accounts for 77.5% of the total outstanding amount, and the 2013 Deficit, which makes up the remaining 22.5%.

For the year 2026, the estimated receivables amount to €1.883 billion, which is 21% lower than the amount settled in 2025. This estimate includes adjustments related to the amortization of FADE bonds. The average cost of the electricity system's debt for the first quarter of 2026 is projected to be 4.917%, which is an increase of 142 basis points compared to the average cost at the beginning of 2025.

The report also provides projections for the assets and liabilities of the FADE until the end of its term, along with future annual debt forecasts until its completion in 2028.