The electricity sector recorded a surplus of 772.4 million in 2021

The electricity sector recorded a surplus of 772.4 million euros in the 2021 financial year, a figure 57.7 million euros higher than the surplus of 714.7 million euros estimated in the scenario foreseen under the previous rules, as reported by the National Commission for Markets and Competition (CNMC).

The regulator indicated that this mismatch is explained because the reduction in costs (-979 million euros) with respect to those initially forecast for the year was higher than the reduction recorded in revenues (-512 million).

The lower costs with respect to those initially forecast for the year are mainly due to the lower specific remuneration for the mainland ( -337 million euros), the lower additional and specific remuneration for the non-mainland systems (-494.7 million euros), the lower distribution remuneration (-66.7 million euros) and the lower annual amount of the securitization fund for the electricity system deficit (-68.7 million euros).

For its part, the decrease in revenues compared to those initially forecast for the year was mainly due to the decrease in charges established in the third additional provision of the aforementioned Royal Decree-Law 17/2021 (-1,889.8 million euros) and lower revenues due to the application of Law 15/2012 (-509 million euros), motivated by the suspension of the production tax for the second half of 2021.

This was partially offset by higher revenues from auctions of greenhouse gas emission allowances (E1,252 million), as well as the surplus recorded in revenues from capacity payments (+E217 million) and by the incorporation of revenues earmarked for the compensation of lost revenues due to the flexibility measures included in Article 42 of Royal Decree-Law 11/2020 (E172 million).