Key data
| Regulation | Resolution of June 8, 2026, from the CNMC Board — summons in administrative contentious proceedings 4/404/2026 |
|---|---|
| Publication | June 18, 2026 |
| Entry into force | June 18, 2026 |
| Deadline to appear | 9 days from publication (18/06/2026) |
| Challenged agreement | CNMC Agreement of January 22, 2026 — average annual price daily and intraday market 2025 |
| Judicial body | National Court |
| Category | Energy |
| Year | 2025 |
The average annual price of the daily and intraday electricity market for 2025 is being challenged in court. Enerstar Villena SA and Guzmán Energía SL have filed administrative contentious proceedings 4/404/2026 before the National Court against the Agreement of the National Commission for Markets and Competition (CNMC) of January 22, 2026, which published the entry and the average annual reference price for that year.
This price is not a minor statistical figure: it is the reference used in settlements and remuneration within the electricity sector. If the National Court upholds the challenge, the validity of that reference price would be compromised, with direct consequences on the economic calculations already made or pending for 2025.
What does this regulation establish?
The Resolution of June 8, 2026 from the CNMC Board fulfills a specific procedural function: to publicly notify, in accordance with Article 49 of the Administrative Contentious Jurisdiction Act, that a judicial challenge is in progress and to summon interested parties to appear as defendants if they wish.
The administrative act being challenged is the CNMC Agreement of January 22, 2026, by which the entry and average annual price of the daily and intraday market for the year 2025 were published. This price serves as a reference for:
- Settlements in the wholesale electricity market.
- Regulated remuneration in the energy sector that takes the average annual price as a basis.
- Economic and contractual calculations linked to the year 2025.
The challenging companies are Enerstar Villena SA and Guzmán Energía SL. The challenge bears the case number 4/404/2026 and is being processed before the National Court.
Economic and operational impact
The economic risk of this litigation is asymmetric: it affects all companies whose settlements or remuneration for 2025 have been calculated using the average price published by the CNMC on January 22, 2026 as a reference.
If the National Court were to uphold the challenge and annul the CNMC Agreement:
- The reference price for 2025 could lose legal effect, requiring recalculation of already closed settlements.
- Regulated remuneration linked to that price could be revised, generating retroactive economic adjustments.
- Companies that have not appeared in the proceedings will not be able to defend their position or influence the outcome of the litigation.
Conversely, companies that do appear as defendants will be able to submit arguments, provide evidence, and defend the validity of the reference price if it serves their economic interests.
Who does it affect?
- Electricity retailers with settlements referenced to the average annual price of the daily and intraday market 2025.
- Electricity producers and generators whose regulated remuneration is based on the average price published by the CNMC.
- Distributors and system operators with economic calculations linked to the year 2025.
- Companies with bilateral contracts referenced to the average annual price of the Spanish wholesale electricity market 2025.
- Legal advisors and legal departments of energy companies managing the monitoring of litigation before the National Court with regulatory impact.
- CFOs and financial directors of energy companies that have closed or are closing accounts for the year 2025 with that price as a reference.
Practical example
A medium-sized electricity retailer has closed its settlements for the year 2025 using the average annual price published by the CNMC on January 22, 2026 as a reference. Its legal department detects the publication of this Resolution on June 18, 2026.
If the company believes that the annulment of the reference price would harm it—because its settlements are already closed on that basis and a retroactive review would generate losses—it has 9 days from June 18, 2026 to appear as a defendant in proceedings 4/404/2026 before the National Court, in accordance with Article 49 of the Administrative Contentious Jurisdiction Act.
If it does not act within that deadline, it loses the opportunity to defend its position in the judicial proceedings and must accept the outcome of the litigation without having been able to influence it.
What should companies do now?
- Evaluate exposure to the 2025 average price: Review whether settlements, remuneration, or contracts for the year 2025 are referenced to the average annual price of the daily and intraday market published by the CNMC on January 22, 2026.
- Decide whether to appear before the deadline: The deadline is 9 days from June 18, 2026. If the company has a legitimate interest in the outcome of the litigation—in favor of or against the validity of the price—it must consult with its legal advisors immediately.
- Contact specialized legal advice in energy regulation: Appearing in administrative contentious proceedings before the National Court requires procedural representation. This is not a procedure that can be managed internally without specialized legal support.
- Document the potential economic impact: Quantify what an eventual annulment of the 2025 reference price would mean for the company, in order to be able to argue legitimate interest in the proceedings.
- Monitor the procedure: Even if it does not appear, the company must monitor the progress of proceedings 4/404/2026 before the National Court, as the outcome will directly affect it if its settlements are referenced to that price.
Frequently asked questions
What is the average annual price of the electricity market and what is it used for?
It is the average price of the daily and intraday market published annually by the CNMC. It serves as a reference for settlements in the wholesale electricity market and for the calculation of regulated remuneration in the energy sector. The one corresponding to the year 2025 was published by CNMC Agreement of January 22, 2026 and it is precisely that agreement that is being challenged before the National Court.
How much time does my company have to appear in proceedings 4/404/2026?
The deadline is 9 days from the publication of the Resolution, which took place on June 18, 2026. This deadline is established in Article 49 of the Administrative Contentious Jurisdiction Act. After that deadline, the company loses the opportunity to participate as a defendant in the proceedings.
What happens if the National Court upholds the challenge and annuls the 2025 average price?
If the challenge succeeds, the CNMC Agreement of January 22, 2026 could lose legal effect. This would mean that the reference price used in settlements and remuneration in the electricity sector for 2025 would lose validity, which could require recalculation of those settlements with retroactive economic consequences for the affected companies.
Who are the companies that have filed the challenge?
The challenging companies are Enerstar Villena SA and Guzmán Energía SL. They have filed the administrative contentious proceedings with case number 4/404/2026 before the National Court against the CNMC Agreement of January 22, 2026.
What happens if my company does not appear and the challenge affects it?
If it does not appear within the 9-day deadline, the company will not be able to submit arguments or influence the outcome of the litigation. It must accept the judicial resolution—whether favorable or unfavorable to the validity of the 2025 average price—without having been able to defend its position. If the challenge succeeds and its settlements are referenced to that price, it will suffer the consequences without having had a voice in the proceedings.
Official source
Consult complete regulation in official source
Notice: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-13286