November 14, 2019 / 8:07 AM / a month ago

Spanish watchdog softens planned cut to gas distribution returns - Cinco Dias

MADRID, Nov 14 (Reuters) - Spain’s CNMC competition watchdog has agreed to lower to 10% the cuts it will impose on natural gas distributors’ fixed rates of return in the 2021-2026 regulatory period, Spanish paper Cinco Dias said on Thursday.

The CNMC initially proposed cuts of 18% in July.

The change will principally affect Spanish gas firms Naturgy , the country’s main supplier, Madrileña Red del Gas, Nortegas and Redexis.

The CNMC’s administrative council aims to approve the new rates of return by the end of 2019.

The regulator’s initial proposals prompted a steep sell-off in power stocks when announced in July. (Reporting by Clara-Laeila Laudette; Editing by Mark Potter)

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