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Clifford Chance

Clifford Chance

Briefings

CNMC communication on the economic and financial capacity requirements for companies carrying out activities of interest for the energy supply in Spain

14 December 2019

The Spanish National Regulatory Agency for Energy ("Comisión Nacional de los Mercados y la Competencia" or "CNMC") issued Communication 1/2019, of 23 October, on the definition of ratios to assess the level of indebtedness and the financial and economic capacity of the companies that carry out regulated activities, and to fix the recommended values for these ratios ("Communication 1/2019"). The purpose of Communication 1/2019 is to publish the methodology the CNMC is going to use to assess the solvency of some companies operating in the energy sector.

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