APPROVAL OF ERSE DIRECTIVE NO. 12/2025 | DISTRIBUTION OF FINANCING COSTS FOR THE 2026 SOCIAL ELECTRICITY TARIFF

On 23 December, ERSE approved Directive ERSE No. 12/2025 [ERSE numbering], which defines the distribution of financing costs for the Social Electricity Tariff in 2026, as well as adjustments for 2024 and 2025.

It should be noted that the approval of this Directive was preceded by a Public Consultation, pursuant to Notice No. 27672/2025/2.

The financing model for the Social Electricity Tariff is established in Articles 199 to 199-E of Decree-Law No. 15/2022, of 14 January. According to Article 199(1) of the same statute, the costs of the social tariff and its financing are borne by (i) power plants, (ii) electricity suppliers, and (iii) other market agents when acting as electricity consumers. 

Directive ERSE No. 12/2025 implements this legal framework, highlighting, in Table V of Annex I, the transfers to be made by electricity producers in 2026 and in Table VIII the respective calculation of the amounts. In parallel, Tables VI, and VII of the same Annex set out the calculation of the financing adjustments to the social tariff, per power plant, for the years 2024, and 2025 (provisional), respectively.

In turn, Table X identifies, on a provisional basis, the suppliers to which the unit value of social tariff financing applies.

For 2026, the costs associated with the social tariff are expected to amount to EUR 137 million, with a financing ratio between producers and suppliers of around 35% and 65%, respectively.

Pursuant to Article 199-E of Decree-Law No. 15/2022, of 14 January, the costs associated with the social tariff are owed to the concessionaire of the National Transmission Network – REN – in its capacity as Global System Operator of the National Electricity System, which is responsible for their collection.

This Directive enters into force on 1 January 2026.

For further information, the full text of Directive ERSE No. 12/2025, may be consulted here (only available in Portuguese).