Energie: Bundesnetzagentur schlägt neue Verzinsung für Gasnetze vor

The Federal Network Agency in Düsseldorf is proposing a revised method for calculating interest on investments in Germany's gas networks. The agency has submitted a draft outlining that future capital bound within the networks will be interest-bearing at a standard rate of 3.76 percent. This represents an increase from the previous rate of 3.07 percent.

Agency chief Klaus Müller stated that the objective is to establish an appropriate interest rate to ensure gas network investments remain financially viable and attractive to investors. At the same time, the agency aims to protect consumers from excessively high charges. The basis for this rate is the Weighted Average Cost of Capital (WACC), which determines the permissible interest rate for the funds required for operations. Interest rates like these are included in the network charges consumers pay on their gas bills.

The new regulation is set to take effect from 2028, presuming financing through 40 percent equity and 60 percent debt. The draft proposal outlines an interest rate of 5.76 percent for equity capital, after taxes, and 2.43 percent for debt capital, before taxes. The regulator justified the methodological adjustments, among other factors, with the change in interest rates since 2022.

The new equity rate of 5.76 percent is only partially comparable to the previous rate of 5.07 percent, according to the Bonn officials. This is due to a legally mandated gradual reduction in corporate tax from 2028.

The new rates will apply to gas distributors and transmission system operators, estimated to be around 800 companies in Germany. They do not cover hydrogen or electricity networks. The regulator plans to determine the capital interest rates for these sectors in 2027. The draft proposal will be open to discussion until mid-September, with the final decision expected by the end of 2026.