Spanish energy companies are poised for an unexpected financial blow in 2026, with significant shortfalls emerging in the National Energy Efficiency Fund, which is primarily financed by major companies like Repsol, Moeve, and Endesa. This fund was established by the government to meet European savings targets, but the current liquidation process has revealed a growing deficit, expected to rise dramatically since 2023. This gap is primarily attributed to increased payments owed to hydrocarbons operators, who have become more influential following the crisis in Ukraine.

The government had not anticipated that a larger portion of this fund would have to be allocated to these hydrocarbon operators, particularly as they have gained more prominence and financial clout in the market. The ongoing situation is exacerbated by recent rulings that have disqualified some operators due to fraud concerns, further complicating the financial landscape. This has placed additional pressure on Spain's energy policy and its ability to comply with European Union mandates, creating a challenging environment for both energy companies and government regulators.

In light of this growing issue, major energy companies like Iberdrola and Endesa are voicing their frustrations, particularly concerning accountability for power outages attributed to programming errors. The implications for Spain's energy strategy are vast, with the necessary transition to greener technologies and the development of the proposed 10 billion euro macro green project, which has been stalled for four years, now in jeopardy. How the government manages this situation could have significant repercussions on Spain's energy future and its relationship with the EU.