News & insights

Spain’s competition and markets authority (CNMC) has recommended a reduction in Aena’s airport charges for the upcoming 2027-31 regulatory period, marking an important development in the DORA III process.

CEPA supported the International Air Transport Association (IATA) and the Asociación de Líneas Aéreas (ALA) on cost of capital issues during the consultation, providing independent expert advice on the appropriate Weighted Average Cost of Capital (WACC) for Aena's regulated airport activities. CEPA's advice formed part of IATA and ALA's response to the DORA III consultation and was presented to Aena, the CNMC, airlines, and other stakeholders.

CEPA’s study assessed each component of the cost of capital, including the risk-free rate, equity risk premium, beta, gearing and cost of debt. On this basis, CEPA estimated a 6.35% pre-tax nominal WACC for Aena’s regulated airport activities, significantly lower than the 9.0% proposed by Aena.

The CNMC’s report recommends a 0.59% annual reduction in airport charges, in contrast to the 3.82% annual increase requested by Aena. An important factor in this recommendation was the CNMC’s lower proposed WACC of 7.44%, which sits closer to the position supported by CEPA’s analysis than to Aena’s.

The CNMC’s assessment is a significant step in the DORA III process and supports the case advanced by airlines for evidence-based airport charges. The CNMC's recommendation, published on 2 June 2026, will now feed into the next stages of the process, which will determine the charging framework for Aena’s Spanish airport network over 2027–31.