43XA Nat Cap 21

TIDM43XA

RNS Number : 3331T

Naturgy Capital Markets S.A.

13 November 2019

For immediate release 13 November 2019

Naturgy Finance B.V.

(Formerly Gas Natural Fenosa Finance B.V.)

and

Naturgy Capital Markets, S.A.

(Formerly Gas Natural Capital Markets, S.A.)

as issuers under the

EURO 15,000,000,000 Guaranteed Euro Medium Term Note Programme

guaranteed by Naturgy Energy Group, S.A.

(Formerly Gas Natural SDG, S.A.)

On 5 July 2019, the National Commission on Markets and Competition (Comisión Nacional de la Competencia) (the "CNMC") published first drafts of the regulations that will establish the remuneration methodology for the transportation and distribution regulated activities of electricity and gas, including its estimation of the economic impact of such regulations during the six-year regulatory period. The new regulation will establish the remuneration framework from 2020 to 2025 for electricity and 2021 to 2026 for gas.

On 31 October 2019, the CNMC published new drafts of the regulations regarding electricity transportation and distribution. On 6 November 2019, a new draft of the regulation for gas transportation remuneration was also approved and published thereafter.

The revised drafts of the regulations were published after the statements made during the consultation period had been reviewed by the CNMC. The variation of the new impact estimation in the revised draft of the gas transport regulation has been relevant. All three draft regulations may still evolve until these are finally approved, which is expected to take place during the first half of December 2019.

On 5 July 2019, the CNMC published an estimation of the impact of the gas distribution remuneration methodology which was material. The revised version of the draft regulation for the gas distribution remuneration methodology is still in the review period and the new draft has not been published as of the date of this Supplement. Once the CNMC publishes the new version of the draft regulation, it is expected to update its estimation as it has done with the three draft regulations mentioned above.

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