The CAE system, a future opportunity to transform energy efficiency in Spain

The Energy Saving Certificates (CAE) system is here to stay. In just two years since its launch, it has already proven to be one of the most effective tools for accelerating the decarbonization of the Spanish business sector, mobilizing private investment and turning energy savings into a strategic asset. But the most significant developments are yet to come. Official forecasts estimate that this system will reach more than €6.4 billion in mobilized investment in energy efficiency by 2027. Of that figure, more than €2 billion will correspond to obligations that can be covered through CAEs. In 2025 alone, the national savings target is 5,815 GWh, of which 85% could be covered through the CAE system. In 2026, the target will grow to 9,420 GWh, with coverage of up to 90%. We are talking about an expanding market with enormous economic, environmental and technological potential. This reality only reinforces the importance of having accredited and experienced agents who can truly drive the system forward. At Edison Next, we play a fundamental role as Delegated Subjects authorized by the Ministry for Ecological Transition and the Demographic Challenge to operate in this new market. Thanks to this distinction, we are equipped to manage CAEs comprehensively, supporting companies and public administrations in identifying projects, validating savings, certifying them before the administration and, ultimately, monetizing those certificates. Our multisectoral experience and technical capacity allow us to manage CAEs across multiple technologies: from improvements in air conditioning, lighting or digitalization, to individual actions in industry, building or public infrastructure. Furthermore, the CAE system offers a major strategic advantage over other incentive schemes. Unlike traditional subsidies, whose payments can be delayed by more than a year, CAEs allow the economic value of savings to be recovered within an average of three months. This represents a major step forward in the agility and timeframes in which clients obtain their return on investment. The evolution of the system also presents challenges and opportunities. At Edison Next, we consider it key to continue improving and expanding the scope of the model. For example, through the creation of aggregating platforms that allow small savings measures to be grouped together, thus facilitating access to this type of support for individuals and SMEs as well. It is also important to make an effort to integrate the public sector into this system, where the savings potential is enormous. For instance, more than 40% of outdoor lighting in Spain is still not LED. Another fundamental element that we should all work on together is communication. Today, awareness of how the system works and its benefits remains low — we see this on a daily basis with some of our clients. It is necessary to strengthen outreach efforts so that more stakeholders, especially non-experts, can benefit from this tool that transforms energy savings into an economic asset. Due to its flexibility, agility and adaptability, the CAE system is set to become one of the main levers for achieving the energy efficiency targets set by the EU for 2030. The forecast is that it will channel more than €12.5 billion into actions included in the Integrated National Energy and Climate Plan (PNIEC), particularly in sectors such as industry, services, transport and construction. With a long-term vision and a collaborative approach, Edison Next will continue to drive this transition through our role as a Delegated Subject, reinforcing our commitment to sustainability, the competitiveness of our clients and the economic growth of the country.