Ei R2026-05 Utfallet av Regleringen av Elnätsavgifter (2026)

Ei R2026:05 “Utfallet av regleringen av elnätsavgifter” — a government-commissioned report on the outcome of Sweden’s current network-tariff regulation, presenting economic and technical data on the DSOs. Commissioned 29 January 2026, delivered 16 June 2026. Its stated purpose is to give the government a better basis to ensure Swedish electricity customers are not charged oskäliga (unreasonable) network tariffs — making it the empirical/financial backbone for the förhandsprövning push (Source - Ei R2026-04 Förhandsprövning Avgifter (2026)) and the TOTEX/RP5 reform (Source - Ei Inriktning intäktsramar 2028-2031 (2025)). Not a flexibility report; flexibility appears only incidentally (as one way to meet capacity needs without raising installed transformer capacity).

Source metadata

The six commissioned questions

1. How DSOs finance investments (internal vs external; loan interest rates).
2. Investment volumes from 2012 onward, split into re- and new-investment (reported vs actual).
3. Quantity of new lines/plant and capacity growth since 2012; new customers connected.
4. Value transfers — koncernbidrag, internal-loan costs, dividends vs net turnover; EBIT/EBITA vs the return assumed in final intäktsram decisions and vs listed companies.
5. How depreciation (tax vs accounting), deferred tax, internal loans, and koncernbidrag affect revenues/results and the interaction of regulation, accounting, and tax rules (input from Skatteverket + Bokföringsnämnden).
6. Network-tariff cost development for households and firms since 2005 vs neighbouring countries.

Ei will additionally publish updated figures annually on its website, including named lists of DSOs with notably high internal-loan costs, profits, or dividends.

Key findings

Tariffs have risen well above CPI

• Household network fees +115% (2005→2026); larger fuse customers (mostly firms) +85% — vs CPI +49% (to 2025).
• Effektkunder (high-consumption firms) also show a long-term rise.
• Vs neighbours (Eurostat from 2017): household fees grew ~as in Denmark, somewhat more than Finland, less than recent Norwegian rises; non-household fees rose considerably more in Sweden than in DK/FI/NO.

DSO finances are strong

• Internal financing of investments averaged 61–64%/yr (2020–2024). Of the big three, Ellevio had the lowest internal share (~40%) but the highest loan rates (internal 4.7–4.9%, external 3–3.8%); its internal-loan costs were 15.9% of net turnover over the period. External-loan rate median across DSOs 0.9–2.8%; internal-loan rate 0–0.5%.
• Soliditet 46–51% (median), profit margin 16–23%, return on equity 9–13%, return on total capital 5–7% (2020–2024) — all above the more market-risk-exposed elhandel/elproduktion sectors. Ei frames this as evidence that its intäktsram review is “välbehövlig” (needed).

Koncernbidrag is widespread

• ~80 DSOs/yr were net givers of koncernbidrag (2020–2024); net total 2.5–5.9 bn kr/yr, ~20 bn kr cumulative; averaging ~10% of net turnover for participating companies. Named “top-10” lists are provided for dividends, internal-loan costs, and profit margins.

Investments vary by grid level

• Re/new split ~60/40 for DSOs (2016–2023); ~15/85 for Svk (mostly new-investment).
• Lokalnät: 61.5 bn kr (2020–2023, +30% vs 2016–2019); prognosis 2024–2027 ~58.6 bn kr (−5%).
• Regionnät: 17.8 bn kr (2020–2023, +20%); prognosis 2024–2027 29.9 bn kr (+70%).
• Transmission: 8 → 13.2 bn kr (2016–2019 → 2020–2023, +65%); prognosis 2024–2027 ~24.5 bn kr (+85%) — consistent with Svk’s own figures.
• Network growth: lokalnät line length +49,800 km (2012–2024, ~0.8%/yr); regionnät +2,500 km; Svk +960 km (2015–2023). Customer subscriptions 5.4M (2012) → 6.25M (2024). Installed lokalnät transformer capacity +8,200 MVA (+1.3%/yr); regionnät subscribed power +14,200 MW; transmission +9,500 MW.

Reform conclusion

Ei states the new intäktsramsmetod — changed asset valuation, a long-term risk-adjusted kalkylränta, more appropriate handling of customer-funded connection fees, and a TOTEX efficiency model — will ensure reasonable tariffs while enabling necessary investment.

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