Stek has successfully represented the Dutch heat companies, through their industry association Vereniging Energie-Nederland (VEN), in an appeal procedure before the Administrative High Court for Trade and Industry (CBb) against the decisicion of the Authority for Consumers and Markets (ACM) on the allowed return for the heat suppliers 2023-2025.

On 14 April 2026 CBb rendered its judgement on the appeal of VEN in this landmark procedure. Further to a joint experts report and a CBb hearing on 12 November 2024 ACM had already taken a corrected decision and a corrected policy rule on 15 May 2025, in which ACM has taken into account in the WACC (weighted average cost of capital) the asymmetric regulatory risk underlined by VEN. Further to a CBb hearing on 17 December 2025 the policy rule was again amended in consultation between ACM and VEN.

The judgement of 14 April 2026 is the concluding part in this procedure. CBb had still to consider two issues in dispute, being the treatment of innovative investments and the cost of equity. On innovative investments CBb could not render a judgement in this procedure because the rules are contained in the policy note and not in the decision; the policy note can be assessed in a specific case on alleged excess returns. On the cost of equity CBb ruled with the joint experts and VEN that a premium of 1% on the cost of equity in the WACC is necessary. CBb has quashed the decision and has ordered ACM to take a new decision within four months, i.e. no later than 13 August 2026, in which ACM applies a premium of 1% on the cost of equity. Separate from this procedue, ACM must amend the decision for the years 2026-2028.

Jan Erik Janssen: “A lot needs to be done for the new market market regulation under the Collective Heat Act and for the affordability of the heat transition, but the outcome of this procedure provides clarity on various elements of the tariff regulation and is therefore a welcome step towards the new market regime. For Stek the pleasant co-operation with VEN (Frans de Heij) and its members was also very welcome.”

Click here for the press release of CBb with the judgement of 14 April 2026 and here for the press release of VEN (in Dutch).