Repsol’s announcement this week that it will eliminate emissions from its business by 2050. The first WindFloat Atlantic unit featuring the world’s largest offshore wind turbine on a floating platform has departed for its final destination. In line with its commitment to sustainability, Repsol aims to achieve net zero emissions by 2050. It throws down the gauntlet to competitors as large oil companies face mounting investor pressure to clean up their act. The facility, located at the Repsol service station in Ugaldebieta (Biscay), on the A-8 motorway, is the first in Europe to enable vehicle charging. The Chairman of Repsol warns in Brussels of the risk of relocation of European industrial production.
European majors Royal Dutch Shell Plc and Total SA have already set emission targets in response to the Paris Agreement. Repsol has formed a Joint Venture with United Global Limited after buying a 40% stake in its Singapore-based lubricants manufacturer. This project marks the first floating wind farm in continental Europe and a key milestone for the renewable energy sector. That puts the onus on its rivals to show shareholders they can keep pace with the energy transition without sacrificing generous returns. Repsol has agreed the development of two wind projects in the Spanish regions of Aragon and Castilla y Leon. Repsol Chairman Antonio Brufau, at the Annual General Shareholders’ Meeting held today in Madrid.
Alex Bibani, a fund manager says “Repsol’s actions should cause other large oil and gas companies to ask themselves whether they may also be using excessively optimistic assumptions”.
Repsol put itself ahead of the pack. The facility, located at the Repsol service station in Lopidana, recharges compatible electric vehicles in five to ten minutes. It is tempting to think that is the direction of travel. No one can ignore climate change. The project will speed up the commercial deployment of innovative WindFloat® technology that harnesses the wealth of wind resources in transitional. At the same time, it is setting a decarbonization path with intermediate targets for 2020 to 2040. Repsol Chairman Antonio Brufau highlighted the role of industry in economic growth in Europe. It will expand Repsol’s presence in Asia Pacific and especially Indonesia, the region’s largest lubricants markets.
The Spanish oil producer plans to erase all greenhouse-gas emissions from its own operations and its customers by mid-century. The installation of the first Windfloat Atlantic turbine on its floating platform will begin from next week. These projects represent a significant step in Repsol’s strategic objective of strengthening its positioning as a low-emissions energy operator. The company also revised its long-term view of the value of oil and gas assets in a decarbonizing world. The company has achieved 90% of its target capacity for low-emissions generation of 4,500 MW by 2025. Repsol’s commitment to fighting climate change, argued in favour of the role of industry in creating and maintaining developed economies.
It’s resulting in a 4.8 billion-euro ($5.3 billion) accounting charge. WindFloat Atlantic project marks an important milestone for the industry as this is the first semi-submersible floating wind farm. The Joint Venture will manufacture and supply Repsol’s brand of products in Singapore, Indonesia, Malaysia and Vietnam. The fabrication and load out of this first WindFloat was successfully completed last week in Fene. Repsol consolidates its position as a major player in the generation of low-emissions electricity on the Iberian Peninsula. Shareholders need to know fossil fuel companies are looking forward, not back. Undermines global research for improvements and reduces the possibility of a better world in the medium and long term.
The new ultra-fast charging system, with a maximum power output of 700 kW that can be distributed among different supply points. This ambition entails directing all of its activities and investments to meeting new. Repsol also approved new investments in solar and wind projects with a combined capacity of 1,600 megawatts. The Joint Venture will upgrade the manufacturing plant in Indonesia and combine Repsol’s strong brand. The assembly will take place over the coming weeks in preparation for the offshore operations. It’s among a number of European oil companies investing in cleaner energy. The project belongs to the Windplus consortium, which is jointly owned by EDP Renovaveis.
Repsol will develop three renewable energy projects—two wind farms and a solar power plant with a combined installed capacity. The Chief Executive Officer reiterated that in the June of last year, having met the objectives of its Strategic Plan two years ahead of schedule. Repsol plans to install this technology at four other service stations belonging to its network in 2019. It can be placed in very deep waters, WindFloat can unlock energy resources in vast areas of the sea. The three turbines that comprise the wind farm will be mounted on floating platforms anchored to the seabed. These acquisitions represent a significant step in Repsol’s strategic objective of strengthening its positioning as a low-emissions energy operator.
Yet the larger players may struggle to match Repsol’s ambitions, according to SocGen’s Himona. In this context, the company assumes a new oil and gas price scenario consistent with the Paris Agreement’s climate goals. The expansion of this business is part of Repsol’s Strategic Plan 2018–2020 goals to grow and internationalize the downstream unit. The development adds two wind projects—one located in Zaragoza and the other between Palencia and Valladolid. Repsol updated its strategy to 2020, building on four cornerstones. Shell is about 10 times bigger from its balance-sheet scale to the number of petrol stations. It will collectively deliver an installed capacity of 25 MW. The combined output from the 794 MW capcity is enough to supply the annual needs of about 650,000 homes.
Windplus is a consortium made up of EDP RENEWABLES, ENGIE, REPSOL, and PRINCIPLE POWER. It is the second ultra-fast charging point to be opened on the Iberian Peninsula, both at Repsol stations. Repsol’s Lubricants unit aims to double its sales volume to 300,000 metric tons, with 70% from outside Spain. Repsol has consolidated its position as a major player in the generation of low-emissions electricity on the Iberian Peninsula. It is to say that they will all write off their assets and move into renewables. Repsol now has manufacturing and distribution hubs in Spain, Mexico and Indonesia. The projects will be managed by the Repsol Electricidad y Gas unit. Repsol took a significant step forward in its commitment to being a key player in the energy transition.
Citigroup Inc also sounded a note of caution, saying Repsol’s writedown may reflect current oil-market weakness amid U.S. output growth. The adjustment to the value of some assets implies a post-tax impairment charge of 4.8 billion euros. Repsol signed the purchase agreement for a 40% stake in the Singapore-based lubricants manufacturer United Oil Company. The new renewable projects already have land secured as well as a guaranteed connection to the electricity transport network. Repsol will have secured more than 70% of its strategic objective regarding its low-emission generating capacity. It also emphasised the changes undergone by the company’s traditional businesses. WindFloat Atlantic uses cutting-edge technology from Principle Power.
Citigroup analysts says “The impairment is really more a reflection of changes in the short-term view”.
Previous oil and gas-price assumptions now look highly unlikely in a world. Brufau warned that industry in Europe has begun losing ground. The wind farm will be located 20 kilometers off the coast of Viana do Castelo, where the water depth reaches 100 meters. The energy they generate will supply the company’s existing client portfolio. Yet there’s little doubt that Repsol’s move raises the stakes in an industry confronting an end to burgeoning oil-demand growth in coming decades. Repsol’s shareholders approved a shareholder remuneration equivalent to 0.525 euros gross per share. The opening ceremony for the facility is one of the first of its kind in southern Europe. The Repsol chairman also warned of the risk of relocation of European industrial production.
Many companies are speeding up efforts to diversify and retreating from the kind of multibillion-dollar mega-projects. The most effective leadership in Europe will require the use of our resources, intelligence. Repsol has a specialized renewable energy team with extensive experience. With Repsol raising the bar for businesses to adapt, its competitors should be emboldened to act. The project has secured support from both public and private entities, attracting investments from market-leading companies. Repsol is now the first oil major to be part of the solution to the climate crisis, and truly leading in its sector. Repsol Electricidad y Gas is working with a long-term vision of investing and creating new opportunities.
The agreement will allow Repsol to increase its presence in Southeast Asia. Repsol also acquired the 264-MW Valdesolar photovoltaic project in the municipality of Valdecaballeros Badajoz. The Repsol shareholders also approved a capital reduction through the cancellation of own shares equivalent to those issued during the year. Repsol’s strategic plan through 2020 includes investments in low-emissions businesses totaling 2.5 billion euros. The Upstream unit will prioritize the generation of value and cash over volume. Brufau proposed dedicating 20% of gasoline and diesel consumption taxes in Europe. The opening was attended by the Chief Executive Officer of Repsol. The shareholders and customers will reward CEO Josu Jon Imaz for his bold and brave decision, and other oil majors will follow.