Repsol Halts Green Hydrogen Projects in Spain Amid Policy Changes [Yahoo! Finance]
REPSOL SA SP/ADR (REPYY)
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Source: Yahoo! Finance
MW, due to an unfavorable regulatory framework that might impose a permanent windfall tax on energy companies. The three hydrogen projects put on hold include a 100 MW project in Cartagena valued at $217 million, a 150 MW project in Tarragona and a 100 MW project in the Basque country. The company has now decided to proceed with an electrolyzer project in Sines, Portugal. Spain aims to produce 12 GW of renewable hydrogen by 2030, and Repsol's projects were tied to 90% of this target, which was close to the final investment decision; therefore, the company's decision to halt the projects comes as a setback to Spain's ambitious target. Although Repsol has paused its Spanish projects, it has decided to continue with its projects in other countries like Portugal, which reflects its commitment toward renewable energy development. Repsol's decision proves that although green hydrogen is crucial in decarbonizing Europe's economy, it is not feasible without subsidies from regulatory b
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