Repsol, a major energy company, has decided to stop its investment in renewable hydrogen projects in Spain. These projects were planned to have a total capacity of 350 megawatts using the latest electrolyser technology.
The main reason for halting these investments is due to regulatory challenges in Spain. The local government has proposed making a temporary tax on energy revenues permanent. This tax policy has created an unfavorable environment for Repsol to proceed with its hydrogen projects.
Repsol’s decision highlights the difficulties energy companies face in meeting clean energy goals like Net Zero given challenging regulations.
The company had planned to significantly contribute to the renewable energy industry through its hydrogen projects, underlining the importance of supportive policies to achieve sustainability targets.
