Repsol Halts Green Hydrogen Projects Due to Spanish Windfall Tax

Repsol has decided to halt all its renewable hydrogen projects in Spain after the government said it’s considering making a controversial windfall tax on energy companies permanent.

The Madrid-based oil producer will hold back on plans to build so-called electrolyzers with a total capacity of 350 megawatts, a spokesperson for the company told Bloomberg News. The projects were nearing investment decisions, the representative said.

The move comes after Spanish Economy Minister Carlos Cuerpo said the cabinet is considering indefinitely extending a levy on the domestic revenue of energy companies. The tax, approved in 2022 to fund measures to curb ...