Repsol acquires Capital Energy's portfolio of residential and SME electricity customers
Repsol has acquired Capital Energy's portfolio of 25,000 residential and SME electricity customers. With this transaction, Repsol reinforces its growth in this business and now has 1.35 million electricity and gas customers.
"With this purchase, we take advantage of a market opportunity to advance in the fulfillment of our Strategic Plan 2021-2025 and reinforce our commitment to a multi-energy approach focused on the customer, with an offer for all households and businesses," said Repsol's General Manager of Customer and Low Carbon Generation, María Victoria Zingoni.
For Capital Energy, a Spanish energy company founded two decades ago and whose vocation is to become the first vertically integrated 100% renewable energy operator on the Iberian Peninsula, this operation is part of the decision to reorient its energy sales strategy in order to maximize the efficiency of its resources.
"We have decided to focus our renewable electricity supply activity on auctions - in 2021 we were awarded almost 2,200 megawatts of capacity - and on the segment of large customers, especially industrial customers," explained Gregorio Mednik, Director of Energy Management and New Energy Solutions at Capital Energy.
The acquisition reinforces Repsol's growth as a major player in the electricity and gas market in Spain, where it already has more than 1.3 million customers. In addition, this transaction is another step towards achieving the commitments set out in its strategy, which envisages having 2 million electricity, gas and electric mobility customers by 2025.
The multi-energy company is the only major retailer in Spain, in terms of customers supplied, that guarantees 100% renewable electricity. It obtained in 2020, for the second consecutive year, the highest certification (label A) on the environmentally friendly origin of the electricity it supplies, according to the National Markets and Competition Commission (CNMC).
Repsol has renewable electricity generation as one of its decarbonization pillars and has recently updated its installed capacity targets for 2030 to reach 20 GW, an increase of 60% compared to the previous target. By 2025, installed capacity will increase to 6 GW. In December 2019, Repsol was the first company in its sector to make a commitment to be carbon neutral by 2050.