Repsol starts marketing electricity and gas in Portugal
Repsol starts selling 100% renewable electricity and gas to residential customers in Portugal, as well as electricity to companies, this July. The company is thus advancing towards its goal of becoming the main multi-energy retailer on the Iberian Peninsula, in accordance with its 2021-2025 Strategic Plan.
Customers who contract electricity and gas with Repsol will be able to enjoy immediate discounts on fuel at the company's half a thousand service stations in Portugal through its loyalty program in that country (Repsol Move), as well as rebates on their electricity and gas bills for being Repsol multi-energy customers.
After reaching close to 1.5 million electricity and gas customers in Spain, Repsol aims to become a major player in this market in Portugal as well. The entry into this new segment in this country reflects the company's capacity to diversify its business, which is present throughout the energy value chain.
In recent years, Repsol has been one of the largest investors in Portugal: this has allowed the company to consolidate its position in the country, with 1,300 direct employees, 150,000 daily customers, and a market share that exceeds 20% in some businesses.
More than 30 years in Portugal
Repsol has been present in Portugal for more than thirty years and is one of the top ten companies in the country. Sines is home to one of Repsol's six industrial complexes in the Iberian Peninsula, and last year the company announced an investment of 657 million euros for its expansion to make it one of the most advanced in Europe.
In the renewables business, it participates in the Windfloat offshore wind project. In the commercial business, it has more than 500 service stations and sells LPG, lubricants, asphalts, and other specialized products such as aviation fuel. Last year, Repsol launched its first ultra-fast recharging point in Portugal, in Oporto, and plans to have more than a hundred fast recharging points by the end of the year.
The entry into Portugal as a marketer is another step towards achieving the commitments established in the company's strategy of having 2 million electricity, gas, and electric mobility customers by 2025.
In Spain, the company acquired Capital Energy's portfolio of residential and SME electricity customers in the first quarter of this year. In 2021, it acquired a majority stake in the electricity and gas trading company Gana Energía.
Repsol currently has more than 3,800 MW of total installed low-emission generation capacity. Renewable electricity generation is one of the main pillars of the company’s decarbonization model Repsol in 2019 became the first company in its sector to make a commitment to be zero net emissions by 2050.
In the last two years, Repsol has materialized its objectives of geographically diversifying its renewables business, complementing its capabilities, improving its portfolio, and creating a solid platform with great growth potential, with the ambition of being a global low-emissions operator.
Repsol's target for installed renewable generation capacity in 2025 is 6 GW and in 2030, 20 GW, equivalent to 40% of Spain's installed capacity. The company currently has a portfolio of more than 1.6 GW of installed renewable capacity and is present in this business in Spain, the United States, Chile, and Portugal. In June, Repsol incorporated EIP and Crédit Agricole Assurances as partners to grow in the renewables business.