Repsol's commercial, renewables unit grows profit by 40% in H1 2021

Loosening of the COVID-19 restrictions on mobility coupled with clean power generation helped Spanish multi-energy group Repsol SA boost the adjusted net profit of its Commercial and Renewables unit by 39.9% year-on-year to EUR 228 million (USD 270.9m) in the first half of 2021.

Repsol’s service stations in Spain, severely impacted by the COVID-19 lockdown a year ago, increased sales by 63% in this semester, the oil-and-gas major said in its financial report released Thursday. The Commercial and Renewables unit’s earnings further benefited from the growth of the aviation segment, through which Repsol sells aircraft fuels, and contributions from new wind and solar farms.

The business unit brings together Repsol’s renewables and low-carbon generation activities, power and gas retail, the mobility segment, the sale of LPG and a range of petroleum products.

Repsol said that the operating performance of the renewables and low-carbon generation segment sank by EUR 8 million year-on-year due to lower production of its combined cycle gas turbine (CCGT) and hydropower plants in the second quarter of the year. Contributions from the Delta I wind farm and the Kappa solar PV farm partially offset the result.

The unit as whole grew revenues to EUR 9.44 billion in the January-June period, compared to EUR 7.87 billion a year back.

The first half-year EBITDA stood at EUR 519 million, up by 44.2% on the year.

During the first six months, Repsol generated 2,052 GWh of electricity, down by 10.5% year-on-year. Its current installed capacity stands at 3,386 MW, with a another 2,549 MW in various stages of development, the group said.

Repsol reiterated its goal of scaling up the renewable energy capacity to reach 7.5 GW by 2025 and 15 GW by 2030.

(EUR 1.0 = USD 1.188)

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