[SMM Flash News] Repsol Low Carbon Unit Faces Q1 Loss Amid Plunging Spanish Power Prices

Published: Apr 30, 2026 23:45

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Spanish energy major Repsol reported an adjusted net loss of €4 million for its low carbon generation unit in Q1 2026, a sharp reversal from the €2 million profit recorded a year earlier. While total electricity generation surged 57.4% to 3.35 TWh—supported by new wind and solar assets and increased gas-fired output—operating income for the division fell 50% year-on-year to €12 million. This decline was primarily driven by a 49.7% drop in Spanish wholesale electricity prices, which averaged €43.3/MWh during the quarter due to exceptional rainfall. Despite the Renewables segment’s operating income falling by €18 million, the group's overall adjusted EBITDA for the unit managed a slight 1.9% increase to €53 million.

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