Repsol Boosts Renewables Business As Lower Oil Prices Drag Profits Down

Spanish energy group Repsol reported on Thursday a 14% lower net income for January to September, due to lower crude oil and gas prices than in the year-ago period, while it strengthened its renewable energy portfolio. Repsol’s net income for the first nine months of 2023 was $2.93 billion 2.785 billion euros, down by 14% year-on-year. Adjusted income, which specifically measures the performance of the businesses, was fell by 19% to $4 billion 3.

“The possible continuation of a tax on energy companies that had been designed to be temporal and extraordinary punishes the companies that, like Repsol, are investing in industrial assets, creating jobs and guaranteeing the country’s energy independence and instead favor importers that neither create jobs nor any relevant economic activity in Spain,” Repsol said. “The lack of stability of the country's regulatory and fiscal framework may impact Repsol’s future industrial projects Spain.

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Art as a family business: the Zagnoli family’s group show in MilanLaura May Todd is a Canadian-born, Milan-based journalist covering design, architecture and style. In addition to the Italian dispatches she writes for Wallpaper*, she regularly contributes to a range of international publications, including T: The New York Times Style Magazine, Architectural Digest, Elle Decor, Azure and Sight Unseen.
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