2020-11-27 11:35:00
REPSOL INVESTMENT €18.3 BLN
REPSOL - 26 November 2020 - Repsol today unveiled its strategic plan for the years 2021 to 2025, during which it will advance in its net zero emissions objective with a project that accelerates transformation while maintaining a strong cash flow to finance ambitious growth and attractive shareholder distribution.
The company will decarbonize its asset base and implement a new operating model that will extract value from its current strengths as well as add new pillars to support the company's future such as the Customer and Low-Carbon Generation Businesses. By 2030, Repsol will be a company that is renewed, more sustainable, and more focused.
The new strategy will be highly flexible in relation to the macroeconomic environment. It is being set in motion at a time of historic difficulty to which Repsol already responded with its Resilience Plan 2020 that produced positive cash flow in every business in the first nine months of the year and estimated savings for the whole year of €2.4 billion.
In this highly uncertain environment, the company has established two differentiated periods in its Strate-gic Plan. In the first two years, it will focus on ensuring financial strength, extending the efficiency and competitivity programs which began in March of this year.
The Strategic Plan is self-financing at an average $50 per barrel of Brent and $2.5 per MBtu at the Henry Hub. At these prices, the company can maintain a high degree of financial flexibility and keep debt un-changed from current levels through 2025.
During the first period of the plan, efficiency, investment cuts, and optimization of capital will be prioritized together with projects to lead the energy transition, including those already announced for the Bilbao and Cartagena refineries and the numerous renewable energy projects that Repsol is currently building. From 2022, with recovery from the impact of Covid-19, the focus will shift to the acceleration of growth.
A total of €18.3 billion will be invested during the new five-year plan. Low-carbon spending will reach €5.5 billion between 2021 and 2025 – 30% of the total – which will be accompanied by a continued international expansion. Over the course of the period, Repsol aims to substantially increase EBITDA, to more than €8.2 billion in 2025.
In a scenario of continued higher prices, Repsol will accelerate the growth of low-carbon projects in its portfolio.
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Earlier:
2020, November, 26, 11:50:00
ITALIAN ENEL INVESTMENT PLAN €190 BLN
The Italian energy group Enel has announced plans to invest €190bn in the 2021-2030 period
2020, November, 25, 11:55:00
U.S. RENEWABLES INVESTMENT $55 BLN
US investment into wind and solar energy will total $55 billion in 2020
2020, November, 24, 12:40:00
ADNOC, UAE OIL INVESTMENT $122 BLN
At the meeting, the SPC approved ADNOC’s capital expenditure (CAPEX) plan of AED 448 billion ($122 billion) for 2021-2025 to enable smart growth.
2020, November, 23, 12:35:00
EUROPEAN RENEWABLE TARGET $950 BLN
These objectives will require a total investment of close to EUR 800 billion (USD 949.5bn) between now and mid-century, the commission estimates.
2020, November, 11, 14:45:00
RENEWABLE ENERGY NEEDS INVESTMENTS
Annual investment in renewables would need to almost triple from an average of
just below USD 300 billion in 2013-2018 to almost USD 800 billion through 2050.
2020, November, 6, 12:35:00
GLOBAL CLIMATE INVESTMENT $197 BLN
In total, $867 billion has been invested since 2015, when the Paris Agreement was struck to limit global warming.
2020, November, 6, 12:25:00
IBERDROLA RENEWABLE INVESTMENT $88 BLN
Pursuing the opportunities created by the “energy revolution” facing the world’s major economies should help to boost net profit by more than 40% from 2019 to 5 billion euros in 2025, Iberdrola said.
