Repsol LNG Holding, a subsidiary of the Spanish oil and gas company Repsol, has been awarded a license by the Spanish regulator CNMC (Comisión Nacional de los Mercados y la Competencia) to commercialise electricity on the domestic retail market.
Repsol entered the retail market in June 2018 when it acquired Viesgo's power generation, gas and electricity retail businesses from the investments funds Macquarie European Infrastructure Fund 4 (MEIF4) and Wren House Infrastructure for a total consideration of €750m and has now access to 750,000 electricity and gas customers (both households and businesses) since June 2018. The transaction is subject to regulatory approvals and is expected to be completed by the end of the year. Besides, the acquisition also increased Repsol's installed power generation capacity to 2,950 MW, a major step towards its target of 4.5 GW by 2025.
Repsol will invest €2.5bn between 2018 and 2020 to reach a total of 2.5 million private customers in Spain’s electricity and gas sector and 4.5 GW of power generation capacity by 2025.