Repsol and Naturgy Call for a Practical Energy Transition with Clear Costs and Neutrality
Repsol, the largest oil company in Spain, and Naturgy, a leading gas operator, are pressing for an energy transition that is grounded in realism. They emphasize targets and deadlines that are achievable, alongside openness about the costs and consequences involved, all while maintaining technological neutrality. This means avoiding policies that demonize certain energy sources while favoring others and recognizing the value of a diverse mix of fuels in a decarbonised future.
At the XXI Congress of the Spanish Confederation of Directors and Executives (CEDE) in Bilbao, Antonio Brufau, president of Repsol, and Francisco Reynés, president of Naturgy, argued that decarbonization cannot be treated as mere rhetoric to boost the economy. They pointed out that key sectors such as air and sea transport, the broader chemical industry, and paper production will still rely on hydrocarbons in their processes. They also highlighted a continued role for natural gas to stabilize electricity generation during periods when renewable energy production faces interruptions, underscoring energy security as part of the transition.
Reynés stressed the need for a transition plan that lays out achievable goals and deadlines while being transparent about the remaining costs, prices, and obligations associated with the choices made. The emphasis is on clarity and accountability to ensure that stakeholders understand the financial implications of the shift toward lower emissions.
Both chairmen support aiming for a decarbonised economy by 2050, but they insist the process must not erode energy reliability or affordability. Brufau reaffirmed the principle of technological neutrality, arguing that policies should avoid banning certain energy sources while endorsing others. This stance reflects a belief that innovation should be fueled by a balanced approach to decarbonization, enabling progress across all energy vectors rather than privileging a single path.
Looking ahead, the leaders acknowledge the importance of green hydrogen and other renewable gases as part of the medium- and long-term energy mix. They also called for substantial investment across the energy and industrial sectors, stressing that legal certainty and stable rules are essential. Brufau warned that changing regulations mid-game would hinder progress, advocating long-term stability to support ambitious decarbonization initiatives.