In late 2024, Spain’s hydrogen market looked to be in jeopardy as oil and gas majors like Moeve and Repsol threatened to walk away from multi-billion-euro green hydrogen investments due to concerns of windfall taxes.
The Spanish Government’s plan to make a temporary windfall tax on energy firms permanent led to developers pausing critical investments.
Repsol halted its €200m ($226.6m) plant in Cartagena, and its 150MW and 100MW projects in Tarragona and the Basque Country, while Moeve announced it would delay €3bn ($3.4bn) in green hydrogen investment in southern Spain.
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