Energy giants reset targets

Spanish energy group Repsol has scaled back its 2030 ambitions for renewable capacity and low-emission products, citing changing market conditions in a report accompanying its 2025 results. The company said higher development and financing costs forced adjustments to planned growth, including a significant reduction in its green hydrogen goals due to slow market development, regulatory uncertainty, and cost pressures.

A similar shift may be underway at Orlen. An update to the Polish energy group’s strategy is expected later this half-year, with reports indicating potential cuts to investment spending, particularly in green energy projects, alongside stronger cost-control measures.

Financial markets reacted positively to Repsol’s strategy reset, welcoming its focus on expenditure rationalization and efficiency. Analysts suggest Orlen could receive a similar response if it follows a comparable path.

Both Repsol and Orlen are large, vertically integrated energy companies operating across oil, gas, petrochemicals, and retail fuel networks.