Dilip Kuner
THE nationwide power cut that hit Spain has cost energy giant an estimated €170 million in lost revenues from its refineries and chemical plants.
The April 28 blackout, which plunged much of Spain and parts of France and Portugal into darkness, led to an estimated €100 million in losses across five Repsol refineries. The company also faced a €40 million hit at three chemical plants, insiders said, with smaller power disruptions over the period contributing an additional €30 million in costs.
The blackout affected more than 50 million people and severely disrupted industrial operations across the Iberian Peninsula.
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While the full financial impact has yet to be calculated, energy sector experts estimate the total losses across industries could reach between €2 billion and €4 billion.
Spain’s energy regulator, CNMC, is investigating the incident, though no timeline has been provided for the review, and will calculate a final figure.
The CNMC’s preliminary report placed blame on grid operator Red Eléctrica and certain unnamed power plants, without offering a full explanation of why the grid became unstable.
This has left companies like Repsol waiting for further clarity before filing insurance claims for damages.
Repsol, which consumes around 2% of Spain’s total electricity, is one of the largest consumers of power in the country.
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