Published by Global Banking & Finance Review®
Posted on July 28, 2025
2 min readLast updated: January 22, 2026
Add as preferred source on GoogleMoeve's profits were hit by a 50-million-euro blackout, leading to a 33% drop in core earnings and potential legal action.
MADRID (Reuters) -Spain's second-largest oil refiner Moeve, formerly known as Cepsa, said on Monday the massive power blackout that hit Spain and Portugal cost it more than 50 million euros ($58 million), and it was considering legal action.
Adjusted net income dropped to 324 million euros ($378 million) during the first half of the year, while earnings before interest, taxes, depreciation and amortisation fell 33% from a year ago to 733 million.
Both figures exclude one-off revenues and losses such as asset sales.
The cost of halting and restarting its two oil refineries during and after the April 28 blackout dragged down core profit, the company said. It can take one or two weeks for such plants to be fully operational after shutdowns.
"We're considering possible legal action once responsibility for the blackout has been determined," a company spokesperson said.
Redeia-owned Spanish grid operator REE has traded blame with power utilities for the blackout. A government report pointed to REE's failure to calculate the correct mix of energy as one of the factors hindering the grid's ability to cope with a surge in voltage that led to the blackout.
Rival Repsol, which operates five refineries in Spain, said the blackout and other smaller power-supply issues cost it 175 million euros in the second quarter.
The Moeve refineries also halted for scheduled maintenance during the first six months of this year, which further reduced utilisation ratios, while refining margins narrowed to $6 a barrel in the first half from $9.20 a barrel in the same period a year ago.
Owned by Abu Dhabi fund Mubadala and U.S.-based private equity firm the Carlyle Group, Moeve rebranded last year to reflect its shift towards low-carbon businesses under an 8-billion-euro plan. It has sold 70% of its oil production assets since 2022, including operations in Abu Dhabi and South America.
($1 = 0.8597 euros)
(Reporting by Inti Landauro; Editing by David Holmes and Rod Nickel)
Adjusted net income is a company's net income after excluding one-time revenues and losses, providing a clearer picture of ongoing profitability.
Legal action is a process where a person or entity seeks to enforce a right or seek a remedy through the court system.
A power blackout is a temporary loss of electrical power in a specific area, often caused by equipment failure or high demand.
One-off revenues are income that is not expected to recur regularly, often resulting from unique transactions or events.
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