The French energy major announced on Monday that it will purchase a 50% stake in EPH’s flexible power generation business in Western Europe — a move that will more than double TotalEnergies’ net gas-fired electricity capacity.
This agreement strengthens TotalEnergies’ strategy to grow as a major integrated electricity provider across Europe. By combining renewable energy with flexible gas-fired generation, the company aims to meet rising power demand, especially from sectors like data centres, while boosting its electricity trading revenues.
Under the deal, EPH — controlled by Czech billionaire Daniel Křetínský — will receive €5.1 billion worth of newly issued TotalEnergies shares, giving it roughly 4.1% ownership in the French company and making it one of its largest shareholders.
Despite pressure from investors to cut debt and speed up asset sales after spending over $3 billion on acquisitions this year, TotalEnergies has continued to look for profitable gas-fired power opportunities, which are compensated for stepping in when renewable energy output drops.
Analyst Ahmed Ben Salem of Oddo BHF praised the deal, saying it strengthens TotalEnergies’ position as a top provider of flexible power generation in Europe.
The partnership will create a 50-50 joint venture controlling more than 14 gigawatts of gas-fired plants, biomass facilities and battery systems across Italy, France, the Netherlands, the UK, and Ireland. Each company will market its share of the power output under a tolling arrangement.
Křetínský — a major energy and media investor with stakes in companies like Royal Mail and Casino — said the move aligns with EPH’s goal of broadening its operations beyond the EU and UK.
TotalEnergies expects the additional electricity output — estimated at 15 terawatt-hours per year — to allow its Integrated Power division to start generating cash in 2027, one year earlier than previously projected. The extra capacity will also help the company extract more value from around 2 million tonnes of LNG each year.
The energy giant said the transaction will immediately boost cash flow per share, and it has reduced its annual capital expenditure outlook by $1 billion, bringing it to $14–$16 billion for the period 2026–2030, while keeping its target of producing 100–120 TWh of electricity by 2030.
The deal is expected to close by mid-2026, pending regulatory approval.
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