PARIS - TotalEnergies (EPA:TTEF) (Paris:TTE) (LSE:TTE) (NYSE:TTE) has sold 50% of its shares in West Burton Energy to EPUKI, a subsidiary of energy company EPH. The transaction follows TotalEnergies' acquisition of the company in June 2024, which included a 1.3 gigawatt (GW) gas-fired power plant and a 49 megawatt (MW) battery storage system in the United Kingdom (TADAWUL:4280). The power plant will be jointly operated by TotalEnergies and EPUKI.
Sophie Chevalier, Senior Vice President of Flexible Power & Integration at TotalEnergies, expressed satisfaction with the partnership, highlighting the strategic fit for TotalEnergies' renewable growth in the UK. The deal aligns with the company's target of maintaining 700 MW of net flexible generation capacity, which supports the integration of flexible and renewable assets. This is part of TotalEnergies' broader Integrated Power strategy aiming for a 12% return by 2030.
TotalEnergies has a significant presence in the UK, operating approximately 30% of the country's gas production from the UK Continental Shelf. It also has a growing renewable energy portfolio, including the Seagreen offshore wind farm and several projects under development.
The company's Integrated Power strategy in the UK is designed to balance renewable power production with flexible generation capacities. As of the end of 2024, TotalEnergies' gross renewable electricity generation capacity exceeded 24 GW, with plans to increase it to 35 GW by 2025 and produce over 100 terawatt-hours of net electricity by 2030.
TotalEnergies, a global energy company with activities in over 120 countries, aims to reach net-zero emissions by 2050. It focuses on producing and marketing a diverse range of energies, including oil, biofuels, natural gas, renewables, and electricity.
This strategic move is based on a press release statement from TotalEnergies and reflects the company's ongoing efforts to adapt its energy portfolio to align with long-term sustainability goals and market demands.
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