TotalEnergies accelerates its gas-to-power integration strategy in Europe
Paris, 17 November 2025 – TotalEnergies announces the signing of an agreement with Energetický a průmyslový holding, a.s. (EPH) for the acquisition of 50% of its flexible power generation platform (gas-fired and biomass power plants, batteries) in Western Europe (Italy, United Kingdom and Ireland, Netherlands, France), valued at €10.6 billion (enterprise value), i.e. a multiple of 7.6x 2026 EBITDA.
Under the agreement, EPH will receive the equivalent of €5.1 billion in TotalEnergies shares. 95.4 million TotalEnergies shares will be issued, based on a price equal to the volume-weighted average share price of the twenty trading sessions preceding November 16th (signing date), i.e. €53.94 per share, representing about 4.1% of TotalEnergies’ share capital and making EPH one of the Company’s largest shareholders upon completion of the transaction.
The transaction will result in the creation of a joint venture owned 50/50 by TotalEnergies and EPH, which will be responsible for the industrial management of the assets and the business development, while each company will market its share of production under a tolling arrangement with the joint venture. This transaction is fully consistent with TotalEnergies’ Integrated Power strategy and will strengthen its position in European electricity markets by enhancing the complementary relationship between intermittent renewable power generation and flexible power generation (gas-fired plants, batteries).
“This operation reinforces TotalEnergies’ gas-to-power integration in Europe, combining flexible generation with renewable sources to better balance demand and supply across key markets.”
Summary of key points:
- Acquisition: 50% of EPH’s flexible power generation platform in Western Europe.
- Asset mix: gas-fired and biomass power plants, batteries.
- Enterprise value: €10.6 billion; EBITDA multiple: 7.6x 2026.
- Payment: €5.1 billion in TotalEnergies shares to EPH.
- New structure: 50/50 joint venture for industrial management and development; tolling arrangement for production.
- Strategic fit: aligns with Integrated Power strategy; strengthens European electricity position.
Author’s note: The deal positions TotalEnergies to optimize capacity and flexibility in European power markets while expanding its stake through a significant equity infusion from EPH.