Integrated Power: TotalEnergies Acquires a Gas-Fired Power Plant in the United Kingdom
05 Junho 2024 - 8:30AM
Business Wire
Regulatory News:
In line with its development as an integrated electricity
player, TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has signed
an agreement with EIG, an institutional investor in the global
energy sector, for the acquisition of all the shares of West Burton
Energy for an enterprise value of £450 million.
West Burton Energy owns and operates the West Burton B gas-fired
power plant in Nottinghamshire, in England. West Burton B comprises
three combined-cycle gas turbines (CCGT) with total output of 1.3
GW. Commissioned in 2013, it is one of the UK’s most advanced power
plants and supplies some 1.8 million homes. A 49 MW battery storage
system was added in 2018.
This acquisition rounds out TotalEnergies’ renewable power
generation capacity in the UK with a flexible asset that mitigates
intermittency to enable the supply of firm power to customers.
Given the size of the Company’s renewable portfolio in the country,
which currently stands at 1.1 GW of gross installed capacity and
4.5 GW under development, TotalEnergies assesses its need for
gas-based power generation capacity at 700 MW; the Company
therefore plans to divest 50% of the acquired assets.
The deal will also allow TotalEnergies to strengthen its trading
capabilities in the country’s electricity and gas markets, as well
as its ability to provide increasingly affordable, available and
sustainable energy to its 300,000 UK electricity and gas customer
sites. Finally, the Company will supply the plant by leveraging its
positions in natural gas production in the country, where it
operates 30% of the projects.
This brings TotalEnergies’ worldwide flexible power generation
portfolio to around 7 GW of gross capacity, in addition to its 23
GW of gross renewable capacity.
“I am delighted to welcome the West Burton B team to
TotalEnergies. This acquisition contributes to our integrated
strategy in the UK, which combines renewable and flexible
generation capacity. It complements our 1.1 GW Seagreen offshore
wind farm and allows us to accelerate development of our Integrated
Power activities in power generation, trading and marketing in this
market,” said Stéphane Michel, President, Gas, Renewables and
Power at TotalEnergies. “The deal also contributes directly to
our 2028 ROACE target of around 12% in this business sector.”
The transaction is subject to authorization from the competent
authorities.
***
TotalEnergies in the UK TotalEnergies has been present in
the UK for more than 60 years, employing more than 1,800 people
across the energy value chain.
As one of the country’s leading oil and gas operators, the
Company operates around 30% of the UK Continental Shelf’s gas
production, with average daily production of 142,000 barrels of oil
equivalent per day (boe/d) in 2023.
TotalEnergies’ portfolio in offshore wind in the country amounts
to over 5 GW of gross renewable capacity, including Seagreen (1.1
GW, under operation), and large projects under development such as
West of Orkney (2 GW) and Outer Dowsing (1.5 GW).
The Company is one of the UK’s largest suppliers of gas and
electricity to businesses and the public sector, with over 300,000
customers. TotalEnergies, also offers EV charging solutions,
including 2,500 charging points in London and Birmingham. The
Company is also active in the distribution of petroleum products:
lubricants; aviation fuel; bitumen and specialty fluids.
The Company is also present in the CCS business through its 10%
interest in the Northern Endurance Partnership.
About TotalEnergies TotalEnergies is a global integrated
energy company that produces and markets energies: oil and
biofuels, natural gas and green gases, renewables and electricity.
Our more than 100,000 employees are committed to provide as many
people as possible with energy that is more reliable, more
affordable and more sustainable. Active in about 120 countries,
TotalEnergies places sustainability at the heart of its strategy,
its projects and its operations.
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Cautionary Note The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate
TotalEnergies SE and the consolidated entities that are directly or
indirectly controlled by TotalEnergies SE. Likewise, the words
“we”, “us” and “our” may also be used to refer to these entities or
to their employees. The entities in which TotalEnergies SE directly
or indirectly owns a shareholding are separate legal entities. This
document may contain forward-looking information and statements
that are based on a number of economic data and assumptions made in
a given economic, competitive and regulatory environment. They may
prove to be inaccurate in the future and are subject to a number of
risk factors. Neither TotalEnergies SE nor any of its subsidiaries
assumes any obligation to update publicly any forward-looking
information or statement, objectives or trends contained in this
document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the
most recent Universal Registration Document, the French-language
version of which is filed by TotalEnergies SE with the French
securities regulator Autorité des Marchés Financiers (AMF), and in
the Form 20-F filed with the United States Securities and Exchange
Commission (SEC).
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