Energy Giant TotalEnergies Invests $5.9B in European Gas Plants

On November 14, 2025, the French energy company TotalEnergies announced it would spend 5.1 billion euros (about $5.9 billion) to acquire a 50% interest in natural gas-fired power plants located in several European countries. The facilities, owned by Czech energy firm EPH, are situated in Britain, Italy, the Netherlands, Ireland, and France.

This acquisition represents a strategic shift for TotalEnergies, which has been a major investor in renewable energy sources like wind and solar. The company now aims to use the gas plants to help balance its portfolio of electricity production, providing a steadier supply to complement its growing renewable energy assets.

The move reflects a more pragmatic approach to energy and climate change among European companies, even as the continent has been more aggressive in pursuing environmental goals compared to the United States. As the world struggles to meet the ambitious emissions reduction targets set in the Paris Agreement a decade ago, energy firms are recognizing the challenges in completely abandoning fossil fuels in the near term.

TotalEnergies' chief executive, Patrick Pouyanné, told analysts that the new gas-fired plants would complement the company's position as one of Europe's largest suppliers of liquefied natural gas. This shift in strategy underscores the evolving energy landscape, as Europe grapples with the fallout from the war in Ukraine and seeks to reduce its reliance on Russian gas imports.