REG-TotalEnergies SE Integrated Power: TotalEnergies Acquires a Gas-Fired Power Plant in the United Kingdom

TotalEnergies SEAnnouncement

05/06/2024 12:30

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Integrated Power: TotalEnergies Acquires a Gas-Fired Power Plant in the United
Kingdom

 

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.

TotalEnergies Contacts

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPR 
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Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
(mailto:ir@totalenergies.com)

@TotalEnergies
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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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