Total’s entry in the French retail electricity market will shake prices

06/10/2017 16:20 Electricity Market

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French oil major Total affirmed that it would start a price war with EDF and Engie in the French power retail sector, as it plans to offer a 10 percent price discount. 

 

Total's CEO Patrick Pouyanne voiced his five-year-term plan to gain a 10 percent market share equivalent to 3 million customers by stepping into the retail market dominated by the ex-country’s monopolies EDF and Engie.  


He also sustained that even though the market deregulation occurred 10 years ago, the customers did not feel a positive impact on their bills. 


By entering the retail electricity market, Total wishes to take the first place among gas and electricity providers. 


The newly created retail unit, called Total Spring, which has about 300 employees, became operational on Thursday.


Pouyanne stressed that Total will come with a very advantageous offer to the clients making their bills decrease by 10 percent.

Each household will save round about 200 euros a year.


French energy regulator sets up the regulated prices following the governments’ proposals. In consequence, the prices are charged by the two dominating energy providers, EDF and Engie.


Total is ready to raise its electricity production capacity in France, and does not rule out the possibility of acquiring or constructing its own gas-fired power plants. 


Investors have been told in September that the company expects to have a power capacity of 5 gigawatts within a five-year period.  
 

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