Jun 17, 2025
TotalEnergies will allocate 30% of its capital expenditures to its power sector.
TotalEnergies intends to allocate approximately 30% of its capital expenditures to enhance its integrated power business, as stated by CEO Patrick Pouyanne at an energy conference on Monday. The company aims to increase the power sector's share in its portfolio to 20% by the decade's end, as mentioned during the Energy Asia conference in Kuala Lumpur, Malaysia.
While Shell, BP, and Equinor scaled back their renewable energy investments, TotalEnergies has remained committed to growth. It stands out among Europe's major oil companies, continuing to expand its LNG operations, where it is the second-largest trader after Shell. TotalEnergies is also increasing lower-cost oil and gas production while boosting renewable energy capacity and power generation through global acquisitions and partnerships.
The company backs the global initiative to triple renewable energy capacity by 2030, which is central to its investment strategy for the decade. In 2024, TotalEnergies made a total investment of $17.8 billion, with $4.8 billion directed towards low-carbon energy, primarily in power. For this year, TotalEnergies' capital expenditure is projected to be between $17 billion and $17.5 billion, which includes $4.5 billion for low-carbon initiatives, mainly in Integrated Power.
TotalEnergies has set an annual capital expenditure target of $16-18 billion for the next five years. According to Pouyanne, 30% of the planned annual capex would focus on the integrated power business.
By the end of 2024, TotalEnergies anticipates its gross renewable electricity generation capacity to reach 26 gigawatts (GW). The company plans to continue expanding its renewable power generation, targeting 35 GW in 2025 and over 100 terawatt-hours of net electricity production by 2030.
While Shell, BP, and Equinor scaled back their renewable energy investments, TotalEnergies has remained committed to growth. It stands out among Europe's major oil companies, continuing to expand its LNG operations, where it is the second-largest trader after Shell. TotalEnergies is also increasing lower-cost oil and gas production while boosting renewable energy capacity and power generation through global acquisitions and partnerships.
The company backs the global initiative to triple renewable energy capacity by 2030, which is central to its investment strategy for the decade. In 2024, TotalEnergies made a total investment of $17.8 billion, with $4.8 billion directed towards low-carbon energy, primarily in power. For this year, TotalEnergies' capital expenditure is projected to be between $17 billion and $17.5 billion, which includes $4.5 billion for low-carbon initiatives, mainly in Integrated Power.
TotalEnergies has set an annual capital expenditure target of $16-18 billion for the next five years. According to Pouyanne, 30% of the planned annual capex would focus on the integrated power business.
By the end of 2024, TotalEnergies anticipates its gross renewable electricity generation capacity to reach 26 gigawatts (GW). The company plans to continue expanding its renewable power generation, targeting 35 GW in 2025 and over 100 terawatt-hours of net electricity production by 2030.