TotalEnergies (TTE) Inks Deal for U.K. Gas-Fired Power Plant

06.06.24 13:56 Uhr

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TotalEnergies SE TTE announced that it has signed an agreement with EIG, an institutional investor in the global energy sector, for the acquisition of all of West Burton Energy’s shares. The transaction, with an enterprise value of £450 ($576) million, is subject to authorization from the competent authorities.The agreement would enable TotalEnergies to better support its 300,000 UK gas and electricity customers by offering increasingly accessible, economical and sustainable energy. It should also enhance TTE’s trading position in the country’s electricity and gas markets. The company is set to supply the plant by leveraging its positions in natural gas production in the country, where it operates 30% of the projects.Details of the DealWest Burton Energy owns and operates the West Burton B gas-fired power plant in Nottinghamshire, England. It comprises three combined-cycle gas turbines (CCGT) with a total output of 1.3 gigawatts (GW). In 2013, UK’s most advanced power plants were commissioned and a 49-megawatt (MW) battery storage system was added in 2018.With this acquisition, TotalEnergies is expected to add a flexible asset that reduces intermittency and enables a steady power supply to its customers.TotalEnergies expects its need for gas-based power generation capacity to be 700 MW, 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. As a result, the company plans to divest 50% of the acquired assets.TTE’s Focus on Renewable EnergyIn an effort to reach net zero emissions by 2050, the company is developing a world-class, cost-competitive portfolio that combines flexible assets like CCGT and storage with renewable energy sources like solar, onshore and offshore wind. The idea is to provide clean, reliable electricity to its customers.The above agreement should bring TotalEnergies’ worldwide flexible power generation portfolio to around 7 GW of gross capacity, in addition to its 23 GW of gross renewable capacity.TotalEnergies has a portfolio of gross installed capacity under construction and is in development of 35 GW by 2025, with more than 20 GW already having long-term power purchase agreements. The company is gradually building a portfolio of low-carbon businesses that could account for 15-20% of sales by 2040.Transition in Energy SpaceA transition in the energy space is evident, with industries now focusing on lowering emissions and planning to use energy generated from clean sources. Per a Polaris Market Research report, the global renewable energy market was valued at $1056.27 billion in 2023 and is expected to witness a CAGR of 8.6% through 2032.Along with TotalEnergies, other oil and gas companies like ExxonMobil Corporation XOM, BP plc BP and Chevron Corporation CVX are also adopting measures to reduce emissions from operations and meet clean energy targets.ExxonMobil intends to invest billions of dollars in emission-reduction projects over the next few years. XOM has developed an ambitious roadmap to achieve net-zero Scope 1 and net-zero Scope 2 GHG emissions by 2030 for unconventionally operated assets.XOM’s long-term (three- to five-year) earnings growth rate is 3%. The Zacks Consensus Estimate for 2024 EPS indicates a year-over-year increase of 0.5%.BP has established an ambitious energy transition strategy to take advantage of the growing demand for sustainable energy. The company plans to reduce emissions by 30-35% from its operations by 2030.BP’s long-term earnings growth rate is 4%. The Zacks Consensus Estimate for 2024 EPS indicates a year-over-year increase of 0.4%.CVX is making efforts to lower methane emissions. It has reduced its methane intensity by more than 50% and is actively working to end routine flaring by 2030.The company’s long-term earnings growth rate is 5%. The Zacks Consensus Estimate for 2024 EPS indicates a year-over-year increase of 3.4%.Price PerformanceIn the past six months, shares of TotalEnergies have risen 7.6% compared with the industry’s 6.6% growth.    Image Source: Zacks Investment ResearchZacks RankThe company currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Highest Returns for Any Asset ClassIt’s not even close. Despite ups and downs, Bitcoin has been more profitable for investors than any other decentralized, borderless form of money.No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%. Zacks predicts another significant surge in months to come.Hurry, Download Special Report – It’s FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BP p.l.c. (BP): Free Stock Analysis Report Chevron Corporation (CVX): Free Stock Analysis Report Exxon Mobil Corporation (XOM): Free Stock Analysis Report TotalEnergies SE Sponsored ADR (TTE): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks

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Analysen zu TotalEnergies

DatumRatingAnalyst
09.07.2024TotalEnergies OverweightJP Morgan Chase & Co.
03.07.2024TotalEnergies Sector PerformRBC Capital Markets
02.07.2024TotalEnergies BuyUBS AG
01.07.2024TotalEnergies Sector PerformRBC Capital Markets
01.07.2024TotalEnergies NeutralGoldman Sachs Group Inc.
DatumRatingAnalyst
09.07.2024TotalEnergies OverweightJP Morgan Chase & Co.
02.07.2024TotalEnergies BuyUBS AG
16.05.2024TotalEnergies OverweightJP Morgan Chase & Co.
07.05.2024TotalEnergies BuyJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
03.05.2024TotalEnergies BuyUBS AG
DatumRatingAnalyst
03.07.2024TotalEnergies Sector PerformRBC Capital Markets
01.07.2024TotalEnergies Sector PerformRBC Capital Markets
01.07.2024TotalEnergies NeutralGoldman Sachs Group Inc.
28.06.2024TotalEnergies HoldJefferies & Company Inc.
11.06.2024TotalEnergies NeutralGoldman Sachs Group Inc.
DatumRatingAnalyst
29.10.2018TOTAL UnderweightJP Morgan Chase & Co.
26.10.2018TOTAL UnderweightJP Morgan Chase & Co.
17.10.2018TOTAL UnderweightJP Morgan Chase & Co.
11.10.2018TOTAL UnderweightJP Morgan Chase & Co.
17.09.2018TOTAL UnderweightJP Morgan Chase & Co.

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