Published by Global Banking & Finance Review®
Posted on November 17, 2025
3 min readLast updated: January 21, 2026
TotalEnergies partners with EPH in a $6 billion deal, doubling its gas plant capacity and enhancing its European energy portfolio.
By Alban Kacher and America Hernandez
(Reuters) -French oil major TotalEnergies said on Monday it has agreed to acquire 50% of Czech energy company EPH's flexible power generation platform in Western Europe, more than doubling its net gas generation capacity, in a 5.1 billion euro ($5.92 billion) all-stock transaction.
The deal marks a further step in TotalEnergies’ push to become a leading integrated electricity player in Europe, combining renewables and gas-fired generation to meet rising demand from sectors such as data centres while increasing power trading profits.
Under the agreement, EPH, majority-owned by Czech billionaire Daniel Kretinsky, will receive 5.1 billion euros in newly issued TotalEnergies shares, making it one of the French energy major’s largest shareholders, with about 4.1% of its capital.
The French major has been under investor pressure to accelerate disposals and lower its debt after more than $3 billion in acquisitions this year — but it has also been hunting for opportunities to buy more lucrative gas-fired power plants, which receive premium payments to produce when renewable energy stops.
The transaction helps Total to build "a leading flexible generation position in Europe", Oddo BHF analyst Ahmed Ben Salem said.
The transaction will create a 50-50 joint venture managing a more than 14 gigawatt portfolio of gas-fired and biomass plants and battery systems across Italy, the UK, Ireland, the Netherlands and France, with each company marketing its share of production under a tolling arrangement.
Kretinsky, one of Europe’s most prominent energy and media investors, also has stakes in companies including Royal Mail and French retailer Casino.
"Through the shareholding in TotalEnergies, we are implementing our strategic ambition to diversify our geographic exposure, currently concentrated in the EU and UK," Kretinsky said.
TotalEnergies said the additional net electricity production, estimated at 15 terawatt-hours annually, will help its Integrated Power generate cash flow beginning 2027, rather than in 2028, and help Total capture added value on about 2 million tons of LNG annually.
Total added it expected the transaction to be immediately accretive to cash flow per share, and lowered its capex guidance by $1 billion annually, to $14 billion to $16 billion for 2026-2030, while maintaining its power production target of 100-120 TWh by 2030.
Completion is expected by mid-2026, subject to regulatory approvals.
($1 = 0.8613 euros)
(Reporting by Alban Kacher; Editing by Emelia Sithole-Matarise, Dominique Patton and Alison Williams)
A joint venture is a business arrangement where two or more parties agree to pool their resources for a specific task, sharing both the risks and rewards.
Gas-fired generation refers to the process of producing electricity by burning natural gas in a turbine or engine, which is a cleaner alternative to coal-fired power generation.
Integrated electricity refers to a system that combines various energy sources, including renewables and traditional fossil fuels, to provide a stable and reliable power supply.
LNG stands for liquefied natural gas, which is natural gas that has been cooled to a liquid state for ease of storage and transport.
A shareholder is an individual or institution that owns shares in a company, giving them a claim on part of the company’s assets and earnings.
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