Total buys into Spanish energy market in step towards broader energy company ambition
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Combustion Industry News Editor
Total has made another step towards becoming a broader energy company, agreeing the purchase of a large customer portfolio from Energías de Portugal, as well as two gas-fired combined cycle power plants in Spain (also from EdP, with a combined generating capacity of 850 MW). When the deal – valued at €515 million ($US562 million) – goes through, it will be Total’s third major purchase within Europe since 2016, after purchases in France and Belgium. Total CEO Patrick Pouyanne said in a statement that the latest deal “enables Total to become one of the key players in the energy market in Spain, covering a wide spectrum from LNG imports to power generation from renewables and gas, as well as gas and electricity supply.” Total will become the fourth largest supplier of gas and power in Spain, with residential market shares of 12% for gas and 6% for power, competing with Endesa, Iberdrola, Naturgy and Repsol. Relatedly, Philippe Sauquet, Total’s President for Gas, Renewables and Power, told Reuters that the company intends to maintain its levels of investment in low-carbon energy despite the current economic downturn.