TotalEnergies, EPH strike €5.1bn flexible power joint venture

Monday, November 17, 2025 at 08:30 UTC+01:00 (+0100), France / Czech Republic (deal counterparts), Paris (TotalEnergies HQ) / Prague (EPH context)

News category : Corporate and Sector Events

On 17 November 2025 TotalEnergies announced an agreement to acquire a 50% stake in EPH’s flexible power generation platform in Western Europe in exchange for newly issued TotalEnergies shares valued at about €5.1 billion. The portfolio includes over 14 GW of gas, biomass and battery storage across several countries. The transaction more than doubles TotalEnergies’ net gas generation capacity and integrates gas, LNG and power-trading capabilities. For markets this is a material corporate-sector event: it reshapes Total’s asset mix, brings a strategic shareholder into the company (EPH via Daniel Křetínský), and affects forward electricity and gas markets in Europe. The deal also has implications for EU carbon and power pricing given the increased flexible generation capacity.

Overall market impact

Strong bullish market impact - strength score : 82/100

Detailed breakdown of market impact over instruments, sectors, and asset classes

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Impacted instruments :

TTE (TotalEnergies)

EPH-linked credit

European utilities (RWE, Engie)

European power futures

EU ETS carbon

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