TotalEnergies (TTEF.PA) plans to double its power generation capacity from renewables by 2030, the company said during a strategy update to investors in New York on Monday. The French energy group is targeting 100 gigawatts (GW) of capacity through its integrated power unit, with 70% expected to come from renewable sources.
The company currently operates around 35GW of clean power and aims to scale up production to between 100 and 120 terawatt-hours (TWh) of electricity annually by the end of the decade. This represents an average annual growth rate of approximately 20%, TotalEnergies said in its investor presentation.
The firm will focus new investment in deregulated power markets, primarily in the United States, Europe and Brazil. It also plans to grow its renewables portfolio organically, while selectively monetising assets in what it described as “non-core markets.”
“The Integrated Power segment will be free cash-flow positive by 2028 and achieve a ROACE of 12% by 2030,” the company stated.
TotalEnergies added that its approach to developing power assets across the electricity value chain offers a strategic advantage. “TotalEnergies’ profitable diversification through the electricity value chain is positively differentiating versus peers and creates value for shareholders by contributing to dividend growth regardless of Oil & Gas cycles and thus, enhancing the company’s resilience,” it said.
The strategy is part of the company’s broader transition efforts, as it shifts toward lower-carbon energy sources while maintaining returns to shareholders.
