Oil major Total targets expansion in retail power market
The French energy group is on course to hit target ahead of schedule
Paris — Oil major Total is picking up about 150,000 retail energy customers a month in France and is on course to hit its 2022 target for the business ahead of schedule, company executives say. The French energy group is looking to broaden its revenue streams with expansion in a retail power and gas market in which demand is shifting to low-carbon energy from more polluting fossil fuels. Total has said it plans to invest $1.5bn to $2bn a year on low-carbon electricity. Rival Royal Dutch Shell, which is expanding its own retail power business, has said it plans to invest the same amount on renewables and low-carbon business. Total bought Belgium’s Lampiris in 2016 and Direct Energie in 2018 for $1.7bn, merging the businesses in its push to become a so-called integrated player operating gas-fired, wind, solar and hydropower generation while also selling power directly to retail clients. The group had set a target of 7-million clients across France and Belgium — about 15% of the mar...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.