TotalEnergies-EPH Joint Venture Raises Europe’s Fossil-Gas Stakes

On 29 April 2026 French oil major TotalEnergies and Czech energy group EP Group (through its subsidiary EPH) finalized a 50-per-cent/50-per-cent joint venture, named TTEP. The partnership gives TotalEnergies a €5.1 billion shareholding in EPH’s flexible-generation portfolio, covering assets in France, Ireland, Italy, the Netherlands and the United Kingdom. The combined portfolio comprises 14 GW of operational and under-construction plants, of which 12.5 GW are fossil-gas-fired.

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European grid operators have repeatedly highlighted the need for “flexible” generation to balance intermittent wind and solar output. Natural-gas consumption for power rose by almost 8 % in 2025, and capacity-remuneration schemes have allocated roughly €90 billion to power assets between 2014 and 2024—more than half to fossil-fuel plants. The joint venture is presented as a means to deliver round-the-clock, low-carbon electricity under TotalEnergies’ “Clean Firm Power” narrative.

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• TotalEnergies – French oil and gas major, Europe’s largest LNG importer.

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• EP Group / EPH – Czech energy conglomerate controlled by billionaire Daniel Kretínský; EPH is Europe’s leading gas-power developer and the region’s biggest coal producer.

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• Beyond Fossil Fuels (BFF) – Campaign group that produced a critical report on the deal.

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• Reclaim Finance – NGO collaborating with BFF on climate-impact analysis.

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• ENTSO-E – Body representing European transmission system operators.

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• International Energy Agency (IEA) – Provides data on gas-fuelled generation trends.

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• 87 % of the joint-venture’s gas units employ combined-cycle gas turbine (CCGT) technology, optimized for sustained output rather than rapid start-up.

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• Only two plants—Trapani in Sicily and Kilroot in the United Kingdom—use open-cycle gas turbines (OCGT), which can reach full power within minutes.

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• The venture is projected to consume about 2 million tonnes of LNG per year, creating an internal market for gas sourced globally.

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• BFF estimates that, over five years, the LNG imports could cost Europe €6.68 billion–€7.56 billion and generate emissions comparable to the total annual output of Ireland or Denmark.

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TotalEnergies describes the acquisition as central to its “Clean Firm Power” strategy, emphasizing the combination of intermittent renewables with gas-fired assets to ensure continuous supply. ENTSO-E reiterates that flexible generation remains “essential to ensure a secure, efficient, and resilient European power system” as renewable shares rise. The IEA notes the 2025 increase in gas-fired generation as a response to low wind and hydro output. EP Group’s spokesperson stresses that EPH and its sister company EP Energy Transition are “structurally and financially independent” and that profits from the former’s lignite subsidiary LEAG are being reinvested into green transformation rather than distributed as dividends. TotalEnergies also cited Italy’s “attractive capacity remuneration mechanism” and the UK’s “attractive capacity market” as supportive policy environments.

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BFF argues the venture deepens Europe’s reliance on imported fossil gas, substituting Russian pipeline gas with globally traded LNG that remains vulnerable to geopolitical shocks and price volatility. The campaign group warns that the deal could lock the continent into another decade of fossil-fuel dependence, raise energy bills, and slow the clean-energy transition. Reclaim Finance adds that the alliance is designed to prolong fossil-gas dependence while fuelling the climate crisis and destabilising the economy.

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• Technology suitability: Timera Energy points out that CCGT plants emit less CO2 per unit of electricity than OCGT units, yet BFF contends that CCGT’s slower start-up undermines rapid grid balancing.

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• Financial exposure: BFF calculates €4.08 billion in capacity-market subsidies for the joint-venture plants (2015-2024), whereas ENTSO-E’s broader data shows €90 billion allocated to capacity payments across Europe, without a clear breakdown for TTEP assets.

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• Emission estimates: BFF’s claim that the venture’s emissions rival those of Ireland or Denmark lacks a comparable baseline from the companies themselves.

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• “Everyone loses in this deal – except the oil and gas companies already cashing in big,” — Brigitte Alarcon, campaigner, Beyond Fossil Fuels

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• “Far from putting Europe on the path of energy security, TotalEnergies and EPH will be engineering further dependency on fossil gas… under the bogus pretence of adding ‘flexgen’ capacity.” — Brigitte Alarcon, Beyond Fossil Fuels

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• “This alliance between EPH, Europe’s leading gas power developer, and TotalEnergies, Europe’s biggest LNG importer, is designed to ensure these companies continue to profit from, and prolong Europe’s dependence on fossil gas – fuelling the climate crisis and destabilising the economy,” — Rémi Hermant, campaigner, Reclaim Finance

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The joint venture directly influences Europe’s short-term energy security by expanding gas-fired capacity, while simultaneously shaping long-term climate trajectories through increased LNG demand and associated emissions. Its reliance on capacity-market subsidies also raises questions about the efficient allocation of public funds in a decarbonising energy system.

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TotalEnergies will address the partnership at its annual general meeting on 29 May 2026. European regulators and major banks are expected to review the deal’s alignment with climate-finance criteria, and capacity-market reforms under discussion could affect the venture’s revenue model in the coming years.

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