TotalEnergies

The Strategy and Outlook 2026 presentation confirms the 2030 Integrated Power targets (100 to 120 TWh of generation, about two thirds renewables and one third flexible generation, 12% ROACE by 2030, cash positive from 2027) and sets growth of 10 to 12 TWh a year over 2030-2035 with priority on the US and Europe. In Europe it names Italy, the UK and Germany as focus countries with gas-to-power tailwinds, and France for retail and access to nuclear. The presentation does not mention offshore wind.

“In electricity, TotalEnergies will aim to maintain its growth pace of net power generation of 10-12 TWh per year over 2030-2035 , thanks to the deployment of its integrated model across its key deregulated markets, building on the capacity of its renewables' platform and pipeline and further developing flexible opportunities (gas-to-power, batteries) in the US and Europe.”

“It's non-investable because the cycle of an offshore wind project is much longer than the duration of a U.S. administration. And offshore wind requires a long cycle of permitting, developing, negotiating.”

“So, there is a market there. So, we will concentrate on these projects. And the other lesson we draw on offshore wind is that it needs to be big to be profitable. So, we are cleaning our portfolio. We had small projects in Denmark. We are just exiting it, because it does not fly.”

“As of the end of 2025, TotalEnergies has a gross capacity of approximately 2.6 GW of offshore wind projects in operation or under construction. The Company also holds a portfolio of concessions in various countries. Following a strategic review, TotalEnergies intends to refocus its development activities on Germany, the United Kingdom and France.”

“In the United States, TotalEnergies signed on March 23, 2026 settlement agreements with the United States Department of the Interior (DOI) to relinquish its Carolina Long Bay lease (Lease OCS-A 0545) and its New York Bight lease (Lease OCS-A 0538), both awarded in 2022, along with its partners. As a result, TotalEnergies will no longer develop offshore wind projects in the United States.”

First-quarter 2026 adjustment items included asset impairment and provisions charges of $1,148 million in net operating income, notably linked to the agreements with US federal authorities on offshore wind leases and to the strategic review of the renewables portfolio outside key focus markets.

TotalEnergies reported full-year 2025 adjusted net income of $15.6 billion, down 15% year-on-year. Gross installed renewable power generation capacity reached 34.1 GW at end of 2025, up more than 8 GW year-on-year. Net electricity production reached 48 TWh, up 17%. Integrated Power achieved ROACE of 10% and full-year cash flow of $2.6 billion. Adjustment items included approximately $700 million in impairments, in particular for the offshore wind activity.

The TotalEnergies-RWE consortium was selected as winner of the Centre Manche 2 offshore wind tender in France — a 1.5 GW project off the coast of Normandy at a price of EUR 66/MWh. Electricity production is expected from 2033. The estimated investment is EUR 4.5 billion. TotalEnergies, as operator, plans to make a final investment decision by early 2029. RWE has expressed the wish to exit the consortium as part of its own strategic review.

TotalEnergies reduced net capex guidance to approximately $16 billion in 2026 and $15-17 billion per year during 2027-2030, down $1 billion per year compared to previous guidance. The Company will remain focused on high-margin upstream projects and stay selective on low-carbon capex, which will represent approximately $4 billion per year. Integrated Power will target electricity production of 100-120 TWh per year by 2030, of which 70% renewable and 30% flexible gas. Integrated Power will be free-cash-flow positive by 2028 and achieve 12% ROACE by 2030.

TotalEnergies was awarded the N-9.4 offshore wind concession in the German North Sea — 1 GW capacity, 141 square kilometres, 150 km northwest of Heligoland — for EUR 180 million (EUR 180,000/MW). The 25-year concession is located adjacent to the N-9.1 and N-9.2 sites jointly owned with RWE, and TotalEnergies intends to prioritise development of this cluster to leverage construction and operating synergies. With this win, TotalEnergies has accumulated 7.5 GW of offshore wind projects in Germany.

TotalEnergies invested $4.8 billion in low-carbon energies in 2024, including $3.9 billion in Integrated Power. The Integrated Power segment achieved ROACE of 10% with cash flow of $2.6 billion, up 19% year-on-year. Adjustment items included approximately $700 million in impairments, in particular for the offshore wind activity within the Integrated Power segment.

“It's not renewables; it's integrated power. An energy product needs to be reliable. Renewables aren't reliable; they're intermittent. So we're developing flexible assets, as well, with gas-fired power plants and batteries. Because our customers want firm power, but they want it with more green electrons.”

The West of Orkney Windfarm consortium (TotalEnergies, Corio Generation, RIDG) paused development of the 2 GW ScotWind project, citing the impact of transmission charges that tripled in September 2023. The consortium warned the project would not proceed without an overhaul of "unfair" transmission charges, having spent close to GBP 100 million on development so far.

“Offshore wind, I have decided to put the project on pause. I said to my team, the project in New York, we'll see that in four years. But the advantage is it's only for four years.”

TotalEnergies advances a balanced and profitable transition strategy anchored on two pillars: Oil and Gas, notably LNG, and electricity. Electricity generation will reach more than 100 TWh in 2030, of which 70% renewable and 30% flexible. Around $5 billion per year will be dedicated to low-carbon energies during 2025-2030. Integrated Power will achieve at least 12% ROACE by 2028-2030 and will be net cash positive by 2028.

“We are pleased to strengthen our ties with RWE, a key player in renewables and our partner in OranjeWind project in the Netherlands.”

TotalEnergies signed agreements with RWE to acquire a 50% stake in OranjeWind, a 795 MW offshore wind farm under development in the Netherlands. TotalEnergies will dedicate its share of renewable electricity production to power 350 MW electrolyser projects, producing about 40,000 tons per year of green hydrogen for decarbonisation of its Northern European refineries.

“This transaction is a new milestone in the implementation of our transition strategy and will contribute to reaching our 12% profitability target in Integrated Power business.”

TotalEnergies commissioned its biggest offshore wind farm worldwide — the 1,075 MW Seagreen project in the Scottish North Sea, the world's deepest fixed-bottom wind farm. The project will positively contribute to achieving the Integrated Power 12% profitability target and the objective of reaching more than 100 TWh of power generation by 2030.

TotalEnergies is building a world-class cost-competitive portfolio combining renewable (solar, onshore wind, offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers. The Company is replicating its integrated Oil and Gas business model into electricity to achieve a ROACE of approximately 12%, equivalent to upstream Oil and Gas ROACE at $60/barrel, above the utility model's traditional returns.

TotalEnergies won the rights to develop two offshore wind farms of a combined 3 GW in the German North and Baltic Seas — a 2 GW site (N-12.1) in the North Sea for EUR 3.75 billion and a 1 GW site (O-2.2) in the Baltic Sea for EUR 2.07 billion. An initial payment of EUR 582 million was made to the German government.

TotalEnergies implemented a balanced cash allocation in 2022 between shareholders (37% payout), investments ($16.3 billion including $4 billion in low-carbon energies), and deleveraging. From Q1 2023, the Company will separately report the Integrated LNG and Integrated Power activities to provide greater visibility into the growing electricity business.

TotalEnergies won maritime lease area OCS-A 0545 in the Carolina Long Bay auction for $160 million. Located 37 kilometres from the coast, the lease will generate capacity of more than 1 GW, enough to provide power to more than 300,000 homes.

TotalEnergies, in partnership with EnBW, won maritime lease area OCS-A 0538 in the BOEM New York Bight auction for a consideration of $795 million. The lease covers 341 square kilometres and could accommodate generation capacity of at least 3 GW. TotalEnergies subsequently acquired EnBW's interest after EnBW decided to refocus on Europe.

TotalEnergies acquired a 23% interest in the 640 MW Yunlin offshore wind farm project under construction in Taiwan, operated by wpd (now Skyborn Renewables). The first turbine was installed in April 2021 and connected to the national grid in November 2021.

TotalEnergies affirms its strategy as a multi-energy company active in oil, natural gas, renewables and electricity, biomass and hydrogen. The Company will expand its renewable electricity business to reach 35 GW of gross production capacity from renewable sources by 2025, and then 100 GW by 2030. Fifty percent of growth investments will be dedicated to the development of new energies, mainly renewables and electricity, and the other fifty percent to natural gas, essentially LNG.

Total and Macquarie's Green Investment Group concluded a 50/50 partnership to develop a portfolio of five large floating offshore wind projects in South Korea with a potential combined capacity of more than 2 GW. The projects are located off the eastern and southern coasts of the country in Ulsan and South Jeolla Provinces.

“Total builds up a strong position in the world's largest offshore wind market, as it becomes a majority stakeholder in the Seagreen 1 project. Total will leverage its extensive expertise in offshore operations and maintenance to contribute to the success of the project alongside the country's leading offshore wind developer, SSE Renewables.”

“Floating offshore wind is an extremely promising segment where Total brings its extensive expertise in offshore operations.”