20 May 2026
TotalEnergies/EPH deal will worsen Europe’s pricey gas import dependence
TotalEnergies/EPH deal will worsen Europe’s pricey gas import dependence
Beyond Fossil Fuels’ report debunks the “flexgen” narrative, highlights the associated climate, geopolitical and financial risks
On 29 April, Europe’s #1 Liquid Natural Gas (LNG) importer, TotalEnergies, and Europe’s #1 gas power developer, EPH, finalised a 50/50 joint venture that was first announced in November 2025. The joint venture, named TTEP, will enable TotalEnergies to monetise about 2 million tons per annum of LNG through gas-to-power operations in Europe.
In a new report, Beyond Fossil Fuels (BFF) analysed the consequences that this joint venture can have on Europe’s energy future. Under the pretense of bringing flexibility to Europe’s power system, the alliance between TotalEnergies and EPH effectively leads to the emergence of a new fossil gas giant, which will deepen Europe’s dependence on costly fossil gas.
Beyond Fossil Fuels campaigner Brigitte Alarcon said: “Everyone loses in this deal – except the oil and gas companies already cashing in big. In countries like Italy and the UK, consumers’ bills will increase, and Europe’s energy dependence will get worse. Far from putting Europe on the path of energy security, TotalEnergies and EPH will be engineering further dependency on fossil gas in general and LNG in particular under the bogus pretence of adding ‘flexgen’ capacity. This will cement Europe’s energy dependence on the whims of leaders like Putin and Trump in the process, in addition to the dire consequences on the continent’s economy.”
“The ongoing conflict in the Middle East has once again laid bare Europe’s fossil fuel addiction. While European leaders are rushing to put together electrification plans, TotalEnergies and EPH have chosen to double down on fossil gas, propped up by private capital and subsidies like capacity markets, and setting up an entity whose emissions will rival those of the whole of countries such as Ireland or Denmark. Climate credibility demands action, and the ball is in the banks’ court: stop financing fossil fuel expansion and instead put money into affordable, homegrown renewables.”
This fossil joint venture is coming to life while Europe is in the midst of a second fossil fuel shock in less than five years, exposing the brutal reality of the continent’s fossil fuel dependency.
Through the joint venture, TotalEnergies has effectively acquired 50% of EPH’s operating power generation platform – the vast majority of which is fossil gas-fired – in Italy, the United Kingdom, the Netherlands, Ireland and France. The acquisition scope also includes about 5 GW of projects under development, including 3.2 GW of planned fossil gas capacity.
TotalEnergies intends to use the joint venture to dispose of 2 million tonnes per annum (Mtpa) of Liquefied Natural Gas (LNG), which has well-known price volatility and environmental impacts. BFF estimates that, over a five year period, importing 2 Mtpa of LNG for the joint venture could cost Europe between €6.675 billion and €7.555 billion, benefiting the US and Russian fossil industries.(1)
Key findings from the Beyond Fossil Fuels (BFF)’ report
- The joint venture will operate a gas fleet whose capacity (12.5 GW) is equal to that of Belgium, Denmark, Portugal and Sweden combined.
- Based on 2025 generation figures, BFF estimates that in the coming five years the joint venture will produce climate emissions rivaling those Ireland or Denmark produce in a year.
- Europe’s LNG imports primarily come from the US and Russia – this venture is therefore deepening Europe’s dependence on these two countries, locking the continent into continued economic and energy insecurity.(2)
- The two companies behind the joint venture highlight flexibility as a key feature of gas power generation. However the vast majority of their gas fleet is made of gas plants that use CCGT (combined cycle gas turbine) technology – which is seriously limited when it comes to providing flexibility in support of electricity demand coverage in a renewables-based power system.(3)
- At a time when taxpayer bills keep rising, the joint venture will co-opt subsidies that should be going going towards supporting wind, solar and energy storage (over €4.08 billion of capacity market contracts has been secured by TotalEnergies and EPH for the plants included in the joint venture between 2015 and 2024). With at least 53% of the joint venture’s gas plants being financed by capacity payments during that period, this merge is greatly exposed to regulatory risks linked to capacity markets.
Who profits off wars – TotalEnergies’ dark legacy
At the same time as confirming the TTEP joint venture, TotalEnergies announced that its net profits are up 50% this quarter (€4.96 billion), a sharp increase driven by rising prices of oil and gas as well as its trading activities, which benefited from price volatility in the context of the war in the Middle East. These results are also due to increased LNG production and trading activities capturing market volatility. These “windfall war profits” largely benefit the company’s shareholders, while tax payers see their energy costs escalate.
TotalEnergies has faced intense scrutiny regarding its operations in conflict zones and its role in fossil fuel expansion, with critics arguing the company profits from the volatility of oil and fossil gas prices and human suffering.(4) The fossil fuel giant also faces accusations for complicity in war crimes, torture and financing terrorists groups.(5)
Key areas of concern raised by critics and investigative reports include:
- Complicity in conflict zones: TotalEnergies has been accused of complicity in war crimes in Mozambique. A November 2025 report indicated that men were crammed into shipping containers at a plant associated with the company.(5)
- Profiting from war: The company has been accused of profiting from the volatility of energy markets caused by war, such as during the conflict involving Israel and Iran, while rising energy prices increase costs for ordinary people.(4)
- Exploitation of market instability: TotalEnergies’ trading and shipping operations focus on maximizing value from oil and gas markets by navigating logistical disruptions and global supply constraints.(4)
Křetínský’s business empire, a threat for Europe’s climate action and media independence
Czech billionaire Daniel Křetínský’s business has faced criticism from campaigners and analysts who described it as posing a significant challenge to Europe’s climate ambitions and, increasingly, to democratic safeguards across the continent.(6)
Křetínský owns EP Group and a number of subsidiaries including energy group EPH, and others handling media, biomass and waste management.(7) EPH ranks among Europe’s largest greenhouse gas emitters and has outlined plans to expand parts of its fossil fuel infrastructure portfolio.
Environmental groups also raised concerns about the company’s role in biomass sourcing and waste management practices, which they argue may fall short of sustainability standards. Separately, its ownership of several media outlets has prompted debate among observers about potential implications for editorial independence and media plurality.(7)
In Czechia, Křetínský controls the publishing house Czech Media Invest, whose titles include the mass-circulation daily Blesk, the tabloid AHA!, the weekly Reflex, the business daily E15, and the opinion site Info.cz. Some of these outlets have taken an openly hostile tone toward climate policy and activists. On Info.cz, commentator Michal Půr has referred to the climate movement as the “Green Taliban,” while Reflex editor Marek Stoniš has used the term “eco-terrorists.”
Křetínský also holds stakes in French media, including Le Monde and the magazine Marianne, and has extended a €17 million loan to the left-leaning daily Libération, making him one of its creditors. French outlets have reported on several controversies linked to his media interests, including claims that he influenced Marianne’s front cover ahead of a presidential election.(8)
NOTES
(1)On 29 April, TotalEnergies announced that its net profits are up 50% this quarter (€4.96 billion), a sharp increase driven by rising prices of oil and gas as well as its trading activities, which benefited from price volatility in the context of the war in the Middle East.(7) These results are also due to increased LNG production and trading activities capturing market volatility. These “windfall war profits” largely benefit the company’s shareholders, while tax payers see their energy costs escalate.
Because of these exceptional profits, it was “highly likely” that TotalEnergies would be eligible in 2026 for a tax on large companies introduced in 2025. According to TotalEnergies CEO, Patrick Pouyanné, TotalEnergies will “not be able to maintain” its cap on fuel prices in the event of such tax.
(3)https://reclaimfinance.org/site/wp-content/uploads/2026/02/Reclaim-Finance-The-myth-of-gas-as-a-bridge-fuel-2026-02.pdf; https://beyondfossilfuels.org/2026/02/23/clean-flexibility-supports-a-reliable-grid-without-fossil-fuels/
(4)https://www.leparisien.fr/economie/le-benefice-net-de-totalenergies-en-hausse-de-50-ce-trimestre-29-04-2026-HBJ7AWDXMNGVNL3WLWOG5LOVVI.php, 29.04.2026; https://www.euronews.com/business/2026/03/30/totalenergies-made-1bn-profit-from-middle-east-oil-bet-as-war-disrupts-prices, Euronews, 30.03.2026; https://www.clientearth.org/latest/press-office/press-releases/historic-win-against-greenwashing-as-court-rules-totalenergies-misled-consumers-on-net-zero/, ClientEarth, 23.10.2025; https://www.nytimes.com/2022/03/22/business/total-energies-russia-oil.html, New York Times, 22.03.2022.
(5)https://www.ecchr.eu/pressemitteilung/totalenergies-faces-criminal-complaint-for-complicity-in-war-crimes-torture-and-enforced-disappearance-in-mozambique/, European Centre for Constitutional and Human Rights, 18.11.2025; Total faces war crimes allegations over Mozambique massacre, BBC 21.11.2025; Mozambique: TotalEnergies charged with ‘war crime’ in Cabo Delgado, LUSA, 18.11.2025; TotalEnergies accused of ‘complicity in war crimes’ in Mozambique, Le Monde, 18.11.2025; Dutch report confirms massacre at TotalEnergies’ Mozambique gas project, Politico, 4.12.2025.
(6)https://beyondfossilfuels.org/2025/02/12/behind-the-mask-investigating-ephs-coal-exit-claims-2/
(7)https://re-set.cz/download/2024/his-profits.pdf; https://www.swissinfo.ch/eng/czech-billionaire-kretinsky%27s-sprawling-empire/75917323
CONTACTS
Beyond Fossil Fuels campaigner brigitte.alarcon@bff.earth, mobile +33 641 288 759.
About Beyond Fossil Fuels
Beyond Fossil Fuels is a civil society network committed to ensuring a just and rapid transition to a fossil-free, renewables-based future. Building upon the Europe Beyond Coal campaign, its goal is for Europe to be coal-free by 2030 and phase out fossil gas from the power sector by 2035. A clean and flexible energy system will deliver lasting benefits for people, the climate and the broader economy. Beyond Fossil Fuels is a non-profit organisation with an office in Berlin, with staff spread across Europe. www.beyondfossilfuels.org