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TotalEnergies SE (TTE - Free Report) and SSE Renewables announced that the Seagreen offshore wind farm is now fully operational and running at its design capacity of 1,075 megawatts (MW). Seagreen wind farm is jointly owned by TotalEnergies (51%) and SSE Renewables (49%). The companies invested $4 billion to construct the same.
This offshore wind farm will generate enough clean energy to serve the needs of 1.6 million homes annually and will reduce carbon emission by over 2 million tons of carbon dioxide every year.
TotalEnergies is actively building and operating offshore wind projects and, at present, has a total capacity of 13 gigawatts (GW) globally. The company’s offshore wind projects are located in the United Kingdom, South Korea, Taiwan, France, Germany and the United States. The company has the expertise to build and operate more wind projects.
TotalEnergies Focus on Clean Energy
TotalEnergies plans to expand its power generation to more than 100 TWh by 2030, investing $4 billion per year and increasing cash flow from $2 billion in 2023 to more than $4 billion by 2028, becoming net cash-flow positive.
It is gradually building a portfolio of low-carbon businesses that could account for 15-20% of sales by 2040. TTE is making strategic acquisitions to expand its renewable operations.
TotalEnergies aims to achieve net-zero emissions by 2050 and have a gross renewable power generation installed capacity of 19 gigawatts (GWs) as of July 2023. The company plans to expand its business to reach 35 GWs of gross production capacity from renewable sources and storage by 2025 and 100 GWs by 2030.
Transition in Energy Space
A transition in the energy space is evident, with industries now focusing on lowering emissions and planning to use energy generated from clean sources. Utilities are expanding clean energy generation portfolios. Since the potential in the renewable market is huge, it draws operators from the oil & energy space.
Along with TotalEnergies, other oil and gas companies like ExxonMobil Corporation (XOM - Free Report) , BP plc (BP - Free Report) and Chevron Corporation (CVX - Free Report) are also adopting measures to reduce emissions from operations.
To meet the growing demand for clean fuels, ExxonMobil has been working to reduce emissions by developing more efficient fuels. The company intends to invest billions of dollars in emission-reduction projects over the next few years. XOM has developed an ambitious roadmap to achieve net-zero Scope 1 and net-zero Scope 2 GHG emissions by 2030 for unconventionally operated assets.
BP has established an ambitious energy transition strategy to take advantage of the growing demand for sustainable energy. The company plans to reduce emissions by 30-35% from its operations by 2030.
CVX is making efforts to lower methane emissions. The company has adopted an upstream methane-intensity target of 2.0 kg CO2e/boe by 2028, which represents a 57% reduction from its 2016 baseline. It has reduced its methane intensity by more than 50% and is actively working to end routine flaring by 2030.
Price Performance
Over the past year, shares of TTE have surged 28.7% compared with the industry’s growth of 15.1%.
Image Source: Zacks Investment Research
Zacks Rank
TotalEnergies currently has a Zacks Rank #3 (Hold).
Image: Bigstock
TotalEnergies' (TTE) 1 GW Offshore Wind Farm Starts Operation
TotalEnergies SE (TTE - Free Report) and SSE Renewables announced that the Seagreen offshore wind farm is now fully operational and running at its design capacity of 1,075 megawatts (MW). Seagreen wind farm is jointly owned by TotalEnergies (51%) and SSE Renewables (49%). The companies invested $4 billion to construct the same.
This offshore wind farm will generate enough clean energy to serve the needs of 1.6 million homes annually and will reduce carbon emission by over 2 million tons of carbon dioxide every year.
TotalEnergies is actively building and operating offshore wind projects and, at present, has a total capacity of 13 gigawatts (GW) globally. The company’s offshore wind projects are located in the United Kingdom, South Korea, Taiwan, France, Germany and the United States. The company has the expertise to build and operate more wind projects.
TotalEnergies Focus on Clean Energy
TotalEnergies plans to expand its power generation to more than 100 TWh by 2030, investing $4 billion per year and increasing cash flow from $2 billion in 2023 to more than $4 billion by 2028, becoming net cash-flow positive.
It is gradually building a portfolio of low-carbon businesses that could account for 15-20% of sales by 2040. TTE is making strategic acquisitions to expand its renewable operations.
TotalEnergies aims to achieve net-zero emissions by 2050 and have a gross renewable power generation installed capacity of 19 gigawatts (GWs) as of July 2023. The company plans to expand its business to reach 35 GWs of gross production capacity from renewable sources and storage by 2025 and 100 GWs by 2030.
Transition in Energy Space
A transition in the energy space is evident, with industries now focusing on lowering emissions and planning to use energy generated from clean sources. Utilities are expanding clean energy generation portfolios. Since the potential in the renewable market is huge, it draws operators from the oil & energy space.
Along with TotalEnergies, other oil and gas companies like ExxonMobil Corporation (XOM - Free Report) , BP plc (BP - Free Report) and Chevron Corporation (CVX - Free Report) are also adopting measures to reduce emissions from operations.
To meet the growing demand for clean fuels, ExxonMobil has been working to reduce emissions by developing more efficient fuels. The company intends to invest billions of dollars in emission-reduction projects over the next few years. XOM has developed an ambitious roadmap to achieve net-zero Scope 1 and net-zero Scope 2 GHG emissions by 2030 for unconventionally operated assets.
BP has established an ambitious energy transition strategy to take advantage of the growing demand for sustainable energy. The company plans to reduce emissions by 30-35% from its operations by 2030.
CVX is making efforts to lower methane emissions. The company has adopted an upstream methane-intensity target of 2.0 kg CO2e/boe by 2028, which represents a 57% reduction from its 2016 baseline. It has reduced its methane intensity by more than 50% and is actively working to end routine flaring by 2030.
Price Performance
Over the past year, shares of TTE have surged 28.7% compared with the industry’s growth of 15.1%.
Image Source: Zacks Investment Research
Zacks Rank
TotalEnergies currently has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.