Paris, May 20th 2026 – The recently announced TotalEnergies and EPH’s joint venture – named TTEP – will effectively lead to the emergence of a new fossil gas giant, deepening Europe’s dependence on costly imported fossil gas, increasing energy bills and slowing down Europe’s shift toward a renewables-based power system.
The report released today by Beyond Fossil Fuels (BFF) finds that:
- The joint venture will operate a fleet of gas-fired power plants whose capacity (12.5GW) is equal to that of Belgium, Denmark, Portugal and Sweden combined.
- TotalEnergies intends to use the joint venture to dispose of two million tonnes per annum (Mtpa) of Liquefied Natural Gas (LNG).
- Over five years, importing 2 Mtpa of LNG could cost Europe between €6.7 billion and €7.6 billion, mostly benefiting the US and Russian fossil industries and deepening Europe’s dependence on these two countries.
- Over €4.1 billion of subsidies through capacity market contracts has been secured by TotalEnergies and EPH for the plants included in the joint venture between 2015 and 2024. At a time when taxpayers’ bills keep rising, the joint venture will co-opt subsidies that should be going towards supporting wind, solar, power grids, and energy storage
Banks should immediately end all financial support to this joint venture and to any companies developing new gas-fired power plants, and condition any financial support to power companies engaged in a genuine energy transition. This means halting the development of new fossil gas projects, publicly committing to phasing out fossil gas altogether, and providing clear, short-term plans for shutting down their existing gas infrastructure.
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 some European leaders are finally 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.
Beyond Fossil Fuels campaigner, Brigitte Alarcon
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 destabilizing the economy. As governments increasingly look towards a more secure energy future that does not rely on gas imports, the warning lights should be flashing for the banks. They would be wise to exclude any financial support for TTEP, and for companies developing new gas-fired power plants.
Reclaim Finance campaigner, Rémi Hermant
