TotalEnergies, announcing its financial result for Q3 2024, has revealed its achievements in the renewable energy sector.
Power Production & Capacity
Total Power Production: 29.7 TWh (up 17 percent YoY)
Renewable Power Production: 19.6 TWh (up 45 percent YoY)
Net Power Generation Capacity: 21.6 GW (up 36 percent YoY)
Renewable Power Generation Capacity: 14.5 GW (up 25 percent YoY)
Net Power Production for Q3 2024: 11.1 TWh (up 23 percent from Q2 2024), driven by higher flexible gas production in the U.S. and West Burton plant acquisition in the U.K.
Gross Renewable Power Capacity: 24.2 GW at the end of Q3 2024 (up 0.2 GW from Q2)
Key Acquisitions & Investments
Q3 Acquisitions: $1,795 million, focusing on:
West Burton gas capacity in the U.K.
Offshore wind projects in Germany and the Netherlands
Solar portfolio with Adani Green in India
9-Month 2024 Acquisitions: $3,413 million, including:
Dorado (Eagle Ford) gas field (U.S.)
Quadra Energy (Germany)
Flexible gas capacity in Texas
Battery storage developer Kyon (Germany)
Talos Low Carbon Solutions (U.S.)
Operational Milestones
Start of commercial operations for two solar farms with integrated battery storage (1.2 GW) in Texas
Over 1 GW solar investment with Adani Green in India
Acquisition of a 50 percent stake in 2 GW offshore wind projects in Germany
Agreements for renewable hydroelectric projects in Africa with Scatec
Floating wind turbine pilot project in the British North Sea
Clean Firm Power PPA with Saint-Gobain (875 GWh over 5 years)
Japan Hydrogen Fund investment for low-carbon hydrogen
Emissions Update
Scope 1+2 emissions for Q3 2024: 8.8 Mt (increase due to higher gas plant utilization in the U.S. and Europe)
9-month Scope 1+2 emissions reduction: down 7 percent, attributed to reduced flaring, emissions initiatives in Refining & Chemicals, and lower gas plant utilization in Europe.
Total Installed Renewable Capacity
TotalEnergies reached a gross renewable capacity of 24.2 GW in Q3 2024. This is a mix of solar, onshore and offshore wind, and other renewable sources.
North America leads with a capacity of 7.7 GW, comprising primarily solar (4.9 GW) and onshore wind (2.2 GW).
India follows closely with 6.7 GW, dominated by solar (6.1 GW), highlighting TotalEnergies’ investment focus in India’s solar sector.
Europe (France and the rest of Europe combined) has a combined capacity of 4.9 GW, mainly from onshore wind and solar.
The Asia-Pacific region has a growing presence with 2.0 GW, including offshore wind, which is likely an area for future growth.
South America and the Middle East also contribute, though at lower levels (1.6 GW and 1.2 GW, respectively).
Solar is the dominant technology, with 15.6 GW installed capacity, representing approximately 64 percent of TotalEnergies’ renewable portfolio. This aligns with the global trend of solar being a highly scalable and rapidly deployable renewable source.
Onshore wind follows at 5.9 GW, or about 24 percent of the total capacity, with strong installations in North America, South America, and Europe.
Offshore wind is still a small portion of the mix at 1.6 GW, with most capacity in Europe, where offshore wind is well-established.
Other types of renewable energy sources, which may include hydroelectric or biomass, account for 1.1 GW, primarily located in Europe.
Total Capacity Under Construction
TotalEnergies has 9.5 GW of renewable energy projects under construction across different regions and technologies, indicating a strong growth pipeline.
India is the leading region, with 3.9 GW under construction, primarily in solar. This reinforces TotalEnergies’ focus on expanding its solar footprint in India.
North America follows with 2.1 GW under construction, again dominated by solar but also including other types of renewables.
Rest of Europe (excluding France) has 1.4 GW under construction, with a balanced mix of offshore wind, onshore wind, and solar.
South America and Africa have smaller, yet notable, projects in progress, reflecting TotalEnergies’ expansion into these emerging markets.
Solar remains the primary focus, with 6.9 GW (over 70 percent of the total capacity under construction), reflecting TotalEnergies’ emphasis on solar projects in regions like India, North America, and Europe.
Offshore wind projects amount to 1.0 GW, mostly in Europe, indicating TotalEnergies’ continued interest in offshore wind in mature markets.
Onshore wind under construction is relatively low at 0.8 GW, with projects spread across South America, Europe, and North America.
There is 0.7 GW of other renewable energy projects under construction, distributed across North America, South America, and Africa, likely including battery storage or hybrid systems.