TotalEnergies Secures Long‑Term Nuclear Power Supply for Its French Refining and Chemicals Sites

Paris, 28 March 2026 – In a decisive move to stabilize its energy mix and align with the European Union’s tightening climate regulations, TotalEnergies SE has entered into a long‑term partnership with Électricité de France (EDF) for the supply of low‑carbon electricity. The agreement, announced on 27 March, will extend until 2040 and will cover the company’s refining and chemicals facilities located in France.

The deal follows a period of intense scrutiny over TotalEnergies’ environmental commitments. Earlier this week, the company announced it would no longer target net‑zero emissions by 2050, citing a slower‑than‑expected transition away from fossil fuels by governments and the tightening of EU environmental rules. Despite this shift, TotalEnergies has demonstrated a consistent effort to improve its sustainability profile, as reflected in its 2025 sustainability report, which showed the company surpassing several self‑set emissions targets.

Details of the Nuclear Power Agreement

  • Contractual Horizon: 12 years, extending through 2040.
  • Scope: Provision of nuclear‑generated electricity to TotalEnergies’ refining and chemical sites in France.
  • Strategic Rationale: The partnership is intended to secure a stable, low‑carbon power supply that offsets the volatile costs associated with fossil‑fuel‑derived electricity and supports the company’s broader decarbonisation strategy.
  • Parties Involved: Patrick Pouyanné, Chairman and CEO of TotalEnergies, and Bernard Fontana, Chairman of EDF.

The announcement was made in tandem with the release of TotalEnergies’ Universal Registration Document for 2025 (Document d’enregistrement universel 2025) and its Form 20‑F 2025, filed with the French Financial Markets Authority and the U.S. Securities and Exchange Commission. These filings provide a comprehensive overview of the company’s financial performance, governance structure, and strategic initiatives.

Market and Regulatory Context

The partnership comes amid growing pressure on European energy giants to diversify their power sources and reduce reliance on volatile fossil fuel markets. The European Union’s increasing regulatory scrutiny, particularly around carbon intensity and emissions reporting, has heightened the need for reliable low‑carbon energy supplies. By securing nuclear power from EDF, TotalEnergies positions itself to meet these regulatory demands while maintaining operational continuity at its major facilities.

Meanwhile, the company’s decision to withdraw its 2050 net‑zero target has sparked debate among investors and environmental stakeholders. Analysts note that although the move may reduce the company’s long‑term carbon ambition, it could also lower capital expenditures associated with transitioning to fully renewable energy sources, thereby preserving financial flexibility in a volatile market environment.

Investor Implications

TotalEnergies’ shares have shown resilience in recent trading, closing at €78.49 on 26 March 2026. The 52‑week high reached €79.44 in late March, while the 52‑week low dipped to €47.645 in April 2025, underscoring the company’s volatility in the face of regulatory and market uncertainties. With a market capitalization of approximately €169.94 billion and a price‑earnings ratio of 15.88, the stock remains a focal point for investors seeking exposure to the evolving energy sector.

Financial analysts caution that while the EDF partnership may cushion the company against fluctuating energy prices, the broader shift away from net‑zero targets could impact long‑term investor sentiment, particularly among those prioritising environmental, social, and governance (ESG) criteria.

Outlook

TotalEnergies’ strategy to secure nuclear power for its French operations demonstrates a pragmatic approach to energy security in a period of heightened regulatory scrutiny and market volatility. The company’s continued focus on meeting and surpassing sustainability targets, coupled with a robust partnership with EDF, suggests an intention to balance short‑term operational stability with long‑term environmental responsibility.

Investors and stakeholders will likely monitor the company’s subsequent filings and performance metrics closely, as TotalEnergies navigates the dual imperatives of maintaining profitability while addressing the escalating demands of climate policy and market dynamics.