<
https://reneweconomy.com.au/oil-and-gas-giant-to-quit-australian-renewables-despite-cis-battery-tender-win/>
"French oil and gas giant TotalEnergies has confirmed its plans to quit its
renewable energy assets in Australia and many other countries, despite its
recent win in the federal government’s flagship Capacity Investment Scheme
tender.
TotalEnergies this week held its capital markets day, where it announced it
would sell its renewable energy assets in all countries except for the US,
Brazil and Europe, as part of a plan to expand its core oil and gas operations.
The company says its “transition strategy” is now focused on two pillars – oil
and gas – and it expects to boost earrings by 70 per cent by 2030 by focusing
on LNG expansion, and intends to return nearly half of its cash flow to
shareholders through dividends and buybacks.
“We need more flexible assets and less renewables,” Total CEO Patrick Pouyanne
said. “It is not a priority of the company to be a pure renewable developer …
we are not a renewable developer."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
