Five months after announcing the deal, TotalEnergies and Czech billionaire Daniel Křetínský's EPH closed their flexible-power joint venture on April 29, 2026. The new company, TTEP, is headquartered in Amsterdam, controls 14 gigawatts of operating or under-construction capacity across Italy, the UK, Ireland, the Netherlands, and France, and instantly becomes the second-largest operator of on-demand backup power in Europe. On the same day, TotalEnergies reported first-quarter 2026 adjusted net income of $5.4 billion — up 28.6% year-on-year — and said TTEP is expected to contribute roughly 10 terawatt-hours of electricity to its books in 2026, its first partial year of operation.
Flexible generation — gas turbines, biomass plants, and grid-scale batteries that can ramp up in minutes — is the layer of the power system that fills in when wind drops or solar fades. Europe is adding renewables faster than ever while absorbing surging electricity demand from data centers, and reserve margins are getting tight. Owning the dispatchable layer is now a strategic asset, and TotalEnergies just bought half of one of the largest fleets on the continent. The deal has also drawn scrutiny: climate researchers at the Institute for Energy Economics and Financial Analysis warned that TotalEnergies may effectively double its gas-fired power emissions through the partnership, while activists from Greenpeace France, 350.org, and Extinction Rebellion gathered outside a Paris petrol station on April 29 to protest what they called 'indecent' profits.
