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    TTE   FR0000120271

TOTALENERGIES SE

(TTE)
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Real-time Euronext Paris  -  11:38 2022-11-25 am EST
58.44 EUR   +1.07%
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France sees EU power price clawback generating up to 7 bln euros

10/05/2022 | 03:59am EST
French government presents its 2023 budget bill

PARIS, Oct 5 (Reuters) -

The French government expects a new clawback on power companies' revenues to generate up to 7 billion euros ($6.96 billion) that can be used to help firms struggling with their energy bills, Finance Minister Bruno Le Maire said on Wednesday.

EU energy ministers agreed on Friday to cap non-gas power producers' market revenues at 180 euros per megawatt hour (MWh) on the grounds that exceptionally high prices mean they have reaped big gains without their operating costs rising.

After meeting with energy companies, Le Maire told a news conference that the French government would introduce the measure in the 2023 budget bill currently going through parliament.

"This mechanism is going to bring in 5 to 7 billion euros, which will allow us to finance important support for companies in difficulty and also local governments struggling to make ends meet," Le Maire said.

Le Maire said France needed to double the 3 billion euros already budgeted for helping companies that need it cover their energy bills.

When power companies sell electricity at over 180 euros per MWh the state will collect the difference, potentially reaping large gains with forward prices for 2023 currently at 524 euros MWh.

Amid reports of some companies pushing clients to sign new contracts at higher prices, Le Maire said that energy companies had also signed up to a charter that commits them to ensuring consumers are warned two months before the end of their contract and ensure that clients have a provider of last resort.

With power prices being pushed higher by surging gas prices, Le Maire said France continues to examine ways to decouple the two.

France's CRE energy regulator said earlier on Wednesday that the country's gas storage facilities were 99% full ahead of winter, although people in the country would still have to try and reduce their energy consumption given high prices and market tensions.

($1 = 1.0063 euros) (Reporting by Sudip Kar-Gupta, Myriam Rivet and Leigh Thomas Editing by GV De Clercq and Kim Coghill)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ELECTRICITÉ DE FRANCE 0.00% 12 Real-time Quote.21.50%
ENGIE -0.15% 14.428 Real-time Quote.10.87%
TOTALENERGIES SE 1.07% 58.44 Real-time Quote.30.94%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 1.51% 60.65 Delayed Quote.-19.47%
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Financials (USD)
Sales 2022 259 B - -
Net income 2022 28 155 M - -
Net Debt 2022 16 684 M - -
P/E ratio 2022 5,60x
Yield 2022 5,76%
Capitalization 152 B 152 B -
EV / Sales 2022 0,65x
EV / Sales 2023 0,70x
Nbr of Employees 101 309
Free-Float 91,1%
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Last Close Price 60,77 $
Average target price 66,59 $
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Patrick Pouyanné Chairman & Chief Executive Officer
Jean-Pierre Gerard Claude Sbraire Vice President-Crude Acquisitions
Marie-Noëlle Séméria Chief Technology Officer
Marie-Christine Coisne-Roquette Lead Independent Director
Patricia Barbizet-Dussart Independent Director
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