As it looks to expand in the US market.
TotalEnergies SE agreed to buy three natural gas-fired power plants in Texas from TexGen Power LLC for $635 million as it looks to expand in the US market. The three plants will serve the “fast-growing energy demand” of Dallas and Houston, offsetting the intermittency of renewable power production, the French energy giant said in a statement Monday, confirming an earlier Bloomberg News report. They have a joint capacity of 1.5 gigawatts.
These plants will enable us to complement our renewable assets, intermittent by nature, provide our customers with firm power, and take advantage of the volatility of electricity prices,” said Stephane Michel, president of gas renewables & power at TotalEnergies, said in the statement. Gas plants have become more valuable in the last couple of years amid supply issues, the rise of intermittent wind and solar generation and higher power prices in key markets like Texas.