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TotalEnergies buys €5.1bn stake in Czech tycoon’s power plants business

about 8 hours ago
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The Czech billionaire Daniel Křetínský is to become one of the largest shareholders in TotalEnergies after selling a stake in his electricity generation business, which includes several UK power plants, to the French oil company,Křetínský, whose companies own stakes in Royal Mail and West Ham United football club, agreed to sell a 50% stake in his stable of European power plants to TotalEnergies for about €5,1bn (£4,5bn) in exchange for about 4,1% of Total’s share capital.

The deal will make his power generation business, Energetický a průmyslový holding (EPH), one of the French company’s biggest investors,It means Total will also own a share in a string of electricity generation assets across the UK, France, the Netherlands and Italy through a new joint venture,Křetínský, the chair of EPH, said his company was “highly interested in becoming a long-term anchor shareholder of TotalEnergies”, and in creating a joint venture that was “a leading player in European flexible power generation”,The tycoon, known as the Czech sphinx, became the first foreign owner of Royal Mail in its 509-year history after completing a deal to buy its parent company this year,Křetínský, who is ranked 22nd on the Sunday Times rich list with an estimated fortune of £7.

79bn, made much of his fortune in running coal, gas and power generation operations.He also owns 27% of West Ham and 10% of the Sainsbury’s supermarket chain alongside stakes in several retailers including the US department store Macy’s, the trainer retailer Foot Locker and the German retailer turned wholesaler Metro.Under the TotalEnergies deal, a new 50/50 joint venture will own enough UK power stations to meet the electricity demand of more than 3m homes, including Lynemouth power station in Northumberland the Kilroot power plant in Northern Ireland.It will offer TotalEnergies, which is a big importer of liquefied natural gas into Europe, a network of customers for its gas and help to expand its power trading activities across Europe.Patrick Pouyanné, the French company’s chair and chief executive, said: “Given our position as the number one gas supplier in Europe, this transaction enables us to fully capitalise on gas-to-power integration and create added value for our LNG chain, independently of oil cycles.

”Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionTotalEnergies is one of the largest oil and gas producers still operating in the UK’s North Sea basin.The company is also developing offshore windfarms in UK waters as well as solar farms in England and Wales.Meanwhile, an electricity networks company owned by the Octopus Group has agreed to buy about 20 electricity distribution projects across the UK from Sweden’s state-owned energy company, Vattenfall.Eclipse Power Networks will acquire Vattenfall’s independent energy networks for an undisclosed sum.This brings the assets under the Octopus Group umbrella, which also includes Octopus Energy, Britain’s biggest energy supplier.

The deal means Vattenfall’s exit from the UK electricity distribution market, while its other British operations including onshore and offshore windfarms continue to operate.
societySee all
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Stephen Dawson obituary

My friend Stephen Dawson, who has died of cancer aged 78, had the questionable luck of being a newly minted urologist when Aids first struck in London in the early 1980s.The son of Philip, a nuclear physicist at the Atomic Energy Research Establishment at Harwell, and May, a housewife, Steve was born in London, went to King Alfred’s school, Wantage, and studied medicine at University College Hospital before qualifying as a fellow of the Royal College of Physicians in the late 70s. The decade that followed was both clinically fascinating and emotionally challenging.Working in genitourinary clinics around London, Steve helped chart the rise of HIV-opportunistic diseases while being able to do little to treat them. It was typical of him that, in 1988, he left Aids medicine in London for the professionally less glamorous Slough, to work as the first consultant in genitourinary medicine in east Berkshire

about 10 hours ago
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Two-thirds of nurses in UK work while unwell, says union

Nurses across the UK are working while unwell in understaffed hospitals, with stress as the leading cause of illness, according to research.A survey by the Royal College of Nursing (RCN) of more than 20,000 nursing staff found that 66% had worked when they should have been on sick leave, up from 49% in 2017.Just under two-thirds (65%) of respondents cited stress to be the biggest cause of illness, up from 50% in 2017. Seven out of 10 said they had worked in excess of their contracted hours at least once a week, with about half (52%) doing so unpaid.The NHS has more than 25,000 nursing vacancies across England

about 22 hours ago
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‘I’d run down the road thinking I was God’: a day at the cannabis psychosis clinic

Katie hears voices and has been sectioned 50 times. Isiah became paranoid and tried to kill himself. Both link their illness to cannabis – and the drug is getting more and more potent. Is a tiny London clinic showing the way forward?It’s two years since Isiah found himself on the roof of a south London shopping centre, about to jump. “I was very done,” he says of that night in November 2023

1 day ago
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Hundreds of low-paid NHS hospital staff win improved terms after strike threat

Hundreds of low-paid NHS hospital workers are celebrating victory after bosses agreed to improve their terms and conditions following the threat of strike action.More than 330 workers, mainly cleaners, caterers and porters, known as facilities staff, at St George’s, Epsom and St Helier hospital group (GESH) – 98% of those balloted – voted for strike action.Cleaners, caterers and porters were brought in-house four years ago as NHS employees but were denied the same conditions as many other NHS workers, losing millions in pay and other entitlements over the years.The workers said they had been systematically excluded from the NHS’s Agenda for Change (AfC) terms and were prepared to strike unless GESH granted them full AfC contracts.Strike action was averted after a board vote on 6 November approved proposals to implement full AfC contracts

1 day ago
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Call for inquiry after families stripped of child benefit due to flawed travel data

Calls are being made for an urgent independent inquiry after thousands of families were stripped of child benefit due to flawed Home Office travel data that claimed to show parents going on holidays and not returning.Andrew Snowden, the Conservative MP for Fylde and the party’s assistant whip, said the government “must take immediate and transparent action” to address the failures of the anti-fraud benefits crackdown.“Thousands of families have had essential child benefit payments wrongly suspended because of unreliable or incomplete data,” he said.Snowden called for “a full, independent review of how this system was authorised, including how such unreliable travel data was used to make decisions on family benefits”. He said the findings must be published in full

1 day ago
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‘I was scared’: parents reveal stress of HMRC’s child benefit errors

Demands to pay back thousands of pounds in child benefit, claims of emigration after a serious case of sepsis and a complaints unit that is indifferent to the emotional impact of its errors.Here parents tell of their experiences of being caught up in the HMRC anti-fraud debacle.Tetiana fled the war in Ukraine in 2022 with some of her family including her brother, Roman, who is paraplegic, for whom she is now a full-time carer, and baby who was born in 2021.In October, she was shocked to receive a letter telling her she could be liable to pay back £3,706.35 in child benefit because she had “moved to Ukraine permanently”

1 day ago
foodSee all
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‘Simple, well-crafted and excellent’: supermarket chutneys, tasted and rated | The food filter

2 days ago
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It’s not all about roasting on an open fire – there’s so much more you can do with chestnuts

3 days ago
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Benjamina Ebuehi’s recipe for apple, brown butter and oat loaf | The sweet spot

4 days ago
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Kids have a wobble in the face of rabbit jelly | Brief letters

4 days ago
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Think autumn, think Piedmont – wine from ‘the foot of the mountain’

4 days ago
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‘I’m now a one-issue voter’: US shoppers fear Italian pasta tariff will cause shortage

4 days ago