Total to outpace Iberdrola and Orsted on renewable power capacity
Analysis from Westwood Global Energy Group (Westwood), the specialist energy market research and consultancy firm, reveals Total will outpace clean energy majors Iberdrola and Orsted on renewable power capacity by 2030.
The insight highlights the oil and gas major’s ambitions to reach 100GW of renewable power capacity by 2030, eclipsed only by utility Enel which aims to have 145GW. In comparison, clean energy supermajor Iberdrola set targets of 95GW and Orsted 30GW.
To meet this target, Total has already invested $8bn in renewables and power between 2016 and 2020 with a significant focus on solar PV.
“Total has set a course to diversify its portfolio, reflected by its proposed name change to Total Energies last week. Total’s targets are double that of peers like BP at 50GW. However, in energy terms renewables will still be the minority in Total’s entire portfolio,” says David Linden, head of Energy Transition at Westwood.
“In future, the combined scale of ambition of both clean energy and oil and gas supermajors, together with their focus on onshore wind and solar, could see them compete in high growth markets. Collaboration will be an increasingly important part of the modus operandi as technologies, markets and companies converge, especially in green hydrogen where the boundaries are more blurred,” explains Linden.
The research reviews the portfolios of European oil and gas majors BP, Shell, Total, Repsol, ENI and Equinor alongside clean energy supermajors Iberdrola, Enel, NextEra Energy and Orsted. In addition to renewable power capacity comparisons, the insight highlights key technologies, portfolio investments and growth regions for each company.
Source: greentechlead
