TotalEnergies CEO says electricity is best hedge against oil and gas volatility
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TotalEnergies CEO Patrick Pouyanne stated that the company's increasing investment in electricity provides a more stable income stream, independent of oil and gas market fluctuations. The goal is for electricity to constitute 20% of sales by 2030, up from 11% last year. He emphasized the growing demand for electricity, particularly for AI and decarbonization, and noted that renewable energy expansion supports gas sales, as natural gas is needed for stable supply during periods of low renewable generation.
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