In November 2025, TotalEnergies has announced the acquisition of 50% of EPH’s flexible asset portfolio, forming a joint venture. This gives the Company access to more than 14 GW of gross flexible generation capacity, notably through combined cycle gas turbines (CCGT). TotalEnergies will be able to market the electricity production through a tolling agreement.
What is a tolling agreement?
Tolling is a contract used in the energy industry. It allows a company that owns raw materials (such as natural gas) to ask another company, which owns a power plant, to convert that gas into electricity. The company supplying the gas retains ownership of the electricity produced and pays a conversion fee—called a ‘tolling fee’.
Tolling is an intermediate solution between producing in-house and completely outsourcing production. This system can also be applied to other means of production or storage, such as batteries (BESS).
Examples of tolling agreements for TotalEnergies
TotalEnergies and EPH have jointly created a joint venture called TTEPH, which owns combined cycle gas turbines (CCGT). Both partners supply natural gas to TTEPH, which uses it to generate electricity in its power plants. Once production is complete, TotalEnergies and EPH each recover half of the electricity generated and pay TTEPH a fixed fee defined in the tolling agreement. Finally, each company markets its share of the electricity on the market through its trading activities.
This agreement allows:
- TotalEnergies and EPH: the use of power plants without having to invest in their construction or maintenance.
- TTEPH (which owns the plants): the guarantee of stable revenues, as it receives fixed fees without being exposed to fluctuations in gas or electricity prices.
- As part of a 200 MW Air Liquide electrolyzer project, TotalEnergies signed a tolling agreement in 2025 for 130 MW of this electrolyzer to be dedicated to the production of 15,000 tons per year of green hydrogen for its Antwerp platform. Upstream of the electrolyzer, TotalEnergies will supply Air.