In a trend consistent among oil and gas giants following Russia's invasion of Ukraine, TotalEnergies reported a sharp upswing in quarterly profits thanks to surging commodity prices. It has fueled calls for policymakers in Europe to intervene to tax their surplus cash.
Shares of Paris-listed TotalEnergies fell 1% during morning deals in London. The firm's stock price has climbed over 14% year-to-date.The heads of France's big energy companies on Sunday called on households and businesses to immediately reduce their power consumption in response to Russia squeezing Europe's gas supplies,The chief executives of Engie, EDF and TotalEnergies said it was important for consumers to collectively reduce consumption to prepare for a looming energy crisis.
The coordinated plea to reduce energy use comes shortly after Germany declared it was moving to the so-called"" of its emergency gas plan. The decision means Europe's largest economy now sees a high risk of long-term gas supply shortages amid reduced Russian flows. Fears of a severe winter gas shortage in Europe are driven by the risk of a full supply disruption to the EU — which receives roughly 40% of its gas via Russian pipelines.
The bloc is collectively trying to rapidly reduce its reliance on Russian hydrocarbons in response to the Kremlin's months-long conflict.
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