BAKU, Azerbaijan, February 22. TotalEnergies has reported a growth of 10 percent in income from its integrated power sector for 4Q2023, Trend reports.
According to the company, the adjusted net operating income from the sector for this quarter reached $527 million, with a quarter-to-quarter increase of 4 percent.
For the entire year of 2023, TotalEnergies' Integrated Power adjusted net operating income surged by 90 percent year-on-year, reaching $1,853 million. This increase is mostly due to the effectiveness of an integrated business model, which spans across the entire power value chain, including renewables, Combined Cycle Gas Turbines (CCGT), trading, and B2B & B2C marketing, the company explained.
The integrated power segment also demonstrated strong cash flow from operations excluding working capital (CFFO), reaching $705 million in 4Q2023.
This represents a significant year-on-year growth of 61 percent and a substantial quarter-to-quarter increase of 37 percent. As TotalEnergies explains, the positive performance in the fourth quarter was further enhanced by dividend distributions from equity affiliates, contributing to the segment's overall financial strength.
TotalEnergies' integrated power segment's CFFO for the entire year of 2023 reached an impressive $2,152 million. This figure is more than double the CFFO recorded in 2022. Importantly, all segments of the value chain played a pivotal role in driving this financial performance.