BAKU, Azerbaijan, April 29. TotalEnergies' integrated power segment reported a strong performance in 1Q2024, with adjusted net operating income reaching $611 million, Trend reports.
According to the company's latest report, this figure marks a significant increase of 16 percent compared to the previous quarter's income of $527 million. Moreover, on a year-on-year basis, the segment's income surged by an impressive 65 percent, rising from $370 million in 1Q2023.
In terms of cash flow, the segment generated $692 million from operations excluding working capital (CFFO) in 1Q2024.
While this represents a slight decrease of 2 percent from the preceding quarter's $705 million, it is important to note that the fourth quarter of 2023 benefited from higher dividends from equity affiliates. Nonetheless, on a yearly basis, the cash flow from operations witnessed a substantial uptick of 57 percent, rising from $440 million in 1Q2023.
Meanwhile, TotalEnergies' net power production witnessed a significant surge in 1Q2024, totaling 9.6 TWh. This marks a notable increase of 20 percent quarter-to-quarter, up from 8 TWh, and a 14-percent rise year-on-year from 8.4 TWh. Renewable energy production played a pivotal role in this growth trajectory, with an uptick of 10 percent quarter-to-quarter - from 5.5 TWh to 6 TWh.