TotalEnergies CEO warns against taxing 'superprofits,' threatens to end energy price caps

Patrick Pouyanné, the CEO of TotalEnergies, has issued a stark warning to French politicians, threatening to withdraw the company's price caps on fuel if the government proceeds with taxing its "superprofits." Speaking on Saturday, Pouyanné expressed deep concern over the economic platforms of figures like Marine Le Pen and Jean-Luc Mélenchon, describing their proposals as "worrying" and indicative of an "etatism" that overlooks the role of businesses.

"When I listen to their economic programs, it's worrying," Pouyanné stated, criticizing a perceived lack of "courage" among the political class regarding France's economic situation. He argued for a renewed focus on production and work, suggesting a shift in the burden of social charges away from labor. Pouyanné emphasized that TotalEnergies would continue to pay its corporate taxes and other levies, but the continuation of capped energy prices is contingent on the absence of new profit taxes.

TotalEnergies has been capping fuel prices at its French stations, a measure Pouyanné stated would continue as long as the conflict in the Middle East persists. This initiative has reportedly cost the company between 250 and 300 million euros. While it has not yielded direct financial gains, it has helped TotalEnergies increase its market share in France from 22% to 25%.

Beyond economic and political concerns, Pouyanné also addressed the accelerating reality of climate change. Having witnessed the summer's heatwaves firsthand, he acknowledged that "something is happening" and that "climate disruption is already here." He stressed the need for adaptation to these intensifying phenomena, stating that "we are all responsible for the climate."

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Il se passe quelque chose, c’est clair. Je pense que le dérèglement climatique est déjà là, il s’amplifie, il se passe quelque chose et il faut qu’on s’adapte.