TotalEnergies SE Ordinary Shares (TTE) Q1 2026 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.418 But at TotalEnergies, we consider that it's not a good market for developing 00:00:05.418 -- 00:00:10.606 offshore wind. And in fact, what I also say, I think developing offshore 00:00:10.606 -- 00:00:17.135 wind requires some specific market. It's a question of cost-merit curve to produce electricity. 00:00:17.135 -- 00:00:23.163 And it's linked as well. So UK, Germany, France 00:00:23.163 -- 00:00:27.571 might be some interesting countries. 00:00:27.571 -- 00:00:32.578 because they have less capacity to develop onshore renewables because limited 00:00:32.578 -- 00:00:35.722 space, in fact. So there is a market there. 00:00:35.722 -- 00:00:42.409 So we will concentrate on these projects. And the other lesson we drew is that 00:00:43.172 -- 00:00:48.560 on offshore wind is that it needs to be big to be profitable. 00:00:48.560 -- 00:00:51.324 So we are cleaning our portfolio. 00:00:51.324 -- 00:00:56.451 We had a small project in Denmark. We are just exiting it because 00:00:56.451 -- 00:01:01.472 it does not fly. markets, and honestly, Brazil, Philippines, India, 00:01:01.472 -- 00:01:05.457 forget all that. There's no interest. There are plenty in Brazil. 00:01:05.457 -- 00:01:10.282 You can produce plenty on onshore wind in Nordeste with gas as a venture, which costs 00:01:10.282 -- 00:01:12.405 much less 00:01:12.405 -- 00:01:14.287 than 00:01:14.287 -- 00:01:18.532 offshore wind. So offshore wind is more expensive, so it should be delegated to markets 00:01:18.532 -- 00:01:22.857 which could afford it and which need it. And that's the conclusion which we draw for 00:01:22.857 -- 00:01:28.082 ourselves. So we'll concentrate on that. Some projects, which are large, 00:01:28.082 -- 00:01:33.267 by the way, on which we believe tha...