Saint-Avold Thermal Power Plant: Market Jitters After Kretinsky-TotalEnergies Deal (2025 Update)

Why Is the Saint-Avold Plant Suddenly in the Spotlight?

When TotalEnergies shook hands with Daniel Kretinsky’s EPH group last week, markets reacted like they’d spotted a wolf in a sheep’s pen. The Saint-Avold facility—France’s last major coal plant—was already a political hot potato. Now, with Kretinsky’s track record of asset shuffling (remember his play for UK’s National Grid in 2023?), locals and investors alike are sweating. "This isn’t just a power plant; it’s a bargaining chip," notes a BTCC commodities analyst.

The Kretinsky Playbook: Asset Flips or Long-Term Strategy?

Kretinsky didn’t earn his "Czech Sphinx" nickname by accident. His 2024 acquisition spree—from German gas grids to Spanish renewables—suggests a pattern: buy distressed energy assets, polish them, then pivot. Saint-Avold fits the mold. With EU carbon prices hitting €130/ton (TradingView data), coal plants are bleeding cash. But here’s the twist: TotalEnergies needs the plant’s grid connections for its hydrogen projects. Cue the conspiracy theories.

TotalEnergies’ Endgame: Greenwashing or Genius?

Total’s CEO Patrick Pouyanné claims this deal "accelerates our net-zero roadmap." Skeptics point to their 2025 Q3 earnings call, where hydrogen investments got 3x more airtime than coal. The math is simple: Saint-Avold’s transmission lines could feed future green hydrogen hubs. As one Le Monde source put it: "They’re not buying a plant; they’re buying a zip code."

Workers vs. Wall Street: Who Gets Burned?

Unions warn of "another Gardanne," referencing Total’s messy 2022 mine closure. Meanwhile, EPH bonds dipped 2% post-announcement—rare for Kretinsky’s usually Teflon-coated ventures. The plant’s 300 jobs hang in the balance, but so does France’s baseload capacity during peak demand. Energy Minister Agnès Pannier-Runacher’s office declined to comment, though her earlier tweet about "strategic autonomy" now reads like foreshadowing.

Historical Parallels: When Private Equity Met Power Plants

This isn’t Europe’s first rodeo. Remember Riverstone Holdings’ 2018 acquisition of Vattenfall’s German coal fleet? They flipped it to EPH (yes, Kretinsky again) within 18 months at a 40% markup. The Saint-Avold deal smells similar, though with a 2025 twist: hydrogen subsidies. "It’s like watching someone buy a typewriter factory to harvest the spare parts for AI servers," quips an industry insider.

The Data Behind the Drama

FAQ: Your Burning Questions Answered

What’s the timeline for Saint-Avold’s phaseout?

France officially pledged to close all coal plants by 2027, but energy crisis loopholes could stretch that. TotalEnergies’ hydrogen plans may buy the plant extra years.

How does this affect energy prices?

Short-term volatility likely. If Saint-Avold closes early, France may import German gas power—currently pricier than domestic coal due to LNG shortages.

Is Kretinsky eyeing other French assets?

Rumor mill says yes. His team reportedly toured a shuttered refinery NEAR Bordeaux last month. Classic Kretinsky: always scouting the next distressed gem.