Décarbonisation1. Carbon Pricing Framework: Explicit (EU ETS) vs. Implicit/Internal Shadow Pricing
TotalEnergies employs an internal carbon price (ICP) or shadow price in its project evaluations and asset impairment testing. Currently, its base case includes a minimum price of $100/tCO₂ (or higher jurisdictional prices) starting in 2023, with a 2% annual increase after 2030.
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Refiner Margin Squeeze and the 3:2:1 Crack Spread Signal: Technical Analysis with Focus on TotalEnergies (as of mid-June 2026)
Executive Summary
The 3:2:1 crack spread serves as a primary proxy for gross refining margins, calculated as:…
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ESG/Fiscal Dimensions of Refiner Margin Squeeze: Carbon Pricing (Internal Shadow Prices) and Tax Loss Harvesting – TotalEnergies Case Study
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