Total's power move

Total refinery in Donges, France.
Total refinery in Donges, France. Photo: Loic Venance/AFP via Getty Images

France-based multinational oil giant Total announced Wednesday that it's acquiring a 74% stake in the big French electricity company Direct Energie.

Why it matters: It's another sign that European oil giants are increasingly entering the electricity and vehicle electrification space, a move driven in part by pressure from climate policy to diversify their businesses.