PARIS — French oil major Total said it would undercut EDF and Engie in the French power retail sector with a 10 percent price discount, setting the scene for a possible price war. Launching Total's entry into a retail market dominated by former state monopolies EDF and Engie, CEO Patrick Pouyanne said he wanted to win a 10 percent market share - or 3 million customers - within five years before expanding deeper into Europe. "Although the residential market was deregulated 10 years ago, French consumers haven't really seen the effect on their bills. We want to enter as a challenger," Pouyanne said, setting the goal of becoming France's No. The new retail unit, which is called Total Spring and employs about 300 people, went live on Thursday.

Source: New York Times October 05, 2017 10:10 UTC