Stock

BP plans to construct wind farms off Scotland – The Occasions

© Reuters. FILE PHOTO: BP signage can be seen on a petrol station near Brighton, UK

(Reuters) – BP (NYSE 🙂 Plc is preparing to bid for the rights to build wind farms off Scotland, The Times reported early Monday https: //.

Bernard Looney, BP's chief executive officer, told The Times the company was considering bidding to lease the seabed off Scotland for offshore wind projects in the upcoming Crown Estate Scotland auction.

Tenders for the ScotWind process, which includes 17 areas spanning 8,600 square kilometers (3,320 square miles) of seabed, have yet to be completed with a July 16 deadline, The Times reported.

BP is working on bidding for the Scottish leases with EnBW Energie Baden Wuerttemberg AG, the German regional utility with whom it worked on its first entry into the British offshore wind market in the Irish Sea in February.

In February, BP and EnBW won two locations with a total of 3 gigawatts (GW), which Bernstein analysts described as a "highly competitive race".

The aim is to increase the generation of renewable energy from the current 3.3 GW to 50 GW by 2030 while reducing oil production in order to reduce greenhouse gas emissions.

Disclaimer: Fusion Media would like to remind you that the information contained on this website is not necessarily real time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. Therefore, prices may not be accurate and may differ from the actual market price. This means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading losses you may incur as a result of using this data.

Fusion Media or any person involved with Fusion Media assumes no liability for any loss or damage caused by reliance on the information contained on this website, such as data, offers, charts and buy / sell signals. Please inform yourself comprehensively about the risks and costs associated with trading in the financial markets. This is one of the riskiest forms of investment possible.

Related Articles