L R AS Published on Sunday 20 September 2020 - n° 332 - Categories:industrial strategy
the oil company BP wants to reach 50 GW of RE in 2050
The oil company BP wants to migrate from the oil industry to renewable energy. They would reach 50 GW in 2050 within the company and would provide a return of 8 to 10% (hydrocarbons bring in 8.5%). The CEO detailed how: returns start at around
5-6% on an equity basis in a competitive auction; BP's trading capabilities alone could increase the return by 1-2%. In addition, there are "firm" renewable energy electricity supply agreements, backed by the company's natural gas.
The current renewable energy pipeline amounts to 20 GW, dominated by the contribution of solar developer Lightsource BP. The latter has a portfolio to develop of 16.1 GW, ten times more than when BP first acquired a stake in the company in 2017.
https://www.greentechmedia.com/articles/read/how-bp-plans-to-make-oil-like-returns-from-renewables
GreenTech Media of 15 September
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The oil company BP hopes to install 550 MW of wind and solar power annually by 2030.
The group notes that it would take a global annual increase in solar and wind power of between 350 and 550 GW over 15 years to achieve a rapidly transitioning economy.
The company is seeking to build a 50 GW renewable energy portfolio over the next ten years. Investment in low-carbon power generation would increase from the current $500 million to $5 billion by 2030.
PV Tech of 14 September*
Editor's note 30-year targets are in fashion. BP is following it. Nothing says it will succeed unless it exceeds that level! This helps to present an attractive image of the company. Nothing more.
