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Renewables and power
Disciplined investment in the transition
bp mostly produces, trades and sells oil and gas, alongside transition activities such as EV charging, bioenergy and renewables, that are a much smaller but key part of our business. We are investing in renewables in a capital-light way with an intense focus on competitive returns, maximizing partnerships to combine capabilities and access external financing.
Unlocking value
We anticipate electricity demand to increase by around one third to 2035, driven by emerging economies – particularly India and China – and with data centres set to increase demand significantly in some markets, such as the US.
Through targeted investments in renewables & power platforms, we plan to unlock value by providing electrons that could be used to produce hydrogen, contribute to lowering operational emissions at our own assets, and generate electricity for EV charging and renewables power trading.
At the end of 4Q 2024, our renewables pipeline stood at 60.6 gigawatts (GW).
GW explained
A gigawatt is how we measure the scale of renewables projects.
1GW = 1,000 megawatts = 1 billion watts.
In action: offshore wind
We plan to scale up JERA Nex bp – our planned offshore wind 50:50 joint venture with JERA.
Subject to regulatory and other approvals, on completion of the agreement, JERA Nex bp will have the capability to be a top-five global developer with total net generating capacity of up to 13GW.
In action: onshore renewables
Solar:
We are seeking a partner to further maximize Lightsource bp – already one of the world’s leading solar and battery storage platforms with a strong track record for delivering double-digit returns.