LONDON: BP stays dedicated to its offshore wind progress plans after the power firm booked a $540 million impairment on two US initiatives, CEO Murray Auchincloss informed Reuters on Tuesday.
BP and its accomplice Equinor are assessing their subsequent steps after the state of New York rejected the businesses’ request to revise upwards energy provide contracts for the large initiatives, Auchincloss mentioned.
The pretax impairment on the initiatives was as a result of “inflationary pressures and allowing delays,” BP mentioned.
Norway’s Equinor booked a $300 million impairment on the initiatives final week.
“New York put out a 10-point plan, which might assist transfer these initiatives ahead… We’ll be that with our accomplice Equinor and deciding what we do shifting ahead,” he mentioned, after BP reported third-quarter earnings of $3.3 billion.
“We stay dedicated to offshore wind, specifically right here within the UK and in Germany,” Auchincloss added.
BP paid Equinor $1.1 billion in 2020 for a 50% stake within the enterprise to develop the Empire and Beacon offshore wind initiatives, which have a mixed capability of three.3 gigawatts, able to powering 2 million houses.
BP and its accomplice Equinor are assessing their subsequent steps after the state of New York rejected the businesses’ request to revise upwards energy provide contracts for the large initiatives, Auchincloss mentioned.
The pretax impairment on the initiatives was as a result of “inflationary pressures and allowing delays,” BP mentioned.
Norway’s Equinor booked a $300 million impairment on the initiatives final week.
“New York put out a 10-point plan, which might assist transfer these initiatives ahead… We’ll be that with our accomplice Equinor and deciding what we do shifting ahead,” he mentioned, after BP reported third-quarter earnings of $3.3 billion.
“We stay dedicated to offshore wind, specifically right here within the UK and in Germany,” Auchincloss added.
BP paid Equinor $1.1 billion in 2020 for a 50% stake within the enterprise to develop the Empire and Beacon offshore wind initiatives, which have a mixed capability of three.3 gigawatts, able to powering 2 million houses.
