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    BP.   GB0007980591

BP PLC

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BP, EnBW Detail Plans for Two Offshore Wind Projects in Irish Sea

07/14/2021 | 05:09am EDT

By Sabela Ojea

BP Plc said Wednesday that its partnership with EnBW Energie Baden-Wuerttemberg AG has named its two offshore wind projects in the Irish Sea and launched a supplier portal.

The oil major said that once the projects, called Morgan and Mona, are complete they will have a combined potential generating capacity of three gigawatts, sufficient to power the equivalent of around 3.4 million U.K. households with clean electricity.

"These leases will play a critical role in helping deliver the U.K. government's aim of producing enough offshore wind to power every U.K. home, quadrupling the country's generating capacity to 40 gigawatts by 2030," said Richard Haydock, BP's project director.

The BP-EnBW partnership was named as the preferred bidder for the two 60-year leases in a U.K. offshore-wind leasing round in February, marking BP's entry to the British offshore-wind sector with a record bid.

BP executives have since defended the investment against accusations of overpaying for the leases, arguing the location is superior to other offshore wind projects.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

07-14-21 0709ET

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 1.03% 307.6 Delayed Quote.21.19%
WTI 0.99% 71.591 Delayed Quote.48.70%
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Financials (USD)
Sales 2021 183 B - -
Net income 2021 13 044 M - -
Net Debt 2021 39 032 M - -
P/E ratio 2021 6,78x
Yield 2021 5,12%
Capitalization 84 523 M 84 444 M -
EV / Sales 2021 0,67x
EV / Sales 2022 0,64x
Nbr of Employees 63 600
Free-Float 94,0%
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Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 4,22 $
Average target price 5,08 $
Spread / Average Target 20,4%
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Managers and Directors
Bernard Looney Chief Executive Officer & Director
Murray Auchincloss Chief Financial Officer & Director
Helge Lund Chairman
Gordon Young Birrell Executive Vice President-Production & Operations
Paula Rosput Reynolds Senior Independent Director
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