BP's efforts to reduce renewables will not affect the JV with EnBW

The joint venture between BP and EnBW, which is a partnership in offshore wind energy, will not be affected by BP's current efforts to reduce its renewables activities, said the finance chief of the German utility on Tuesday.

In 2021, the two companies entered into a partnership of 50:50 to develop offshore wind farms in Britain. They have agreements in place for the lease of two 60-year leases on the Irish Sea and an option agreement to lease another lease in North Sea.

The three projects, Morven, Morgan and Mona cover a potential generation capacity that is 5.9 gigawatts. This would be enough to power approximately 6 million UK homes.

Last month, sources said that BP had considered selling a minor stake in its offshore business. This was the latest attempt by CEO Murray Auchincloss at reducing the focus of the energy company on renewables.

Thomas Kusterer, EnBW's CFO, said that the company was in constant contact with BP. He added that they did not expect any negative impact from their plans to reduce their renewables business because it is not at our level.

He added: "If they did something, at least that's what I understand, it would be on a global level, not a JV-level." "What we hear from them (is) that we are making good progress with the project, and we don't see any impact on an operation level." (Reporting and editing by Friederike Hiene, Jonathan Oatis and Christoph Steitz)

(source: Reuters)