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Share Price Information for BP (BP.)

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Share Price: 527.30
Bid: 527.20
Ask: 527.30
Change: 2.50 (0.48%)
Spread: 0.10 (0.019%)
Open: 524.80
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UPDATE 1-U.S. to hold record offshore wind auction next month in clean energy push

Wed, 12th Jan 2022 17:06

(Adds details on offshore wind auction, comment from Interior
secretary)

By Nichola Groom

Jan 12 (Reuters) - President Joe Biden's administration on
Wednesday said it would hold the U.S. government's biggest ever
offshore wind auction next month for areas in waters off the
coast of New York and New Jersey, part of a range of measures it
unveiled to speed growth of clean energy.

"We're at an inflection point for domestic offshore wind
energy development," Interior Secretary Deb Haaland said on a
call with reporters. "We must seize this moment."

The announcement, which seeks to advance Biden's ambitious
climate change agenda, comes as sweeping legislation to support
those goals is stalled in Congress. Biden has pledged an
"all-of-government" approach to fight global warming and
decarbonize the U.S. electricity grid by 2035.

The White House is "continuing to pursue this agenda every
way we know how," a senior administration official told
reporters on a briefing call on Tuesday.

In a wide-ranging memo, the administration unveiled actions
by seven federal agencies designed to accelerate deployment of
wind and solar projects while creating well-paying jobs, a
cornerstone of Biden's presidential campaign pledge.

The centerpiece of the announcement is the Feb. 23 sale of
six commercial leases in the New York Bight, shallow waters
between New York's Long Island and New Jersey. The leases are
projected to one day host projects able to generate up to 7
gigawatts of electricity, enough to power 2 million homes, the
administration said.

It would be the first offshore wind auction under Biden, who
last year launched an aggressive push to install 30 gigawatts of
the technology by 2030 and approved the nation's first two
commercial-scale projects. The last government auction for wind
leases was held in 2018.

The Bureau of Ocean Energy Management said 25 companies are
eligible to bid on the leases, including entities controlled by
Equinor, Avangrid, BP and EDF,
and each bidder may only win one lease.

The 488,201 acres that will be offered to offshore wind
developers was reduced by 22% from the initial sale proposal
outlined last summer in response to input from the commercial
fishing industry, U.S. Coast Guard and others, BOEM said.

Developers will be required to "make every reasonable
effort" to use union labor to build their projects and to
outline plans for supporting creation of a domestic supply chain
for the industry. Companies that succeed in sourcing major
components domestically may be eligible for lower lease
operating fees.

Onshore, the administration announced steps to slash the
time it takes to permit clean energy projects on public lands
through better coordination between five agencies and the
creation of renewable energy coordination offices at the
Department of Interior.

It also unveiled a major federal effort to build thousands
of miles of electric transmission lines to carry clean energy
from solar and wind facilities to U.S. communities. The Building
a Better Grid initiative will tap billions of dollars in funding
from the $1 trillion infrastructure law passed in November to
finance new lines and grid upgrades.

The administration said it would ensure that the benefits of
clean energy investment will reach rural communities through a
new $10 million grant program at the Agriculture Department to
support projects in poor areas.
(Reporting by Nichola Groom; Editing by Leslie Adler and David
Gregorio)

More News
18 Mar 2024 11:49

LONDON MARKET MIDDAY: FTSE 100 as shakes off pre-interest rate nerves

(Alliance News) - Stock prices in London were higher at midday Monday, as eyes were firmly on interest rate decisions across the globe.

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15 Mar 2024 13:07

IN BRIEF: Costain wins place on GBP4 billion carbon capture project

Costain Group PLC - Maidenhead, Berkshire-based construction and engineering firm - Selected as one of nine specialist partners to deliver a carbon capture project beneath the North Sea off the east cost of England. The engineering, procurement, and construction contracts for the East Coast Cluster have a combined value of around GBP4 billion, Costain says. The contracts will be with Net Zero Teesside Power and the Northern Endurance Partnership. NZT Power is a electricity generating joint venture of the UK's BP PLC and Norway's Equinor. NEP is a joint venture of BP, Equinor and France's TotalEnergies SE that will provide CO2 transport and storage for the East Coast Cluster. Final investment decisions are expected in September or earlier, with the projects aiming for commercial operations from 2027.

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15 Mar 2024 12:11

LONDON MARKET MIDDAY: FTSE 100 underperforms despite mining, oil boost

(Alliance News) - London's FTSE 100 overcame a muted morning to head into Friday afternoon on the up, though its progress was shy of the loftier gains seen by mainland European peers, as investors showed some signs of trepidation ahead of a pair of interest rate decisions next week.

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14 Mar 2024 11:54

BP details green credentials in similar push towards net zero as Shell

(Alliance News) - BP PLC on Thursday outlined similar targets to cut emissions as peer Shell PLC, as both oil and gas majors strive to become net zero for carbon emissions by 2050.

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14 Mar 2024 10:19

BP picks up Ashford site to boost electric charging scope for trucks

(Alliance News) - BP PLC on Thursday stepped up plans to increase its electric charging capacity for heavy goods vehicles by buying one of the largest truck stops in Europe.

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8 Mar 2024 13:42

BP appoints Aviva boss Amanda Blanc as senior independent director

(Sharecast News) - Oil giant BP said on Friday that it has appointed Aviva chief executive Amanda Blanc as senior independent director with effect from after the annual meeting on 25 April.

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8 Mar 2024 12:20

IN BRIEF: BP promotes Aviva chief executive officer to senior director

BP PLC - London-based oil major - Non-Executive Director Amanda Blanc will be appointed as a senior independent director, effective from April 25 at the conclusion of BP's annual general meeting. Blanc joined BP's board in September 2022. She has been group chief executive officer of Aviva PLC since July 2020. Company also says Senior Independent Director Paula Reynolds will retire at the AGM's conclusion, having served on the board for nine years. Non-Executive Director John Sawers will also be retiring.

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8 Mar 2024 10:33

BP pays Auchincloss £8m in 2023, claws back £1.8m from Looney

(Sharecast News) - BP chief executive officer Martin Auchincloss was paid £8m for his services in a particularly prosperous year, it was revealed on Friday, as it managed to claw back a further £1.8m from its former head Bernard Looney.

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4 Mar 2024 15:29

London close: Stocks languish ahead of Wednesday's Budget

(Sharecast News) - London's stock markets finished in the red on Monday, reflecting investor apprehension ahead of the impending Spring Budget.

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4 Mar 2024 10:43

Jefferies upgrades BP to 'buy'

(Sharecast News) - Jefferies upgraded BP on Monday to 'buy' from 'hold' and lifted the price target to 570p from 520p.

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4 Mar 2024 08:59

LONDON BROKER RATINGS: Jefferies says buy BP; UBS says buy Compass

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning:

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4 Mar 2024 08:55

LONDON MARKET OPEN: Review cuts Hipgnosis Songs Fund valuation

(Alliance News) - Stock prices in London opened mostly lower on Monday, as investor attention remained primarily on the release of the UK Spring budget on Wednesday.

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4 Mar 2024 07:41

LONDON BRIEFING: Stocks called down; attention on UK's spring budget

(Alliance News) - Stocks in London are called to open lower, ahead of a busy week of economic news.

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22 Feb 2024 09:49

LONDON BROKER RATINGS: Berenberg raises Moneysupermarket.com to 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

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15 Feb 2024 16:52

LONDON MARKET CLOSE: Stocks in green despite UK hit by recession

(Alliance News) - Stock prices in London closed higher on Thursday, after data showed that the UK economy slipped into recession in the final quarter of 2023, buoying hopes for interest rate cuts from the Bank of England.

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