BP, while announcing its Q3 2024 financial result, said its renewables pipeline at the end of Q3 totaled 46.8 GW (net), including a 20.5 GW share from Lightsource bp.
BP, the energy giant, said the renewables pipeline decreased 11.5 GW over the past nine months due to a focus on hydrogen and carbon capture utilization and storage (CCUS) projects. Additionally, over 10 GW of early-stage opportunities are in Lightsource bp’s pipeline.
On September 12, BP and Iberdrola finalized plans for a 25 MW green hydrogen project at BP’s Castellon refinery in Spain, expected to be operational by the second half of 2026. This project will be developed by a joint venture, Castellón Green Hydrogen.
On September 16, BP announced its plan to sell its US onshore wind energy business, which includes 10 operating wind farms across seven states with a total capacity of 1.7 GW (1.3 GW net to BP). The aim is to consolidate the development of onshore renewable projects through Lightsource bp.
On October 24, BP completed the acquisition of the remaining 50.03 percent interest in Lightsource bp, enhancing its position in solar and battery storage development.
BP’s Archaea Energy has started three renewable natural gas landfill plants in Q3, increasing the total to seven for the year. An additional eight plants are expected to be commissioned by year-end.
In the first nine months of 2024, BP installed around 20 percent more EV charge points and saw energy sales from these points double compared to the same period in 2023, exceeding 1 TWh. BP has partnered with LAZ Parking to develop ultra-fast charging hubs in the US and has installed 5,000 charge points in India through its Jio-bp joint venture.
Profit of BP in Q3 was $0.2 billion, down from $4.9 billion in Q3 2023. For the first nine months, profit was $2.3 billion compared to $14.9 billion in the same period last year.
Capital expenditures in Q3 were $4.5 billion, and $12.5 billion for the first nine months, compared to $3.6 billion and $11.5 billion in the same periods of 2023. The current year’s expenditures include a $0.7 billion initial payment for German offshore wind projects.
BP’s Installed Renewables Capacity
BP’s installed renewable capacity was 2.8 GW at the end of 30 September 2024, marking a drop from 2.7 GW in June 2024 and 2.5 GW in September 2023.
Developed renewables to FID (Final Investment Decision) grew to 6.6 GW as of September 2024, up from 6.5 GW in June 2024 and 6.1 GW in September 2023.
Renewables pipeline has reached 46.8 GW as of September 2024, a decrease from 59.0 GW in June 2024 but an increase from 43.9 GW in September 2023. This fluctuation may reflect project prioritization or changes in pipeline projects over the last quarter.
Renewable Pipeline by Geography
Americas: 17.8 GW in September 2024, slightly down from 18.4 GW in both June 2024 and September 2023.
Asia Pacific: 12.9 GW, significantly reduced from 21.5 GW in June 2024, showing a decrease from 12.1 GW in September 2023 as well.
Europe: 15.4 GW, relatively stable compared to June 2024 (15.5 GW) and a slight increase from September 2023 (13.4 GW).
Other Regions: 0.7 GW as of September 2024, down from 3.5 GW in June 2024.
Renewable Pipeline by Technology
Offshore Wind: Stable at 9.6 GW from June 2024, with a minor increase from 9.3 GW in September 2023.
Onshore Wind: Dropped to 6.7 GW from 12.7 GW in June 2024, and down from 6.1 GW in September 2023.
Solar: Decreased to 30.5 GW from 36.7 GW in June 2024, but still up from 28.5 GW in September 2023.
Total Developed Renewables to FID and Renewables Pipeline
Totaling 53.4 GW as of September 2024, down from 65.5 GW in June 2024 and slightly up from 50.0 GW in September 2023. This reduction compared to June 2024 could indicate adjustments or strategic shifts in BP’s renewable projects.
Baburajan Kizhakedath