BP, in its earnings report, has revealed that its renewables pipeline at the end of the fourth-quarter of 2024 stood at 60.6GW (bp net), with 38.7GW attributed to Lightsource bp (LSbp).
Over the full year, the renewables pipeline saw a net increase of 2.3GW, driven by the LSbp acquisition (20.5GW), while reductions resulted from high-grading and the strategic focus on hydrogen projects and the US solar business.
Regionally, the pipeline included 21.2GW (18.8GW) in the Americas, 15.1GW (21.3GW) in Asia Pacific, 23.6GW (14.6GW) in Europe, and 0.7GW (3.5GW) in other regions. The pipeline was composed of 9.7GW (9.3GW) from offshore wind, 6.6GW (12.7GW) from onshore wind, and 44.3GW (36.6GW) from solar.
BP’s capital expenditure in 2024 was $16.237 billion compared to $16.253 billion in 2023. Fourth-quarter capital expenditure stood at $3.7 billion, with full-year spending at $16.2 billion, down from $4.7 billion and $16.3 billion in the same periods of 2023.
The 2024 figures included a $0.7-billion initial payment for German offshore wind, while the 2023 total included $1.1 billion related to the TravelCenters of America acquisition. Capital expenditure for BP’s low-carbon energy business increased to $1.596 billion in 2024, up from $1.256 billion in 2023.
Baburajan Kizhakedath