BP currently has no plans to invest in Scottish renewable energy projects or marine power technology, according to one of its senior leaders.
Speaking during an online question and answer session yesterday on Linkedin, BP Alternative Energy’s chief development officer, Nick Wayth, said the firm currently does “not have any plans for a major alternative energy investment in Scotland”, despite being one of the largest investors in the North Sea.
“But as you are probably aware, offshore wind is a significant renewable resource for both Scotland the UK in general,” added Wayth.
“Currently the UK’s 6GW forms around 30% of offshore wind capacity globally, and we will continue to look at investment opportunities around the world, including the UK,” he added.
And on the topical subject of tidal power, Wayth added that he does not believe BP has the “appropriate capabilities to develop successful business models in marine renewable energies”.
“I would never say never, but currently our focus is on other forms of renewables,” he added.
“As you’d expect, offshore wind is one of the areas that we are evaluating, given the growth of the sector and its natural fit with BP capabilities,” added Wayth.
“We are, of course, actively focused on our existing onshore wind business in the US, where we have 14 sites – 13 that we operate, while we hold a stake in another in Hawaii.
“In total, we have a net generating capacity of 1.4GW,” he said. “We are considering expanding this portfolio through repowering certain sites.”
Wayth added that natural gas, including shale gas still has a “crucial role” to play in the transition to low carbon economy.
“I would call shale gas an unconventional rather than alternative energy,” he added. “But natural gas generally – shale gas or otherwise – is the ideal complement to renewables.
“One reason for that is that natural gas can be a lower carbon, cost-effective back-up to the variability of renewables, such as solar and wind.
“As BP is building our renewables businesses and growing gas in the portfolio, we are working very closely with other parts in our group such as Upstream and Trading to develop new business models, which integrate renewables with gas.”