Apr 26, 2021

BP targets US retail power market with cleaner fuel mix

BP has applied to supply US residential customers with electricity as the UK oil and gas major seeks to shift its energy mix towards cleaner fuels. BP has a large power trading division that enables wholesale US sales through bespoke, long-term deals with customers such as cities, but the FERC application is a step towards what would be its first move into the retail sector. The filing, first reported by Reuters, said "BP Energy Retail is a retail energy marketing company that intends to sell electricity products directly to commercial and industrial customers and residential customers." BP pledged last year to become a net-zero emissions business by 2050, promising to increase its renewable power generation capacity 20-fold and invest in cleaner energy businesses in the coming years. BP made its first foray into offshore wind power last year, agreeing to buy a 50 per cent stake in two US projects from Norway's Equinor for $1.1bn. It is positioning itself to take advantage of an expected boom in the nascent US wind market in coming years.

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