BP enters US offshore wind market in 2021
In 2021, BP and Equinor ASA completed the formation of a strategic offshore wind partnership off the US East Coast. The two companies were selected for the largest-ever US offshore wind award for its Empire Wind and Beacon Wind projects which are expected to supply New York State with 3.3 gigawatts (GW) of power. The new partnership is estimated to develop up to 4.4 GW through the two projects and the companies are jointly seeking other offshore wind opportunities. BP aims to grow its net renewable generating capacity from 2.5 GW in 2019 to 20GW by 2025 and 50GW by 2030.
Product InnovationIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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