Category Archives: BP

Queen’s property chief delays sale of Scottish seabed windfarm plots

Auction paused after runaway bids for leases in England and Wales hand windfalls to Queen and Treasury

The Queen’s property manager in Scotland has delayed the auction of Scottish seabed plots for windfarms after runaway bids for leases in England and Wales handed the Queen and the Treasury a multibillion-pound windfall.

Crown Estate Scotland paused its auction in order to carry out a review of the process after the “unprecedented” bidding in an auction for England and Wales lease options last week reached record highs.

How important is offshore wind power to the UK energy system?
Offshore windfarms generated 8% of the UK’s electricity in 2018, according to estimates by trade body RenewableUK. The UK has more offshore wind capacity than anywhere in the world, with 37 projects made up of nearly 2,000 turbines. There is nearly 8GW of capacity today, 1.3GW of which was added in 2018. Another 5GW is already committed to. The UK has 44% of all European offshore wind power capacity.

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Why oil giants are swapping oil rigs for offshore windfarms

The fossil fuel giants need to find new ways to reduce emissions, generate growth and maintain their share price

The world’s biggest oil companies are no stranger to UK waters, but by the end of the decade they will be running more offshore wind turbines than oil rigs.

BP has already made a splash with a record-breaking bid to build two giant windfarms in the Irish Sea. The company beat established renewable energy players by offering to pay the Crown Estate £900m a year to develop the sites, more than 15 times the price paid for similar deals in the past.

Related: Queen’s property manager and Treasury to get windfarm windfall of nearly £9bn

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