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ENBW ENERGIE BADEN-W▄RTTEMBERG AG

(EBK)
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BP, EnBW Bid for Scottish Offshore Wind Lease, Promising Billions in Investment

07/19/2021 | 05:07am EDT

By Adria Calatayud

BP PLC said Monday that it and partner EnBW Energie Baden-Wuerttemberg AG have submitted a bid for a lease area off the east coast of Scotland that could support offshore wind projects with capacity to generate 2.9 gigawatts.

BP said a successful bid would bring multi-billion pound investment into Scottish offshore wind projects. The company said its bid seeks to accelerate Scotland's energy transition, and that it would invest in green-hydrogen production and accelerating the expansion of the electric-vehicle charging network.

Applications for the ScotWind leasing round, the first round of offshore-wind leasing in Scottish waters for a decade, closed last Friday and a period of evaluation of the bids will follow.

The BP-EnBW partnership was named as the preferred bidder for two 60-year leases in the Irish Sea in a U.K. offshore-wind leasing round in February, marking BP's entry to the British offshore-wind sector with a record bid.

BP executives have since defended that investment against accusations of overpaying for the leases, arguing the location is superior to other offshore wind projects.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

07-19-21 0506ET

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 1.03% 307.6 Delayed Quote.21.19%
ENBW ENERGIE BADEN-WÜRTTEMBERG AG 3.48% 77.4 Delayed Quote.38.21%
WTI 1.00% 71.412 Delayed Quote.48.70%
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Financials
Sales 2020 19 900 M 23 322 M 23 322 M
Net income 2020 596 M 699 M 699 M
Net Debt 2020 8 487 M 9 947 M 9 947 M
P/E ratio 2020 25,4x
Yield 2020 1,79%
Capitalization 20 964 M 24 565 M 24 569 M
EV / Sales 2019 1,06x
EV / Sales 2020 1,19x
Nbr of Employees 23 369
Free-Float 0,37%
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Managers and Directors
Frank Mastiaux Chairman-Management Board & CEO
Thomas Andreas Kusterer Chief Financial Officer
Lutz Peter Feldmann Chairman-Supervisory Board
Hans-Josef Zimmer Chief Technical Officer
Bernd-Michael Zinow Member-Supervisory Board
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