BP Says $6.8 Billion German Offshore Wind Bet Will Make Money
- CEO Looney sees BP’s green power needs at 5-10 gigawatts
- Company anticipates shortage of green power into the 2030s
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BP Plc boss Bernard Looney rebuffed criticism that his company overpaid for offshore wind leases in Germany, saying that a long-term shortage of green power in the region will make the project profitable.
“We have a huge demand for green electricity in the 2030s from our own businesses in Germany,” Looney said in an interview with Bloomberg TV on Tuesday. BP is forecasting that its own need for power in the country will rise to 5 to 10 gigawatts and “there’s going to be a shortage of green electricity in the 2030s.”