BP to Write Down $4-5 Billion in Renewables, Cumulative Losses Reach $20 Billion
BP plans to write down $4 billion to $5 billion for its renewables businesses by the end of 2025, raising total write-downs to approximately $20 billion over two years. The company continues to depend on oil and gas for revenue while spinning off its wind energy operations into a joint venture with Japan's Jera. Recent project cancellations include a wind farm in the Irish Sea and hydrogen initiatives in multiple locations.
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BP announced a planned write-down of $4 billion to $5 billion for its renewables businesses by the end of 2025, bringing total write-downs to approximately $20 billion over two years. BP continues to rely on oil and gas for income, while it has spun off its wind energy business into a joint venture with Japan's Jera, named Jera Nex BP. The company has faced cancellations in projects, including a windfarm in the Irish Sea and several hydrogen initiatives in Teesside, Oman, and Western Australia.
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