BP and JERA to combine offshore wind operations in joint venture

BP and Japanese power generator JERA have agreed to form a standalone joint venture combining their offshore wind operations, a major step in CEO Murray Auchincloss’ efforts to reduce BP’s focus on renewables.

BP’s retreat from offshore wind reflects a similar trend by rivals Shell and Equinor which are trying to boost near-terms profits by spending more on higher-return oil and gas operations.

The 50-50 venture, called JERA Nex BP, will include operating assets and development projects with a potential generation capacity of 13 gigawatts, the two companies said in a statement.