BP's JV With EnBW to Remain Unaffected Amid Renewables Scale-Down

Zacks11-14

BP plc’s BP current efforts to scale back on its renewable projects' expansion shall not affect the offshore wind projects that the British energy major has undertaken with the German energy company ...

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In recent months, BP has been maintaining its focus on its high-margin business while scaling down the aggressive expansion of its renewables unit. The company had previously announced that it plans to sell off its U.S. onshore wind businessand divest a small stakein its offshore wind business.FuelCell Energyis a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transit","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU0162691827.USD":"BGF US BASIC VALUE \"A4\" INC","BK4179":"石油天然气设备与服务","BK4585":"ETF&股票定投概念","BK4541":"氢能源","AROC":"Archrock, Inc","FCEL":"燃料电池能源","BP":"英国石油","LU0072461881.USD":"BGF US BASIC VALUE \"A2\" ACC","LU1829250122.USD":"高盛欧洲核心股票组合Acc","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","BK4588":"碎股","BK4201":"综合性石油与天然气企业","BK4096":"电气部件与设备","SND":"Smart Sand Inc."},"translate_title":"BP与EnBW的合资企业在可再生能源规模缩减的情况下不受影响","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BP":1,"FCEL":1,"SND":1,"AROC":0.9},"content_text":"BP plc’s BP current efforts to scale back on its renewable projects' expansion shall not affect the offshore wind projects that the British energy major has undertaken with the German energy company EnBW, as per Reuters. In recent months, BP has been maintaining its focus on its high-margin business while scaling down the aggressive expansion of its renewables unit. The company had previously announced that it plans to sell off its U.S. onshore wind business and divest a small stake in its offshore wind business.\nOverview of the Partnership\nHowever, per EnBW, these decisions are not likely to affect BP’s partnership with the German energy firm. BP and EnBW forged a 50-50 partnership in 2021 to develop offshore wind projects in the UK. The companies have signed lease agreements for two 60-year leases that should enable them to develop offshore wind projects in the Irish Sea. Furthermore, they have signed an option agreement related to a lease in the UK North Sea.\nThe three projects, named Morven, Morgan and Mona, have the collective capacity to generate up to 5.9 gigawatts (GW) of power, enough to meet the needs of approximately 6 million households in the UK.\nBP’s Scale-Back Unlikely to Affect JV’s Operations\nEnBW mentioned that BP’s strategy to scale down its renewables business is global. The decision does not affect the JV’s plans. EnBW further mentioned that the JV is advancing with its projects, and the operations remain unaffected by BP’s decision to cut back on further investments in renewables.\nBP’s Zacks Rank and Key Picks\nCurrently, BP carries a Zacks Rank #3 (Hold).\nSome better-ranked stocks in the energy sector are Archrock Inc. AROC, Smart Sand, Inc. SND and FuelCell Energy FCEL. Archrock presently sports a Zacks Rank #1 (Strong Buy) each, while Smart Sand and FuelCell Energy carries a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.\nArchrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.\nSmart Sand, Inc. is a low-cost producer of high-quality Northern White frac sand, an ideal proppant for hydraulic fracturing and various industrial applications. The company provides proppant and other logistics services for several companies in the oil and gas industry. With sustained demand in the oil and gas market, SND is expected to see growing demand for its services, reflecting a positive outlook.\nFuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nBP p.l.c. (BP) : Free Stock Analysis Report\nFuelCell Energy, Inc. (FCEL) : Free Stock Analysis Report\nArchrock, Inc. (AROC) : Free Stock Analysis Report\nSmart Sand (SND) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483407858"}