BP JERA Offshore, Ørsted Cathay Insurance Deal

On News Flash this week we cover BP and JERA joining forces to create a offshore wind partnership called JERA Nex. Also Ørsted has signed an agreement with Cathay Life Insurance to sell a 50% stake in the Changhua 4 offshore wind farm. And Solaria has announced plans to reach 14. 3 gigawatts of install capacity by 2028. Sign up now for Uptime Tech News, our weekly email update on all things wind technology. This episode is sponsored by Weather Guard Lightning Tech. Learn more about Weather Guard's StrikeTape Wind Turbine LPS retrofit. Follow the show on Facebook, YouTube, Twitter, Linkedin and visit Weather Guard on the web. And subscribe to Rosemary Barnes' YouTube channel here. Have a question we can answer on the show? Email us! Pardalote Consulting - https://www.pardaloteconsulting.comWeather Guard Lightning Tech - www.weatherguardwind.comIntelstor - https://www.intelstor.comJoin us at The Wind Energy O&M Australia Conference - https://www.windaustralia.com Welcome to Uptime News Flash. Industry news lightning fast. Your hosts, Alan Hall, Joel Saxom, and Phil Totaro discuss the latest deals, mergers, and alliances that will shape the future of wind power. News Flash is brought to you by IntelStor. For market intelligence that generates revenue, visit www. intelstor. com. Allen Hall: First up this week, Phil, BP and JERA are joining forces to create a major offshore wind partnership called JERA Next. BP and this equally owned joint venture will have a total of 13 gigawatts potential net generating capacity combining the operating assets and the development projects all together. The partners have committed up to 5. 8 billion in capital funding through 2030. All right, BP is trying to slowly back away from some renewable energy projects, but now they've joined forces with JIRA. I want to understand what this dynamic is. Philip Totaro: Well, it's fascinating because with the resignation as well of the, BP offshore wind executive, their executive director It's almost like this is the full effect of the oil and gas pivot coming to fruition. It's kind of, it sounds to me, the way I read this is the resignation of, we're not really going to do offshore wind except through this venture with JERA from now on where they basically do all the work and we'll take a percentage. But it's, it just feels like BP's got bigger issues because even their oil and gas business isn't the healthiest at the moment. So, they're pivoting and focusing on that whilst providing JIRA the opportunity to continue the growth that they've been on. Joel Saxum: BP is confusing me here. I feel like their operations strategy and marketing and PR departments need to go and sit in a room together to figure out what they're actually doing. They're in the midst of selling all their onshore assets in the U. S. We know that.