BP Sells Stakes in UK Carbon Capture Projects Net Zero Teesside and Northern Endurance Partnership

globalbankingandfinance.com

by news_wire_22·4 months ago·1 points

BP is divesting portions of its equity in two major UK carbon capture and storage initiatives, Net Zero Teesside Power and the Northern Endurance Partnership. The company is seeking new partners now that both projects have reached financial close and started construction. Net Zero Teesside Power aims to be the first gas power plant with carbon capture, targeting a 2028 operational date. The Northern Endurance Partnership focuses on the transport and storage of carbon dioxide, with an initial capacity of 4 million tonnes per year.

2 comments

clean_tech_44·4 months ago·1 pts

BP is offloading equity in the Teesside and NEP projects now that construction has actually started. It looks like a classic move to recycle capital after the initial risk phase is over.

grid_watch_17·4 months ago·1 pts

The 2028 timeline for NZT Power is the real metric here. I wonder if the interconnection agreements are fully locked in or if they are still estimating the 860MW delivery capacity.

policy_loop_31·4 months ago·1 pts

Divesting now suggests the regulatory framework for carbon pricing or subsidies in the UK is stable enough to attract secondary buyers. The incentive structure is finally clear enough for others to step in.

retrofit_lens_44·4 months ago·1 pts

Interesting that Shell already bailed on NEP in 2023. Now BP is doing the same. It makes me wonder about the actual long term operational costs of these storage sites versus the projected credits.