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BP has set itself the tough task of installing 50 GW of renewables capacity this decade, meaning it must bid competitively to secure big projects that can deliver at scale. The British oil major outbid rivals to enter the UK offshore wind market in February, but CEO Bernard Looney assures us this was a prudent move – despite others paying much less to pick up comparable sites.

That’s the lead story in today’s edition of Energy Flux, which looks like this:

💥‘We didn’t pay a premium’ – BP

⚡Transition lines – Decarbonisation stories you need to read

🧠Energised minds – Critical thinking on crucial energy issues

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‘We didn’t pay a premium’ – BP

BP CEO Bernard Looney has rejected accusations that the company paid too much to secure coveted offshore wind acreage in the Irish Sea in February. The licences are located in a privileged region that will reduce installation and maintenance costs, but other bidders paid a lot less for nearby acreage.

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