AVN 67.98 Decreased By ▼ -2.75 (-3.89%)
BOP 9.88 Increased By ▲ 0.33 (3.46%)
CHCC 133.50 Increased By ▲ 4.25 (3.29%)
DCL 11.55 Increased By ▲ 0.15 (1.32%)
DGKC 114.35 Increased By ▲ 3.40 (3.06%)
EFERT 60.10 Increased By ▲ 0.30 (0.5%)
EPCL 44.00 Decreased By ▼ -0.70 (-1.57%)
FCCL 20.90 Increased By ▲ 0.07 (0.34%)
FFL 17.65 Decreased By ▼ -0.54 (-2.97%)
HASCOL 21.17 Increased By ▲ 0.04 (0.19%)
HBL 133.00 Increased By ▲ 0.95 (0.72%)
HUBC 81.55 Decreased By ▼ -0.59 (-0.72%)
HUMNL 8.21 Increased By ▲ 0.20 (2.5%)
JSCL 29.91 Increased By ▲ 2.51 (9.16%)
KAPCO 26.90 Increased By ▲ 0.54 (2.05%)
KEL 4.13 No Change ▼ 0.00 (0%)
LOTCHEM 12.90 Decreased By ▼ -0.03 (-0.23%)
MLCF 40.17 Increased By ▲ 1.18 (3.03%)
OGDC 108.25 Decreased By ▼ -1.02 (-0.93%)
PAEL 38.10 Increased By ▲ 0.13 (0.34%)
PIBTL 13.62 Increased By ▲ 0.20 (1.49%)
PIOC 99.00 Increased By ▲ 3.25 (3.39%)
POWER 9.24 Increased By ▲ 0.10 (1.09%)
PPL 95.27 Decreased By ▼ -0.89 (-0.93%)
PSO 202.00 Increased By ▲ 0.49 (0.24%)
SNGP 65.40 Increased By ▲ 1.06 (1.65%)
STPL 14.31 Increased By ▲ 1.06 (8%)
TRG 56.55 Decreased By ▼ -0.33 (-0.58%)
UNITY 17.61 Decreased By ▼ -0.45 (-2.49%)
WTL 1.22 No Change ▼ 0.00 (0%)
BR100 4,358 Decreased By ▼ -1.45 (-0.03%)
BR30 22,237 Increased By ▲ 24.89 (0.11%)
KSE100 41,864 Increased By ▲ 35.23 (0.08%)
KSE30 17,684 Decreased By ▼ -12.76 (-0.07%)
COVID-19 TOTAL DAILY
CASES 288,047 747
DEATHS 6,162 9
Markets

Oil majors' renewable drive pushes up price tags on assets

  • BP, Shell and Total have all announced renewable expansion plans this year to reduce their reliance on fossil fuels and meet internal climate targets.
  • SSE also earlier this year sold a 51% stake in its Seagreen 1 British offshore wind farm project to France's Total.
16 Sep 2020

LONDON: Plans by European oil companies to increase their renewable power capacity are driving up the price tags on renewable businesses and projects, the CEO of British renewables and network company SSE, told Reuters.

BP, Shell and Total have all announced renewable expansion plans this year to reduce their reliance on fossil fuels and meet internal climate targets. Analysts say much of the growth will need to come through acquisitions.

"I'm delighted to see some of these companies coming in and paying substantial prices for assets. That will help in terms of pushing up the prices of assets we are selling," SSE's Alistair Phillips-Davies said in an interview.

BP last week agreed to pay $1.1 billion for 50% stakes in two US offshore wind developments from Norway's Equinor

SSE, which is seeking to divest around 2 billion pounds ($2.6 billion) of assets, has said it would sell at least a 10% stake in its Dogger Bank offshore wind project being developed off the British coast with Norway's Equinor.

SSE also earlier this year sold a 51% stake in its Seagreen 1 British offshore wind farm project to France's Total.

"Generally, seeing oil companies come in with their experience of offshore is good news for the industry. Although it will make the market more competitive it will also bring new focus and new technology and innovation," Phillips-Davies said.