BP is exploring building the 3GW Morgan and Mona offshore wind farms without entering the contracts for difference (CfD) process.
Chief executive Bernard Looney (pictured) said the oil and gas giant may use the energy generated by the projects off the north west of England and north Wales for its own electric vehicle charging stations and its planned green hydrogen projects instead of powering the UK grid.
The developer, which is pursuing the Round 4 wind farms with partner EnBW, is yet to file planning applications.
He told The Times: “We may not enter any [contracts for difference] auction actually, because our strategy is to use the electrons [electricity] for our own use where we can. There’s a lot of green electricity demand for us in the UK.”
Looney said that BP planned to invest £1bn in electric vehicle charging in Britain and to build green hydrogen plants on Teesside.
He added that currently the biggest challenge for the projects had been the grid connection which he believed the company is “very close” to securing.
“I think the teams have made really, really good progress, which is what is giving us more confidence around maybe having a shorter lease period in terms of lease payments,” Looney said.