BP’s gas and low carbon energy business reported a drop in fourth quarter and full year profits for 2023.
The business, which includes renewables, posted $2.16bn replacement cost (RC) profit in Q4 2023, compared with $2.28bn in the same period in 2022 and $14bn for FY 2023 compared with $14.7bn for FY 2022.
The underlying RC profit before interest and tax for the fourth quarter and full year was $1.78bn and $8.7bn respectively, compared with $3.1bn and $16bn for the same periods in 2022.
By the end of 2023, BP’s installed renewables capacity stood at 2.7GW compared with 2.2GW at the end of 2022.
The renewables pipeline at the end of the quarter was 58.3GW (BP net), including 19.3GW BP net share of Lightsource BP’s pipeline.
The renewables pipeline increased by 21.1GW net during the full year, including bp being awarded the rights to develop two North Sea offshore wind projects in Germany (4GW), increases to Lightsource BP’s pipeline (5.3GW), and an increase in dedicated hydrogen renewables (12.4GW). In addition, there is over 12GW (BP net) of early stage opportunities in Lightsource BP’s hopper.
In terms of developed renewables to FID, the company had 9.3GW of offshore wind by the end of 2023, compared with 5.2GW at the end of 2022, 12.7GW of onshore wind at the end of last year, compared with 6.3GW at the end of 2022 and 36GW of solar at the end of 2023 compared with 28GW at the end of 2022.