Japanese energy provider and British oil company BP are to set up a company named JERA Nex bp in the U.K. by next September after they gain approval from authorities. They intend to invest $5.8bn in the 50-50 venture by 2030. Both have been struggling to achieve profitability in offshore wind due to rising costs. Presumably it is hoped that the larger scale of the merged business will help to find economies. The new company will be the fourth largest industry player in terms of the amount of offshore wind power capacity, including those under development.
JERA already has offices in London and Amsterdam. Its subsidiary JERA Trading acquired EDF Trading’s coal and freight business Amstuw BV, which operates the Rietlanden coal terminal in the Netherlands, in 2016.
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