IN BRIEF: BP, Iberdrola form green hydrogen JV for decarbonisation

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BP PLC - London-based oil major - and Iberdrola SA - Bilbao, Spain-based multinational electric utility - The companies announce a final investment decision on a 25 megawatt green hydrogen plant in Spain. They form a 50-50 joint venture, with the green hydrogen production to support decarbonising bp’s refining operations in Castellon in 2026. Expects this to avoid about 23,000 tons of carbon dioxide emissions per year. Project to receive €15 million in funding from Spanish Recovery, Transformation & Resilience Plan. The 25MW electrolyser will be powered by renewable energy via a power purchase agreement signed with Iberdrola for 200 gigawatt hours per year from its photovoltaic and wind projects.

‘bp’s first investment decision for an industrial scale project is an important step forward for our hydrogen business. We are focused on value, progressing only the best projects in our portfolio that can create additional value through integration and fully meet our investment hurdles,’ says Felipe Arbelaez, bp’s senior vice president, hydrogen & CCS.

Current BP stock price: 399.55 pence

12-month change: down 24%

Current Iberdrola stock price: €13.33

12-month change: up 23%

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