BP enters Japan’s power retail market
Japan
TOKO, November 29, 2023 – BP has received approval to enter Japan’s power generation retail market, the British energy giant announced on Monday.
Subsidiary BP Energy Japan will operate the new business.
BP has supplied Japan with LNG, oil, petroleum products and lubricants for more than 60 years.
The move is part of BP’s focus on becoming an integrated energy company.
Earlier in November, BP was reported by Reuters to be seeking partners in Japan for offshore wind developments.
According to BP’s Executive Vice-president of Gas and Low Carbon Energy Anja-Isabel Dotzenrath, the company is targeting three to five offshore wind clusters of 4 GW to 8 GW each around the globe, with a large focus on Japan.
Dotzenrath commented on the complexities of the Japanese market: “You need a Japanese partner, otherwise you can’t be successful there. You need one of the local energy suppliers to help you push ahead with the permitting processes and establish the onshore grid connection.”
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