Oil and gas giant BP may develop the Morgan and Mona offshore wind projects in the Irish Sea without using the UK’s contract for difference (CfD) mechanism because the company's own integrated business now offers more value for the "green electrons".
In an interview with The Times newspaper, BP chief executive Bernard Looney said construction of the combined 3GW projects could begin “late next year” and revealed that the London-headquartered company may not seek recourse to the government-backed contracts that underpin revenues.
