Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

BP announced on Monday plans to establish a large-scale green hydrogen production facility in northeast England, powered by wind, water and solar energy, as the company seeks to aid Britain’s move away from fossil fuels.

Nicknamed HyGreen Teesside, the project is meant to produce 60 megawatt electrical input (MWe) of “green” hydrogen, which is derived from renewable sources, by 2025 and up to 500 MWe of hydrogen ‎by 2030.

The company intends to initiate production by 2025, while the final investment decision on the ‎project is to be made in 2023.

“This is excellent news following the recent COP26 summit and I look forward to supporting industry ‎to develop new technologies as we build a cleaner transport system and work towards a net-zero ‎future,” UK Transport Secretary Grant Shapps was quoted as saying by Reuters. ‎

The British government is seeking to generate 5 Gigawatts in low-carbon hydrogen production by 2030 in an attempt to replace natural gas that powers nearly three million homes, transport as well as industry.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Apple’s new software to be incorporated in the auto industryApple’s new software to be incorporated in the auto industry Apple, the world’s largest technology company by market value, sees opportunity to gain advantage as automakers struggle to meet customer demands with safety concerns. BlackBerry’s QNX Software Systems and Microsoft are the main suppliers of […]
  • Wells Fargo shares retreat for a second straight session on Thursday, holding expands recruitment bonuses to advisersWells Fargo shares retreat for a second straight session on Thursday, holding expands recruitment bonuses to advisers According to sources with knowledge of the matter, Wells Fargo & Company (WFC) intends to offer more enticing recruitment bonuses to financial advisers at a time when its rivals already revealed plans to slash their recruiting budgets. […]
  • NZD/USD maintained lossesNZD/USD maintained losses New Zealand dollar was still on negative territory against its US counterpart during European late morning session on Tuesday, as uncertainty over the future of Feds stimulus program urged investors to act cautiously.NZD/USD reached a […]
  • Nickel Rally Pressured by Ongoing Global OversupplyNickel Rally Pressured by Ongoing Global Oversupply Key Moments Nickel prices rose from USD14,263 per tonne on December 16 to USD18,756 per tonne on January 23. Indonesia plans to cut annual nickel ore production quotas by roughly one-third to 250–260 million tonnes, pending […]
  • Forex Market: EUR/GBP daily outlookForex Market: EUR/GBP daily outlook During yesterday’s trading session EUR/GBP traded within the range of 0.8362-0.8400 and closed at 0.8393.At 8:07 GMT today EUR/GBP was losing 0.13% for the day to trade at 0.8387. The pair touched a session low at 0.8379 at 8:00 […]
  • Forex Market: EUR/CAD trading forecast for MondayForex Market: EUR/CAD trading forecast for Monday Friday’s trade saw EUR/CAD within the range of 1.4317-1.4433. The pair closed at 1.4393, losing 0.18% on a daily basis, while gaining 1.77% for the whole week.FundamentalsEuro zoneEuro zone current accountThe surplus on Euro […]