binance left Coinmarketcap net_left adver left
Detail

For BP, car chargers to overtake pumps in profitability race

By Ron Bousso LONDON (Reuters) - BP (NYSE:BP) says its fast electric vehicle chargers are on the cusp of becoming more profitable than filling up a petrol car. The milestone will...
For BP, car chargers to overtake pumps in profitability race © Reuters. FILE PHOTO: A BP Pulse electric vehicle charging point is seen in London, Britain, July 16, 2021. REUTERS/Peter Nicholls/

By Ron Bousso

LONDON (Reuters) - BP (NYSE:BP) says its fast electric vehicle chargers are on the cusp of becoming more profitable than filling up a petrol car.

The milestone will mark a significant moment for BP which wants to shift away from oil and expand operations in power markets and around electric vehicles (EV).

EV charging has for years been a loss-making business as a whole for BP and rivals as they invest heavily in its expansion. The division is not expected to turn profitable before 2025 but on a margin basis, BP's fast battery charging points, which can replenish a battery within minutes, are nearing levels they see from filling up with petrol.

"If I think about a tank of fuel versus a fast charge, we are nearing a place where the business fundamentals on the fast charge are better than they are on the fuel," BP's head of customers and products Emma Delaney told Reuters.

Strong and rising demand for rapid battery chargers in Britain and Europe, has already brought profit margins close to those for traditional petrol filling, she said.

Delaney did not disclose profit and loss for EV charging or when overall profit from the business could eclipse traditional fuel. In 2020 BP reported a gross margins for retail fuel sales of $3.5 billion. Its customers and products division made $2.6 billion in net profit in the first nine months of 2021, around 17% of the company's total profit.

The company also said that electricity sales for EV charging grew 45% in the third quarter of 2021 from the previous quarter.

According to consultancy Thunder Said Energy, the traditional fuel retail margin at petrol stations is about 17 cents per gallon, roughly 0.4 cents per kilowatt hour.

London-based BP plans to grow its EV charging business in the coming years to 70,000 charging points by 2030 from 11,000 now.

Like rivals including Royal Dutch Shell (LON:RDSa), BP's retail business, which includes fuel sales and convenience stores, is highly profitable and central in its energy transition strategy.

"Overall, we see a huge opportunity in fast charging for consumers and businesses, as well as fleet services more generally - that's where we see the growth, and where we see the margins," Delaney said.

Shell aims to have 500,000 charging points globally by 2025. On Thursday it opened its first ultra-fast EV charging station in London, which can charge 80% of a car battery in 10 minutes.

While rivals like Shell are investing in a range of charging technologies including tens of thousands of slower, low voltage, on-street charging points in Britain and elsewhere, BP is focusing on fast and ultra-fast charging technology.

"We've made a choice to really go after high speed, on the go charging - rather than slow lamppost charging for example," Delaney said.

Fast charging, defined as more than 50 kilowatt, and super-fast charging at more than 150 kilowatt, are however expensive to install as they require large investment in heavy-duty power infrastructure.

"Historically, many operators have struggled to make money out of EV charging, that's been like the worst kept secret in the industry," said Adrian Del Maestro, director at PwC Strategy&.

The drive to expand EV charging points also aims at keeping a strong stream of customers at BP's petrol stations and their adjacent convenience stores.

"There has been a land grab by charge point operators, including the oil majors, to buy real estate and build infrastructure, with a view to generating growth revenues in the future," Del Maestro said.

ig right nyse right Neteller adver right
APPROVED BROKERS
rakuten_main right top net_home_top ig_main right top Binance _ main right top fbs_main right top tifia_main right top
27-01-2022 19:01:20 (UTC+7)

EUR/USD

1.1144

+0.0001 (+0.01%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (1)

Sell (9)

EUR/USD

1.1144

+0.0001 (+0.01%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (1)

Sell (9)

GBP/USD

1.3387

+0.0002 (+0.01%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (7)

USD/JPY

115.35

0.01 (0.00%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (8)

AUD/USD

0.7035

+0.0004 (+0.06%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (9)

USD/CAD

1.2747

+0.0008 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

EUR/JPY

128.54

+0.03 (+0.02%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (8)

EUR/CHF

1.0376

+0.0007 (+0.07%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (7)

Gold Futures

1,796.30

-0.25 (-0.01%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (7)

Silver Futures

22.750

-0.030 (-0.13%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (11)

Copper Futures

4.4195

+0.0030 (+0.07%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (9)

Crude Oil WTI Futures

87.36

+0.08 (+0.09%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (8)

Brent Oil Futures

88.84

+0.15 (+0.17%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

Natural Gas Futures

4.346

+0.008 (+0.18%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (6)

Sell (2)

US Coffee C Futures

231.78

-7.12 (-2.98%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (2)

Euro Stoxx 50

4,184.97

+20.37 (+0.49%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

S&P 500

4,326.50

-23.43 (-0.54%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

DAX

15,524.27

+64.88 (+0.42%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

FTSE 100

7,554.31

+84.53 (+1.13%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (6)

Sell (1)

Hang Seng

23,807.00

-482.90 (-1.99%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

US Small Cap 2000

1,932.23

-44.24 (-2.24%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (4)

IBEX 35

8,706.00

+85.80 (+1.00%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (1)

BASF SE NA O.N.

68.450

+1.140 (+1.69%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Bayer AG NA

52.58

+1.03 (+2.00%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (10)

Allianz SE VNA O.N.

228.70

+3.90 (+1.73%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (11)

Adidas AG

242.15

-1.05 (-0.43%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Deutsche Lufthansa AG

7.045

-0.022 (-0.31%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (6)

Siemens AG Class N

140.50

-0.74 (-0.52%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (9)

Deutsche Bank AG

11.920

+0.500 (+4.38%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (8)

 EUR/USD1.1144Neutral
 GBP/USD1.3387Sell
 USD/JPY115.35↑ Sell
 AUD/USD0.7035↑ Sell
 USD/CAD1.2747↑ Buy
 EUR/JPY128.54↑ Sell
 EUR/CHF1.0376↑ Sell
 Gold1,796.30↑ Sell
 Silver22.750↑ Sell
 Copper4.4195↑ Sell
 Crude Oil WTI87.36↑ Sell
 Brent Oil88.84↑ Buy
 Natural Gas4.346↑ Buy
 US Coffee C231.78Buy
 Euro Stoxx 504,184.97↑ Buy
 S&P 5004,326.50↑ Sell
 DAX15,524.27↑ Buy
 FTSE 1007,554.31↑ Buy
 Hang Seng23,807.00↑ Buy
 Small Cap 20001,932.23Neutral
 IBEX 358,706.00↑ Buy
 BASF68.450↑ Sell
 Bayer52.58↑ Sell
 Allianz228.70↑ Sell
 Adidas242.15↑ Sell
 Lufthansa7.045↑ Sell
 Siemens AG140.50↑ Sell
 Deutsche Bank AG11.920↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,195/ 6,235
(0/ 0) # 1,263
SJC HCM6,195/ 6,255
(0/ 0) # 1,284
SJC Hanoi6,195/ 6,257
(0/ 0) # 1,286
SJC Danang6,195/ 6,257
(0/ 0) # 1,286
SJC Nhatrang6,195/ 6,257
(0/ 0) # 1,286
SJC Cantho6,195/ 6,257
(0/ 0) # 1,286
Cập nhật 27-01-2022 18:56:22
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,797.25-24.91-1.37%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2486025350
RON 95-II,III
E5 RON 92-II2359024060
DO 0.05S1890019270
DO 0,001S-V1925019630
Dầu hỏa1779018140
ↂ Giá dầu thô thế giới
WTI$87.47+0.790.91%
Brent$89.95+0.921.02%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.470,0022.780,00
EUR24.775,4326.164,36
GBP29.663,4530.930,27
JPY191,46202,68
KRW16,2819,84
Cập nhật lúc 06:53:07 28/01/2022
Xem bảng tỷ giá hối đoái
binance main right Fxpro Main Right aetos main right adver main right