BP chief: Fossil fuels have done ‘enormous good’

BP chief: Fossil fuels have done ‘enormous good’

Hello and welcome back to Energy Source.

The Biden administration unveiled its latest plan to curb emissions this morning, with the Environmental Protection Agency taking aim at power plants. How effective the rule will be is up for debate.

Elsewhere, Microsoft signed an electricity supply deal with fusion power start-up Helion, the companies said yesterday. Helion said it would start supplying the power from the world’s first fusion plant in 2028, an announcement that marks either a big breakthrough for the technology or new heights of PR gall from a sector that has long promised the stars. Myles digs in to that in today’s newsletter.

Derek has a dispatch from Washington, where BP chief Bernard Looney waxed lyrical on the benefits of fossil fuels. And Amanda looks at the wind industry’s struggling finances in Data Drill.

Thank you for reading — Justin

BP’s boss sounds like an oil boss again

BP’s chief executive Bernard Looney yesterday mounted a defence of oil and gas and the “enormous good” they have done for the world, weeks after the UK supermajor announced a plan to slow its transition away from fossil fuels.

BP tried to put itself in the vanguard of the energy transition in 2020, when it shocked the