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  "documentTitle": "BP plc (BP)",
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  "authorName": "Giuseppe Bivona and Marco Taricco",
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  "notes": "The slide uses a quote from RWE's CEO to support the argument against vertical integration in power generation.",
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      "text": "BP justifies its investment in Renewables & Power with unclear and unquantified benefits of integration: i.e., the argument that BP will have strong internal demand for renewable power in the medium term and that at least part of the renewable power generated by BP could be used internally, makes little sense to us.",
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      "text": "(vi) Mr. Looney's attempted strategy to transform BP from a vertically integrated oil and gas company, into a conglomerate...",
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      "kind": "quote",
      "text": "I don't understand the story to be honest that you need to power internally. I mean, if I today am willing to sell the power to the same guys for lower prices than it costs them to build the assets, why building the assets?",
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      "text": "I don't understand the story to be honest that you need to power internally. I mean, if I today am willing to sell the power to the same guys for lower prices than it costs them to build the assets, why building the assets? — RWE CEO Krebber",
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      "text": "27 Source of both citations is Bloomberg transcript of RWE Q2 23 Earnings call dated 10 August 2023\n28 for example, we are not aware that Tesla...",
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      "text": "BLUEBELL CAPITAL PARTNERS",
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