BP today announced the acquisition of Chargemaster, one of the UK's leading electric charge point businesses. This isn't a major surprise given Shell's acquisition of NewMotion and the Government's push towards hybrid and electric vehicles.

The Government recently announced that all new vehicles sold in the UK will need to have some form of electric augmentation by 2040, either full electric or mild hybrid. This is another step towards an electric mobility future. However, infrastructure will remain the key blocker in rolling out this strategy. Today's acquisition is an example of the recognition by the oil majors that the future for traditional internal combustion engines looks bleak, albeit probably not for another 10-20 years.  We expect more deals of this nature to occur over the coming years as the UK prepares for an alternatively fuelled mobility future.