BP's Tatics in Cape Vincent Ny

Wednesday, April 3, 2013

BP offloading Wind Sector

 BP agrees to sell US wind power plants

Asian energy firms looking to establish a foothold in the US wind market could be interested to acquire BP’s wind energy plants. These companies, however, may face problems for approval of deals from the US Committee on Foreign Investment due to political sensitivities.[New Statesman]

BP to Sell $3.1 Billion in U.S. Wind in Retreat to Oil

April 3 (Bloomberg) -- BP Plc, attempting to recover from an oil spill that may cost it $42 billion, said it will sell shares in wind assets worth as much as $3.1 billion in the U.S. in another step to focus on its main oil and gas business.
BP plans to dispose of interests in 16 operating wind farms in nine states with a total capacity of about 2,600 megawatts, Mark Salt, a London-based spokesman for BP, said in an e-mailed statement. The company will also sell projects in various stages of development including 2,000 megawatts of wind poised to start construction, he said.

BP Seeks Buyer for U.S. Wind Energy Operations

BP has put its U.S. wind farm operation, one of the largest in the country, up for sale, marking the continued retreat of big oil companies from renewable energy investments while oil and gas projects offer them better returns.[24/7 Wallstreet]
BP may dispose of USD-1.5bn wind farm business in US - repot
Apr 3, 2013 - British energy group BP Plc (LON:BP) is looking for a buyer of its US wind power business which is valued at some USD 1.5 billion (EUR 1.17bn), the Financial Times (FT) said Tuesday.
According to the report, the company is ready to sell the operations if it gets an offer that is attractive enough. BP has concluded that by disposing of the wind business, which includes 2.6 GW of farms in nine US states, it would create more value to shareholders, the FT says.

BP puts US Wind Power units up for sale
BP has put its US wind Power  operations up for sale , estimated to be worth about 1.5bn, as it continues its retreat from renewable energy to focus on its core oil and gas business.[ Oil & Gas]

 BP Selling US Wind Unit, Pares Renewable Energy Interests to Fuels
New Hampshire, USA -- BP is getting out of the wind industry in the U.S., following its exit from solar barely a year ago, in a broader shift back to its oil and gas roots. BP spokesperson Mark Salt characterized the move as "a continuing effort to become a more focused oil and gas company and re-position the company for sustainable growth into the future."[Renewable Energy World]

BP Puts American Wind Energy Business Up for Sale
UK Energy Giant Keeps Retreating from Renewables
BP (LON:BP, NYSE:BP) has put its wind energy operations in the US up for sale, aiming to become more focused on its oil and gas business, The Times reported on April 3. The news marks BP’s further retreat from renewables, with the UK-based giant having already abandoned other initiatives in renewable and low-carbon energy. BP’s share price was largely unaffected by the news and was marginally higher in morning trading in London.

BP wind farms sale means straying less far beyond petroleum The long, slow U-turn  . BP away from alternative energy arched a little further yesterday when it put its American wind business up for sale.


Anonymous said...

And some people in Cape Vincent will continue to believe that BP will never leave them stranded!

Call me....I have a bridge to sell you!

Stay Focused said...

Sooner or later the economic math of wind power catches up with all the wishful thinking. This boondoggle was doomed to fail. The only thing that was on doubt for us was whether the Thousand Islands would be destroyed before reality set in.