9:20AM
BP Plans to Divest US Wind Properties
"Beyond
Petroleum,” is now “back pedaling” away from that strategy.
~~~
BP puts US wind farms up for sale
BP declined to
speculate on what it may get for the wind farms, which it is thought could
raise a further £991million but it forecast good offers for the assets, which
include interests in 16 wind farms in nine states with a combined power
generating capacity of about 2,600 megawatts.
~~~
BP wind sale highlights renewable energy struggles
But the decision to sell BP Wind Energy also
reflects a broader trend, as the major oil companies struggle to balance
shareholder demands for profits with the financial reality of renewable energy.
~~~
BP to Sell $3.1 Billion in U.S. Wind in Retreat to Oil
BP owns about 1,600 megawatts of the 2,600
megawatts in operation, according to BP. Operating wind farms are worth $1.5
million to $2 million a megawatt, according to Bloomberg New Energy Finance data.
~~~
BP's Recent Sale Shows Little Confidence in
Renewable Energy
BP's proposed sale of its wind assets shows that
it has little confidence in renewable energy. The company can generate much
higher returns from fossil fuels and it needs all the returns it can muster
after forking over billions of dollars to pay for the Gulf of Mexico disaster.
~~~
No longer Beyond Petroleum?
BP has indicated that it is looking to sell its US wind farms, at
a possible loss of over $2 billion.
~~~
BP To Sell All U.S. Wind Farms, Re-Focus On Oil And Gas
Iowa, the largest wind energy producer in the U.S., generates
about 25 percent of its energy from wind power. BP does not own any wind
operations in Iowa, but does have stake in wind operations in California,
Colorado, Kansas, Hawaii, Idaho, Indiana, Pennsylvania, South Dakota and
Texas.
~~~
Mixed Greens: BP beats renewables retreat, offers up wind assets
BP plans to dispose of interests in 16 operating
wind farms in nine states with a total capacity of about 2,600 megawatts, the
company said in an e-mailed statement. It will also sell projects in various
stages of development, including 2,000MW of wind poised to start construction.
BP also said in the statement that the sale was part of the company’s effort to
re-position itself “for sustainable growth into the future.” It will leave BP’s
renewable energy business limited to biofuels research and ethanol refining in
Brazil. BP says it has invested $7.6 billion in alternative energy technology
since 2005 and will meet its target of investing $8 billion in the sector by
2015 two years ahead of schedule.
~~~
BP puts U.S. wind farm arm up for sale
BP would not put a value on any sale, but said
in a statement it expected "attractive offers" for the assets. They
include interests in 16 operating wind farms in nine states with a combined
generating capacity of around 2,600 megawatts of renewable power, as well as a
portfolio of projects in various stages of development.
~~~
BP (NYSE: BP) Sells Wind Assets
BP’s 16 wind farms across nine states will be on
the market – carrying a total of 2,600 megawatts. Each megawatt is worth
anywhere from $1.5 to $2 million. BP is also selling in-progress wind projects,
worth $15,000 to $200,000 per megawatt.
~~~
BP Announces Sale of US Wind Energy Assets
It exited the
wind sector in Europe, and then near the end of last year announced that it
would also sell its solar business. The final nail in the coffin to their
original renewable energy plan is delivered by their announcement to now sell
all US wind farm assets.
~~~
BP to streamline by quitting wind in U.S
"When
you're looking at spending $50 million in capital each year, and $50 million
spent developing shale plays gives you $250 million in value, and $50 million
spent developing a wind farm gives you $10 million in value, it's not hard to
figure out," said Edward
Hirs, an energy economist at the University
of Houston.
[Huston chronicle]
[Huston chronicle]
~~~
BP Selling US Wind Unit, Pares Renewable Energy
Interests to Fuels
BP's wind
businesses here in the U.S. encompasses 2.6 gigawatts (GW) of generating
capacity spread across 16 farms in operation across nine states: Texas (4),
Indiana (3), Colorado (2), Kansas (2), California, South Dakota, Idaho, Hawaii,
and Pennsylvania. Another 2 GW or so of projects in development "are
nearly shovel-ready," according to the company.
~~~
BP’s renewables plaything
Overnight, BP announced it will
abandon its wind farm business in the US. The oil and gas giant, its reputation
still tarnished by the Gulf oil spill of a couple of years ago, will use the
sale of the division to help pay off some of its spill liabilities.
In other words, it’s a clean energy sell-off to pay for the sins
of its dirty energy division. Oh, the irony.
~~~
BP is Waiting for interesting
offers...
BP Plc is opting out of its
US wind arm... According to analysts' estimates, the UK-based oil and gas
Company might even get as much as $1.5 billion for these assets. Not
surprisingly, BP Plc did underline in a statement that it did not put any price
tag on its US wind arm, yet it highlighted that it would wait for interesting
offers.
[IBTIMES]
[IBTIMES]
~~~
BP's Lord Browne’s faults aren’t all hot air
Much is being made of how
BP’s plan to sell its US wind-energy business is a blow for the reputation of
former chief executive John Browne, whom we all remember for making a huge
zeitgeist-stroking noise around investing in green energy in the Nineties and
Noughties.
But that
is to underplay his bigger fault: a regime of cost-cutting that came home to
roost in Texas City, Alaska and the Gulf of Mexico.
The greedy green shirts now have no idea who will now control their property except it won't be Bee Pee. Same with those that may have mistakenly signed good neighbor agreements.
ReplyDeleteMy suggestion..
ReplyDeleteVoters for Wind and Citizens for Fair Government hold a pig roast. Raise some money. Buy out Bee Pee. They could all become seasonals and wealthy retirees and hate each other.
From what I’ve heard going around town the green shirted thugs already hate each other.
ReplyDelete