BP boasted today that its alternative energy business was worth as much as $7bn (£3.5bn), but hinted it could be put up for sale to take advantage of rising values in the renewable sector.
BP drops plans for UK wind farms--paper
Nov 7 (Reuters) - Oil major BP Plc (BP.L) has dropped plans to build wind farms and other renewable energy projects in Britain and will focus renewables spending on the United States, the Guardian newspaper said on Friday.
How Serious Is BP About Wind Energy?
How Serious Is BP About Wind Energy?
6/14/2012
Last week I had a brief interview with Katrina Landis, the CEO ofBP‘s alternative energy division, to learn more about the oil company’s growing role as a developer of wind farms.
April 4, 2013
Before the departure of former Chief Executive Lord Browne in 2007, BP (NYSE: BP) invested heavily in alternative energy projects as part of its ‘Beyond Petroleum’ strategy. Since then the British energy company has abandoned this strategy, in favour of a higher focus on oil and gas, where it believes greater margins exist.
September 14, 2013
Not really. BP's decision to hold on to its U.S. wind assets for now mainly reflects the fact that the company failed to receive an attractive bid. "We didn't find an offer that we thought was the right value," said a BP spokesman. "Our feeling is that the business is more valuable to us than to others. We had a number of bids, but we decided now is not the right time to sell."
A company spokesman said the decision is part of a continuing effort “to become a more focused oil and gas company ... and to unlock more value for shareholders.” The sale reflects the complicated relationship between the major oil companies and renewable energy over the past decade, even as wind and solar energy slowly gained market share
BP Wind plans to exit project development as part of a restructuring announced internally this week. The decision follows the recent cancellation of the company’s sale process.
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