Sept.14, 2013
Back in April, BP (NYSE: BP ) announced that it was putting its U.S. wind power assets up for sale, in an effort to focus on its more profitable oil and gas operations. But the British oil giant has since reversed course on that decision. Does this mean that BP is changing its mind about investing in renewable energies?
Back in April, BP (NYSE: BP ) announced that it was putting its U.S. wind power assets up for sale, in an effort to focus on its more profitable oil and gas operations. But the British oil giant has since reversed course on that decision. Does this mean that BP is changing its mind about investing in renewable energies?
Why BP changed its mindNot 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."
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2 comments:
This article was written before the news came out on Friday that BP was pulling the plug.
BP - being BP - wants to squeeze every penny out of their wind operation as they seek to get rid of it, but have no doubt, they are getting rid of it.
BP has a lot of smart people looking down the road at the overall political and energy situation. That's why they are getting out of wind.
Are you saying bp would have no loyalty to local concerns for the leaseholders and other people they are paying?
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