Subscribe to the Blackle Newsletter

Eco Search


BP to Sell US Wind Power Operations

The energy giant BP is looking to sell off its wind power operations in the United States and focus more on the core of their business, which is gas and oil.

BP’s wind operations in the U.S., some 2600 MW in capacity, are estimated to total about $1.5 billion USD, and the company is one of the only oil giants that has made inroads into wind power development.

The move into wind power came as the company believed that a natural synergy existed between wind and natural gas (used for power when wind speeds drop), but BP has now determined that more shareholder value could be created by selling the wind power business, assuming a decent offer is made for it.

Once BP’s U.S. wind power operations get sold, the company’s sole alternative energy investments are in biofuels, specifically ethanol from sugar cane, as it has divested its interest in both solar power and carbon capture and storage.

According to Reuters, BP is either selling or intending to sell off about $38 billion USD in assets, “partly to raise funds to pay for its 2010 U.S. oil spill liabilities“, but also to reemphasize its focus on oil and gas production and exploration, which offer higher margins and better returns on their investments.

“BP has decided to market for sale our U.S. wind energy business as part of a continuing effort to become a more focused oil and gas company and re-position the company for sustainable growth into the future” – Mark Salt, BP spokesman

If you read this far, we assume you found this post interesting. Please help Blackle Mag thrive by sharing it using the social media buttons below.

What did you think of this post? Let us know in the comments below.

Visit out sister site blackle.com
© 2019 Heap Media | Privacy Policy & Terms