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Economy

BP to Sell Entire U.S. Wind Power Business

2013-04-04

[CNSNEWS] BP will sell its entire American wind power business in an effort to "position the company for sustainable growth" and return to its core business of oil and gas production.

BP is the No. 6 largest oil and gas companies in the world, according to Forbes, producing 4.1 million barrels of oil per day.

"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," BP said in an emailed statement to CNSNews.com.

BP operates 16 wind farms in nine states that together produce about 2,600 megawatts of power. It is also selling undeveloped projects that could produce an additional 2,000 megawatts.

Posted by:Fred

#7 Nope. "Carbon credits" are indulgences.

Posted by: g(r)omgoru 2013-04-04 10:46

#6 The greatest scam in history (since the sales of holy relics stopped) will go on.

G(r)omgrou, even if the relics were fake, they gave the purchaser spiritual comfort. (Interestingly enough - just like carbon credits).

Posted by: GORT 2013-04-04 09:37

#5 BP to Sell Entire U.S. Wind Power Business

...wind, because the great merchant clipper ships still plow the great oceans of trade. Oh, they don't. I wonder why? /sarc off

Posted by: Procopius2k 2013-04-04 09:24

#4 "Wind Power Business" is an oxymoron. It's pure subsidy rent-seeking, and there's no money left to subsidise it.

Posted by: Bright Pebbles 2013-04-04 06:46

#3 At the end of the day, BP managers are in the business of creating value and making money, not experimenting with money losing green energy schemes or pleasing environmental whackos and politicians. BP shares continue to trade at a deep discount to intrinsic value and host both a respectable rate of growth and a nice dividend.

Posted by: Besoeker 2013-04-04 05:02

#2 I don't know "who will buy?", but I can guess "who will pay?". The greatest scam in history (since the sales of holy relics stopped) will go on.

Posted by: g(r)omgoru 2013-04-04 04:52

#1 Just as interesting as why they are selling (because there is no money in it!) is the question of who would buy it (because there is no money in it!).

Posted by: SteveS 2013-04-04 01:03

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