“Oil Giant BP Ditches Wind Energy, Emphasizes Oil And Gas Over Offshore Projects”, by Kevin Killough
“Oil Giant BP Ditches Wind Energy, Emphasizes Oil And Gas Over Offshore Projects”, by Kevin Killough
“BP Wind Energy’s assets are high-quality and grid-connected but are not aligned with our plans for growth in Lightsource BP,” William Lin, executive vice president of gas and low-carbon energy for BP
Oil Giant BP Ditches Wind Energy, Emphasizes Oil And Gas Over Offshore Projects
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British oil company BP is divesting its U.S. onshore wind business, BP Wind Energy. [emphasis, links added]
BP has interests in 10 operating onshore wind farms across seven U.S. states, according to the company’s announcement Monday. It operates nine of them.
Altogether, the projects can produce up to 1.7 gigawatts when the wind is blowing. The company plans to sell all the assets as an integrated unit.
“BP Wind Energy’s assets are high-quality and grid-connected but are not aligned with our plans for growth in Lightsource BP,” William Lin, executive vice president of gas and low-carbon energy for BP.
BP CEO Murray Auchincloss announced in June, according to Reuters, that the company was imposing a hiring freeze and pausing new offshore wind projects in favor of an emphasis on oil and gas, as a result of investor complaints over the company’s energy transition strategy.
Writing in Forbes, energy analyst David Blackmon reported that the shift is a reversal from the company’s former CEO Bernard Looney’s plans, which included “aggressive investments” in both onshore and offshore wind projects.
Due to inflation and supply chain issues, Utility Dive reported, the projects ran into profitability issues.
The company is taking full ownership of a solar power developer as part of a joint venture, Lightsource BP.
Upon completion of the acquisition, the company said, it would use the business to develop utility-scale solar, which will help customers decarbonize their operations.
Read more at Just The News