BP Bows Out Of Solar... and now Wind

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Kingfish
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BP Bows Out Of Solar... and now Wind

Post by Kingfish » Mar 07, 2013 12:10 pm

BP Bows Out Of Solar, But Industry Outlook Still Sunny
NPR wrote:The solar energy business is growing quickly, but future growth will not include oil giant BP.

At the IHS CERAWeek energy conference in Houston, BP's CEO made it clear the company is done with solar.

"We have thrown in the towel on solar," Bob Dudley said after delivering a wide-ranging speech Wednesday.

"Not that solar energy isn't a viable energy source, but we worked at it for 35 years, and we really never made money," he added.

BP, which announced it was winding down its solar business last year, says it is still committed to other renewable resources, such as wind power and biofuels production.

But the move away from solar is especially striking considering BP's recent history. In 2000, the company changed its logo to resemble the sun and made a big deal of its "beyond petroleum" campaign.

BP's exit from solar has more to do with a changing business than lack of will.

"The solar industry BP was involved in 10 years ago has very few similarities to the solar industry today," says Finlay Colville, vice president of the research firm NPD Solarbuzz.

Colville says BP was one of the early companies in the solar business. Back then, the market was based on a different model — one more focused on research and development. He says now the business is all about efficient production and low prices, something more suited to the Asian companies taking a lead role in the solar panel-manufacturing business; so BP's exit from solar doesn't mean the industry overall is in trouble.

"There's a lot of competition in the solar business these days, which is a good thing," says Rachel Shimshak, executive director of the Renewable Northwest Project in Portland, Ore.

She says today more people can afford to install solar panels. Prices have fallen nearly 60 percent in the past two years alone, according to Solar Energy Industries Association President Rhone Resch.

Despite lower prices, less than 0.5 percent of the country's electricity comes from solar. Resch says that's because all the other forms of electricity generation, such as coal and natural gas, had many years to develop.

"For the solar industry — which has really just caught hold in the last four or five years — it's going to take a few decades before we make a significant dent," Resch says.

But he says solar is the fastest-growing source of new energy in the U.S., and he expects that to continue.
Boo hoo. Sound like your heart just wasn't in it after all. Was it all just show-and-tell to get tax credits and plunder rights off the US coast that have now been rescended? Or was it the $1.4 billion fine to settle U.S. government charges over BP Plc's massive Gulf of Mexico oil spill in 2010? I bet that no effect whatosever huh? :P

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Re: BP Bows Out Of Solar

Post by bowlofsalad » Mar 07, 2013 2:16 pm

I've been trying to find this news report I saw online, but now I cannot even figure out who the news lady was that was talking about it.

Anyway, she was speaking about how BP had spilled oil in an extremely similar fashion sometime in I want to say the 70s or 80s. A lot of the same things occurred and they tried a lot of the same things to stop it that didn't work then and didn't work 'recently'. I thought it would be an interesting addition to your BP information.

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Re: BP Bows Out Of Solar

Post by bigmoose » Mar 15, 2013 8:32 am

On some economic data I follow, it was inferring that BP was less profitable than other oil giants before the deepwater horizon fiasco... then the fines, cleanup, and lost revenue put them further behind financially. Mgmt is cutting out all non profit making activities, just like business typically has to do. They said they never made any money on solar in 20 years, so it had to go. Market flooded with Chinese cells and that is not going to go away.
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Re: BP Bows Out Of Solar

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BP puts U.S. wind farm arm up for sale

Post by Kingfish » Apr 03, 2013 11:54 am

BP puts U.S. wind farm arm up for sale
Reuters wrote: BP (BP.L) has put its U.S. wind farm operation, one of the largest in the country, up for sale, marking the continued retreat of big oil companies from renewable energy investments while oil and gas projects offer them better returns.

The British oil company has already sold or earmarked for sale some $38 billion worth of assets, partly to raise funds to pay for its 2010 U.S. oil spill liabilities, but also to reposition itself as a smaller, leaner company with an emphasis on high-margin oil production and exploration. Reports said the sale could raise a further $1.5 billion.

BP would not put a value on any sale, but said in a statement it expected "attractive offers" for the assets. They include interests in 16 operating wind farms in nine states with a combined generating capacity of around 2,600 megawatts of renewable power, as well as a portfolio of projects in various stages of development.

Over a decade ago, big oil companies including BP and Shell began to ramp up investment in renewable energy. But the uncertain outlook for government subsidies and prices in solar, wind and other clean energy areas, along with the re-emergence of strong prices for oil and opportunities to develop large gas fields, have since distracted their attention.

BP, which under former chief executive John Browne once named itself "Beyond Petroleum", still has a substantial interest in Brazilian biofuels, but has invested only about $1 billion a year in renewables since 2005 from a total capital spending budget of well over $20 billion annually. It has no specific investment plans for the sector in the years ahead.
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Re: BP puts U.S. wind farm arm up for sale

Post by wineboyrider » Apr 03, 2013 12:11 pm

What no more subsidies? LOL
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Re: BP puts U.S. wind farm arm up for sale

Post by neptronix » Apr 03, 2013 12:17 pm

Yeah that's probably exactly why they're cashing out.

They should really change their name from 'beyond petroleum' to 'just petroleum'
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Re: BP puts U.S. wind farm arm up for sale

Post by Harold in CR » Apr 03, 2013 12:47 pm

I thought that stood for " Big Polluters". :lol:
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Re: BP puts U.S. wind farm arm up for sale

Post by grindz145 » Apr 03, 2013 12:55 pm

more like BS.

There's no way to make more money than through oil, because the cost to dig it out of the ground, is nothing compared to what it's actually worth to the world. The single biggest non-renewable source of energy in the world, and yet we expect it to cost nothing.

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Re: BP puts U.S. wind farm arm up for sale

Post by bigmoose » Apr 03, 2013 3:58 pm

Two things with BP if you can believe it. Their margins are less than most of the other international oil companies, so they cut costs and corners big time. The debacle in the Gulf 2 years ago with deepwater horizon is hurting them financially. When they did a recent internal audit I believe they found they never made money on the alternate energy "stuff." The new leadership is taking them back to petroleum and jettisoning the green research, development and operations.
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Re: BP puts U.S. wind farm arm up for sale

Post by Kingfish » Apr 03, 2013 5:06 pm

BP Bows Out Of Solar

My mistake: I should have originally posted on that thread since they are of the same pod. Maybe a kind Moderator will combine them.

~KF

mod edit: as requested, topics merged.
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* 50-mph, 101, 10k-Club. 12,527 miles-to-date, 7037 as 2WD.

It is by caffeine alone I set my mind in motion.
It is by the beans of Java that thoughts acquire speed.
The hands acquire shakes, the shakes become a warning.
It is by caffeine alone I set my mind in motion.

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Re: BP Bows Out Of Solar... and now Wind

Post by Punx0r » Apr 04, 2013 12:46 pm

Thanks to bigmoose for an injection of impartial facts :)

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Re: BP Bows Out Of Solar... and now Wind

Post by Ch00paKabrA » Apr 09, 2013 2:10 pm

I am new here so I'm sorry if this offends.

Why is it a bad thing that BP is ceasing pouring money into an area that is not generating $$$. I like wind and solar just as much as the next guy but let's face it the is no way that they will ever be as cost effective as fossil fuels - at least not in my life time.

Many people don't understand why we have cars today. It has nothing to do with convenience or simply a "great invention." If you look back through history, you will find that the answer as to what motivated automobiles is very simply - Cholera and Botulism. The bacteria for both is found in horse manure which was common in big cities. the poop dried and then got pulverized and was kicked up by other horses making it an air-borne bacteria. Pretty bad stuff.

Back in the late 1800s and early 1900s when automobiles were in their infancy electric cars were just as popular as liquid fuel cars. It was quickly determined that the electric car was simply less efficient and 100 years later, This is still the case. Does anyone who is complaining about BP's move actually understand just how costly wind energy is?

I believe that when BP was investing in wind and solar they were "selling out" their stock holders. After all, I believe that the "P" in BP stands for Petroleum - does it not?

I think advances in wind and solar will not come from large companies but similar information technologies, it will probably happen in someone's garage, or on a college campus. Subsidies for these industries have done more harm than good. I think all governments should end all subsidies and let the chips fall where they may. I believe that it is going to be someone who is experimenting because they are pissed of about the status quo that will make the next break through, not some pencil pencil pusher or lobbyist who probably doesn't give a hoot about the environment.

That's just my $0.02. Now, more importantly, how the hell do I get the idiots in New Jersey to make my electric bike legal?

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