BP looks to sell off wind energy assetsApril 15, 2013
BP aims to shed wind energy assets to focus on fossil-fuels
British Petroleum (BP) has announced plans to sell all of its wind energy assets in the U.S. Despite the company’s name, BP has long been focused on diversifying its energy portfolio and accounts for several renewable energy assets around the world. The company is, of course, primarily focused on the production of oil. In recent years, BP has been showing more interest in renewable energy, particularly wind, but has begun to shift its focus back toward fossil-fuels.
Wind assets account for 4.6GW of capacity
BP currently has stake in some 16 wind farms located throughout the U.S., as well as several other wind energy projects that are still in a development stage. Together, these assets account for more than 4,600 megawatts of wind energy capacity. BP is looking to sell these assets as part of a re-positioning effort, hoping to adjust its focus to energies it considers more viable to the current economic status of the U.S. and the demands of the market.
Natural gas to be a focus for BP
The company will be focusing more heavily on oil and natural gas in the future. Natural gas is considered a fossil-fuel, but unlike its counterparts it produces minimal greenhouse emissions. As such, natural gas is considered the most environmentally friendly form of fossil-fuels and has been attracted a great deal of attention from groups interested in renewable energy. BP believes that natural gas is becoming a very lucrative resource in the U.S.
Company continues to pull away from renewable energy
BP has invested more than $50 billion in energy development in the U.S. since 2007. The company has benefited from the tax credit the federal government offers to wind energy developers over the past several years. This tax credit has helped some of the projects that BP has been supporting take form. BP believes that interested parties will take up its assets and continue developing and managing these wind energy projects well into the future. In 2011, BP pulled out of several solar energy and carbon capture projects, again to focus on oil and natural gas.