Energy | February 28, 2008 |
BP Reaffirms Renewable Commitment
Energy conglomerate BP, which has taken some heat over its renewed interest in oil exploration had its state of the company meeting/webcast with investors. The company dedicated a very small portion of the program to renewables, but the company says it isn't wavering on its investment in solar, wind and biofuels.
The solar and wind revenues increased by 30 percent in 2007, and investments in solar will double this year. The company wants to compete with Sharp and Shell and be a top 3 supplier of solar panels.
Executive VP Vivienne Cox said the company invest $600 million in wind in 2008, and the company expects its installations in North America to grow by a whopping 80 percent. BP will have installed a total 3 gigawatts of wind capacity in North America by end 2010.
The company is also betting on biobutanol as a more energy efficient renewable alternative to ethanol.
So while BP will attempt to reverse its sagging earnings through more fossil fuel exploration in the short term, at least the company continues to push diversified energy sources (unlike ExxonMobil).
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Comments By Readers
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Centre for Management Technology
DID: +65 6346 9113
Fax: +65 6345 5928
E-mail: injleep@cmtsp.com.sg
http://www.cmtevents.com/
80 Marine Parade Road, #13-02,
Parkway Parade, Singapore 449296
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