BP TO PUT $2 BIL IN NEW ENERGY
BP to Invest Almost $2 Billion in 2011 on Alternative Energy, Landis Says
Sally Bakewell, April 5, 2011 (Bloomberg News)
"BP Plc will invest almost $2 billion this year in alternative energy, more than the London-based oil company has previously stated, said Katrina Landis, chief executive of the company’s low-carbon unit.
"BP had pledged to invest $8 billion over 10 years when it started its BP Alternative Energy plan in 2005, an average of $800 million a year. By the end of last year, it had invested $5 billion…[and it will now go] ‘well beyond that $8 billion in 10 years’ Landis said…"

"Biofuels will have a ‘tremendous opportunity’ to expand in the next decade, and the company also is building businesses in wind…solar energy…[and] battery technology…Landis urged U.S. government officials to make clear what incentives will be available for renewable energy after tax credits expire in 2012…[to drive] large amounts of capital [investment]…
"The company had waited on some of its European solar projects until incentive policy became clear, Landis said…[then built] 50 megawatts of solar projects in Italy. The Italian government is curbing subsidies to undercut a boom in the industry and plans to issue new targets and reduce incentive rates from June."

"The company is also unlikely to develop large solar projects in the U.K. after the Conservative-led government proposed cuts in above-market prices paid for solar projects that targeted bigger reductions at larger plants, Landis said…
"BP developed a number of projects in Spain last year that became subject to cuts to the so-called feed-in tariff in that country, Landis said…"
0 Comments:
Post a Comment
Note: Only a member of this blog may post a comment.
<< Home