Oil major BP is the latest to bail out on ambitious renewable energy plans after announcing on Monday plans to divest its entire North American wind portfolio.In a statement, the Anglo-American supermajority said the assets — which cover 10 onshore wind farms across seven US states — are ‘not aligned’ with its growth plans, namely increasing oil and gas production.“We believe the business is likely to be of greater value for another owner,” William Lin, BP’s executive vice president for gas and low carbon energy said in a statement.Collectively, the farms generate about 1.3 gigawatts of power and are worth about USD$2 billion, according to analyst estimates..Also on Monday, BP said it was folding its remaining onshore renewable power assets into Lightsource BP, Europe’s largest solar power developer that it took over last year.It comes amid a shakeup in the upper ranks of the London-based supermajority. New CEO Murray Auchincloss — who formerly headed the company’s Canadian division in Calgary — has imposed a hiring freeze and paused new offshore wind projects amid a renewed emphasis on oil and gas. In February of 2023, the company reduced its emissions reduction target of 35-40% by 2030 to 20-30%. At the same time it said it is rolling back plans to spend up to 40% of its entire capital budget on renewable energy projects..It comes amid investor discontent over its energy transition strategy, sources at the company told Reuters in June. The company’s stock has been battered by a series of high-profile sex scandals in its senior ranks as well as massive write downs of oil producing assets in Russia following its invasion of Ukraine in 2022.BP becomes the latest foreign energy giant to reconsider its renewables strategy. Last month, Danish wind energy giant Orstead reported impairment losses exceeding $581.6 million due to delays in a series of US offshore wind projects..This is what the Western Standard is up againstThe Trudeau government is funding lies and propaganda by directly subsidizing the mainstream media. They do this to entrench the powerful Eastern, woke and corrupt interests that dominate the political, social and economic institutions in Canada. Federal authorities are constantly trying to censor us and stop us from publishing the stories that they don’t want you to read. Ottawa may weaponize our taxes and police against us, but we’ve got a powerful ally on our side.You. Free men, and free women. We need you to stand with us and become a member of the Western Standard. Here’s what you will get for your membership:Unlimited access to all articles from the Western Standard, Alberta Report, West Coast Standard, and Saskatchewan Standard, with no paywall. Our daily newsletter delivered to your inbox. .Access to exclusive Member-only WS events.Keep the West’s leading independent media voice strong and free.If you can, please support us with a monthly or annual membership. It takes just a moment to set up, and you will be making a big impact on keeping one the last independent media outlets in Canada free from Ottawa’s corrupting influence.
Oil major BP is the latest to bail out on ambitious renewable energy plans after announcing on Monday plans to divest its entire North American wind portfolio.In a statement, the Anglo-American supermajority said the assets — which cover 10 onshore wind farms across seven US states — are ‘not aligned’ with its growth plans, namely increasing oil and gas production.“We believe the business is likely to be of greater value for another owner,” William Lin, BP’s executive vice president for gas and low carbon energy said in a statement.Collectively, the farms generate about 1.3 gigawatts of power and are worth about USD$2 billion, according to analyst estimates..Also on Monday, BP said it was folding its remaining onshore renewable power assets into Lightsource BP, Europe’s largest solar power developer that it took over last year.It comes amid a shakeup in the upper ranks of the London-based supermajority. New CEO Murray Auchincloss — who formerly headed the company’s Canadian division in Calgary — has imposed a hiring freeze and paused new offshore wind projects amid a renewed emphasis on oil and gas. In February of 2023, the company reduced its emissions reduction target of 35-40% by 2030 to 20-30%. At the same time it said it is rolling back plans to spend up to 40% of its entire capital budget on renewable energy projects..It comes amid investor discontent over its energy transition strategy, sources at the company told Reuters in June. The company’s stock has been battered by a series of high-profile sex scandals in its senior ranks as well as massive write downs of oil producing assets in Russia following its invasion of Ukraine in 2022.BP becomes the latest foreign energy giant to reconsider its renewables strategy. Last month, Danish wind energy giant Orstead reported impairment losses exceeding $581.6 million due to delays in a series of US offshore wind projects..This is what the Western Standard is up againstThe Trudeau government is funding lies and propaganda by directly subsidizing the mainstream media. They do this to entrench the powerful Eastern, woke and corrupt interests that dominate the political, social and economic institutions in Canada. Federal authorities are constantly trying to censor us and stop us from publishing the stories that they don’t want you to read. Ottawa may weaponize our taxes and police against us, but we’ve got a powerful ally on our side.You. Free men, and free women. We need you to stand with us and become a member of the Western Standard. Here’s what you will get for your membership:Unlimited access to all articles from the Western Standard, Alberta Report, West Coast Standard, and Saskatchewan Standard, with no paywall. Our daily newsletter delivered to your inbox. .Access to exclusive Member-only WS events.Keep the West’s leading independent media voice strong and free.If you can, please support us with a monthly or annual membership. It takes just a moment to set up, and you will be making a big impact on keeping one the last independent media outlets in Canada free from Ottawa’s corrupting influence.
