BP: Growing Invesment in Alternatives

November 27, 2005 – Vol.10 No.36

BP: GROWING INVESTMENT IN ALTERNATIVES.

BP announced plans to double its investment in alternative and renewable energies and create a new low-carbon business segment - BP Alternative Energy.

The company says investment in solar, wind, hydrogen and combined-cycle-gas-turbine (CCGT) could equal $8 billion over the next ten years with $1.8 billion of that happening in the next three.

Already the company says it plans to increase its solar manufacturing capacity from 100 megawatts per year to 200 by the end of 2006.

Its wind energy business, now limited to two small farms near its oil facilities in The Netherlands, will grow. BP already owns land in remote areas of the U.S. that could be developed for wind projects: possibly 200 megawatts by 2007. Further, BP has identified enough sites in the U.S. - far from residential areas - that it could use to develop 2000 megawatts of wind capacity.

BP will also be involved in a project in Scotland to reform natural gas into hydrogen while sequestering remaining carbon dioxide in depleted oil wells. Visit BP at http://www.bp.com/ .