BP to end solar venture

BP will end its solar power business, saying that it cannot make any money selling panels.

According to The Guardian newspaper, BP has gradually closed down its panel factories and gotten rid of more than 1,700 workers over the past three years. The company also reportedly shut down its London headquarters for BP Alternative Energy.

"The continuing global economic challenges have significantly impacted the solar industry, making it difficult to sustain long-term returns for the company," Mike Petrucci, chief executive of BP Solar, was quoted as saying.

However, BP reportedly said it will fulfill its commitment to spend $8 billion on renewable power up to the year 2015 and was continuing with onshore wind in the U.S.

Read more financial news

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...