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


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...