BP announced on Friday morning that it was selling its US wind farm business, sending its share price soaring by 2%. The Telegraph has more.
The FTSE 100 oil company said New York-based LS Power would buy BP Wind Energy North America, which has 10 operating onshore wind farms across the country.
The move is part of BP’s plans to pivot back to its core oil and gas business in the hope of boosting its share price. The company has come under intense pressure from shareholders, including activist Elliott Adviers, to improve performance.
The exit from US wind also comes amid President Trump’s latest assault on the renewables industry.
This week he announced that decisions related to solar and wind energy projects on federal lands will in future have to be approved by interior secretary Doug Burgum.
President Trump said the aim was to end what he calls preferential treatment for renewable energy sources, in line with his pledge to undo the clean energy and climate change policies of former President Joe Biden.
“Today’s actions further deliver on President Trump’s promise to tackle the green new scam and protect the American taxpayers’ dollars,” Adam Suess, Acting Assistant Secretary for Lands and Minerals Management, said on Thursday.
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Author: Marty Kaufmann
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