BP Forms Renewable Energy Business

Petroleum giant BP has announed plans to double its investment in alternative and renewable energies to create a new low-carbon power business. To be called BP Alternative Energy, the new business will manage investments in solar, wind, hydrogen and combined-cycle-gas-turbine (CCGT) power generation, which could amount to $8 billion over the next decade, according to the company. It will be based in England.
In a company release, BP said BP Alternative Energy had the potential to deliver revenues of $6 billion a year within the next decade. Citing its success with its BP Solar division, which anticipates revenues of $1 billion in 2008, the company said it has sufficient technology “to build a significant and sustainable business in alternative and renewable energy.”