What BP's plan to sell its Houston-based wind energy division means for the region

Claire Hao | Source: Houston Chronicle | Posted 09/19/2024

BP’s U.S. onshore wind energy business, valued at about $2 billion, has interests in 10 wind farms across seven states. These wind farms generate 1.7 gigawatts of electricity, enough to power more than half a million homes per year. Though none of the wind farms are located in Texas, the company operates nine of them through a remote operations center in Houston.

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BP, the British oil major, has announced plans to sell its U.S. onshore wind energy division based in Houston, redirecting its focus on its core oil and gas business. The company intends to concentrate its renewable energy initiatives in Europe, particularly through its subsidiary, Lightsource BP, Europe's largest solar developer by the end of 2023.

With interests in 10 wind farms across seven states generating 1.7 gigawatts of electricity, BP's wind energy assets in the U.S. are valued at around $2 billion. The decision to divest from these assets aligns with BP's strategy of simplifying its portfolio and enhancing its value. This move reflects a shift back towards oil and gas operations under the leadership of BP's new CEO, Murray Auchincloss, who aims to prioritize shareholder returns and capital discipline, moving away from emphasizing renewable energy expansion within the company.

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What BP's plan to sell its Houston-based wind energy division means for the region

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