BP - Attacking the Wind and Solar Energy Field

BP, the oil company, says it will invest in the following 10 years an amount of 8 billion dollars trying to focus its attention on alternative energies, based on wind and solar energy.

BP has designed a whole unit that would be in charge with the project. The unit named BP Alternative Energy should be able to produce energy in value of 6 billion dollars a year. This is expected to take place in the following decade.

For the beginning, 1.8 billion dollars will be invested in this deal and it will be spend equally for solar, wind, hydrogen and gas-fired power generation.

The Chief Executive, John Browne, has mentioned in a statement: "our recent experience, particularly with solar, has given us the expertise and confidence to develop new products and markets alongside our mainstream business". He continues: "we are now at the point where we have sufficient new technologies and sound commercial opportunities within our reach to build a significant and sustainable business in alternative and renewable energy".

The research unit will have the headquarters southwest of London, in Sunbury, and will employ at the beginning 2.500 people. The person who will be on charge with the new unit will be Steve Westwell and his superior will be Vivienne Cox, the Chief Executive of BP's gas, power and renewable division.