Two oil giants plunge into the wind business

[RedEarth]

WASHINGTON -- Two of the world's leading oil producers have almost overnight joined some of the biggest players in wind power in the United States, accelerating a trend of large corporations investing in the rapidly growing alternative-energy field.

As global warming and clean fuels have gained more attention, Shell Oil Co. and BP have accumulated impressive credentials. Shell is one of the nation's top five generators of wind power, while BP's Alternative Energy group -- launched 16 months ago -- aims to develop projects that produce 550 megawatts of electricity this year, one-sixth of the projected US wind energy output in 2007.

"Shell and BP see wind as an increasingly important part of the energy industry. They are looking to continue to grow," said Randall Swisher , executive director of the American Wind Energy Association , a Washington-based industry group. "They want to look for new opportunities, and wind is clearly in their sights."

The oil companies bring enormous cash reserves, years of experience in large projects, and a can-do spirit to an alternative-fuels industry that has largely been driven by speculators, small developers, and utilities. Though environmentalists largely praise the interests of the two oil giants, they harbor suspicions of whether the energy giants are adding renewable sources to their portfolios as a way to enhance their reputations with consumers rather than to combat global warming.

Graeme Sweeney , Shell's executive vice president for renewables, hydrogen, and CO{-2} , said most forecasts predict that by 2050, renewable energy will make up a third of the world's power sources.

http://www.boston.com/news/nation/washington/articles/2007/03/02/two_oil_giants_plunge_into_the_wind_business?mode=PF

[ryanmuegge]

1. Shell's executive vice president for renewables, hydrogen...

Enough of this fucking hydrogen fairy tale already!

[kestrel91316]

2. Hey, guys, welcome to the real world of genuine COMPETITION.

Good luck getting a monopoly on wind turbines...........

[Porcupine]

3. Hint: not much oil left in the ground.

If it was profitable or reasonable to go after more oil they would. It isn't and they're getting into the wind business.

Money talks.

[amandabeech]

4. What oil is still in the ground is controlled by governments that won't

let western oil companies in without major, major restrictions, if at all.

Here's a partial list: Saudi Arabia, Mexico, Venezuela, Russia, Iran, China and I think Kuwait.

There are still some possibilities in sub-Sahara Africa, but who knows what will happen there.

That leaves Europe (North Sea primarily), the U.S., Canada, Australia and maybe some of the former Soviet emerging countries in the Caucasus and central Asia. Many of these spots are in steep decline or have not lived up to original hopes. No wonder everyone's so hot to trot about Canadian tar sands. It's one of the few plays out there open to western oil companies. P

[eppur_se_muova]

5. Neither an American company, I note. nt