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Politics Latest Messages: Quick Financial Services business Loan and persona..

Money...money...money - Why we cannot have nice things

Posted: Dec 30th, 2017 - 1:08 pm

 

"But in 2006, Shell sold its solar subsidiary. In 2008, it pulled out of the London Array, slated to become the largest offshore wind farm in the world, and the following year, the corporation announced its complete exit: there would be no more investment in solar or wind. Why? 'They continue to struggle to compete with the other investments in our portfolio' — oil and gas, that is — said spokesperson Linda Cook. BP gradually closed down its panel factories, complained in 2011 that it 
can’t make any money' on the sun and, two years later, followed Shell’s lead: 'We have thrown in the towel on solar. Not that solar energy isn’t a viable energy source, but we worked at it for 35 years, and we really never made money,' CEO Bob Dudley explained, going on to sell off the company’s entire US wind business for good measure.
More specifically, both corporations attributed their pullouts from the sun to the plummeting prices on panels. Since they could not extract the fuel and sell it on the market, the only thing amenable to self-expanding value would be manufacturing the technology; the margins were squeezed year after year, however, until little if any profit remained — a tendency with no equivalent in their core business. 'BP couldn’t make it [solar] profitable. They couldn’t keep pace with the industry, and didn’t like the capital allocation required. When oil is $100 per barrel, the board wants to stay focused on what they do to maximize earnings,' a former strategist at BP Alternative Energy recalled as the reasoning behind the decision: for someone who is in it to make a profit, a high and stable price is better than a low and falling one."

"But in 2006, Shell sold its solar subsidiary. In 2008, it pulled out of the London Array, slated to become the largest offshore wind farm in the world, and the following year, the corporation announced its complete exit: there would be no more investment in solar or wind. Why? 'They continue to struggle to compete with the other investments in our portfolio' — oil and gas, that is — said spokesperson Linda Cook. BP gradually closed down its panel factories, complained in 2011 that it can’t make any money' on the sun and, two years later, followed Shell’s lead: 'We have thrown in the towel on solar. Not that solar energy isn’t a viable energy source, but we worked at it for 35 years, and we really never made money,' CEO Bob Dudley explained, going on to sell off the company’s entire US wind business for good measure.
More specifically, both corporations attributed their pullouts from the sun to the plummeting prices on panels. Since they could not extract the fuel and sell it on the market, the only thing amenable to self-expanding value would be manufacturing the technology; the margins were squeezed year after year, however, until little if any profit remained — a tendency with no equivalent in their core business. 'BP couldn’t make it [solar] profitable. They couldn’t keep pace with the industry, and didn’t like the capital allocation required. When oil is $100 per barrel, the board wants to stay focused on what they do to maximize earnings,' a former strategist at BP Alternative Energy recalled as the reasoning behind the decision: for someone who is in it to make a profit, a high and stable price is better than a low and falling one."

 





LINK/URL: Money...money...money

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