BP Putting "Green" Money Where Its Mouth Is

You've likely seen the TV commercials from BP touting itself as a "green," environmentally conscious energy company. Now, though, it appears that BP is making a serious financial commitment to alternative, renewable energy.

BP has announced plans to invest $1.8 billion in solar, wind, hydrogen and combined cycle gas turbine (CCGT) power over the next three years. The company plans to bring a wind farm online in the US by 2007, and deploy CCGT units to be major contributors to the US power grid.

Although alternative and renewable energy remains a fraction of BP's overall business (oil and gas still dominate), BP appears to recognize the urgency of developing such energy sources in light of increased global demand and possible exhaustion of oil and gas supplies. And because its competitors are largely ignoring this market, BP is being given an unprecedented opportunity to stake a claim in alternative and renewable energy.

Source: Alternative Energy Blog