Shell out of wind

Are major oil companies just full of hot air when it comes to their clean energy strategies?

Last month, Shell decided to abandon its stake in a large offshore wind farm in the UK, which was then bought by energy company E.ON and Danish utility firm DONG Energy.

According to this article from the International Herald Tribune, Shell said it made the sale because rising costs made it unclear whether the planned 341-turbine wind farm in the Thames Estuary would be profitable.

The Tribune added that Shell’s move echoes plans by BP to review its renewable energy portfolio for a possible partial sale or flotation, after the BP chief executive, Tony Hayward, decided that his investors put little value on green assets.

No wonder it is sometimes so easy for environmentalists to get skeptical at oil firms’ green marketing campaigns when you hear news like this and at the same time they are reporting billion-dollar quarter earnings.

,

Leave a Reply