21 Dec '11, 4pm

BP to Close Its Solar Business after 40 Years

BP to Close Its Solar Business after 40 Years

BP has confirmed that it plans to close its solar energy division after more than 40 years, arguing that the growing commoditisation of solar technologies has made it impossible to make a profit. Mike Petrucci, chief executive of BP Solar, said in an internal email to staff last week that the company has no choice but to close a division that has become unprofitable. "The continuing global economic challenges have significantly impacted the solar industry, making it difficult to sustain long-term returns for the company," he wrote. A BP spokesman told the Financial Times that the company has decided that it cannot compete with the glut of low cost panels that has emerged in recent years. "Over the last six months we have realised that we simply can't make any money from solar," he told the paper. "It has become a commoditised business. You cannot be a specialist anymore." ...

Full article: http://www.greenbiz.com/news/2011/12/21/bp-close-its-sola...

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