BP Exits the Solar Industry

Bloomberg:

BP Plc, Europe’s second-largest oil company, will shut its solar power unit and quit the business entirely after 40 years because it’s become unprofitable.

The company will wind down the unit, BP Solar, over several months, Mike Petrucci, the unit’s chief executive officer, told staff in an internal letter last week. About 100 employees will be affected.

BP Solar is withdrawing from an industry that’s facing oversupply and price pressures after Asian competitors increased production. Panel prices plunged 48 percent this year, helping tip three U.S. makers including Solyndra LLC into bankruptcy, and Solon SE (SOO1), Germany’s first listed solar company, filed for insolvency last week.

“The continuing global economic challenges have significantly impacted the solar industry, making it difficult to sustain long-term returns for the company,” Petrucci said in the letter.

The rest here.

Most Popular

Elections

Romney Is a Misfit for America

Mitt’s back. The former governor of Massachusetts and occasional native son of Michigan has a new persona: Mr. Utah. He’s going to bring Utah conservatism to the whole Republican party and to the country at large. Wholesome, efficient, industrious, faithful. “Utah has a lot to teach the politicians in ... Read More
U.S.

Fire the FBI Chief

American government is supposed to look and sound like George Washington. What it actually looks and sounds like is Henry Hill from Goodfellas: bad suit, hand out, intoning the eternal mantra: “F*** you, pay me.” American government mostly works by interposition, standing between us, the free people at ... Read More
Film & TV

Black Panther’s Circle of Hype

The Marvel Cinematic Universe (MCU) first infantilizes its audience, then banalizes it, and, finally, controls it through marketing. This commercial strategy, geared toward adolescents of all ages, resembles the Democratic party’s political manipulation of black Americans, targeting that audience through its ... Read More