BP Eyes Wind, Biofuels in Alternative Energy
by Meghan Schiller (Medill News Service/Wall Street Journal) The head of BP’s alternative-energy business on Tuesday said biofuel and wind are the stars of the field as the firm ramps up its presence.
Katrina Landis, CEO of BP’s alternative energy business, said at a gathering of the Atlantic Council in Washington that the company is ahead of schedule in its investment plans.
…BP projects biofuels will make up 30% of the gasoline pool by 2030 and sees cellulosic ethanol as the energy to watch.
“Our cellulosic ethanol energy grass feedstock grows 15 to18 feet high and produces 1,000 to 2,000 gallons of fuel per acre,” said Landis.
BP grows its “energy cane” at its first commercial plant in a small Florida agricultural town hungry for jobs. Landis says those Floridians are “thrilled with development of this farm, and it’s on marginal land so there is no potential impact of the land being used for food crops.”
The company notes cellulosic ethanol will compete in the market at $80 per barrel by 2022 and yield 4 to 5 times that of corn.
…A wheat ethanol facility in the United Kingdom comes online this year. It will make regular ethanol for the time being, and then shift to cellulosic ethanol when the technology evolves. READ MORE and MORE (Platts) and MORE (Bloomberg BusinessWeek)