Between the Broadsheets

Chief executive Tony Hayward said yesterday that BP was considering options on how to release shareholder value from an operation which he believes is undervalued by the City. - The Daily Telegraph

Tony Hayward, BP’s chief executive, yesterday gave the market a strong signal that he wants to realise value from the company’s loss-making investments in renewables.
The Alternative Energy unit, which comprises BP’s solar cell manufacturing, wind power, hydrogen and bio-mass ventures, was “worth between $5 billion and $7 billion”, Mr Hayward said. In a strong hint that the company was feeling the pressure to generate a financial return from billions of dollars of investment in renewables, he said: “We intend to grow this business predominantly for its equity value.” - The Times

Honeywell and Dalkia, the energy service companies, have won the first contracts to give public sector buildings in London a £10m green makeover.
The contracts are intended to be the first of a wide-ranging programme to cut carbon emissions across thousands of offices, transport buildings, police stations, hospitals and schools in the capital, making energy savings of up to 25 per cent. - The Financial Times

The campaign for a sustainable, low-carbon future is not going well. A Norwegian Arctic measuring station last week reported that carbon dioxide levels in the atmosphere had reached a new peak, at 394 parts per million, heading for the danger levels at which we are told violent climate change will set in. - The Financial Times

A government threat to impose a windfall tax on energy company profits has been attacked as “legalised piracy” by one of the industry's leading representatives.
David Porter, chief executive of the Association of Electricity Producers, which represents Britain's top generating companies, said that plans for such a tax are “just plain daft” at a time when power companies were being urged to make huge investments in low carbon power generation, including nuclear and renewables. The Times

The government will announce a revamp of its controversial grant programme for renewable energy in budget week next month, an official from the Department for Business (BERR) said yesterday. The Guardian revealed recently that the Low Carbon Buildings Programme would have underspent by £10m by next March because householders were put off by the small grants available and the strict terms and conditions of the programme. - The Guardian

BP is considering floating or selling all or part of its renewable power operations, which it believes are worth up to $7bn (£3.5bn) - a value not reflected in the oil group's share price.
In a strategy update to the City that will be seen by green critics as a further move back to petroleum, Tony Hayward, the chief executive, said he planned to review the position of BP Alternative Energy, the brainchild of his predecessor, John Browne. - The Guardian