I happened across a story on Fox News about "green energy." It's taking place in Coalinga, California, of all places, and demonstrates a joining of forces of traditional energy sources with solar energy by Chevron. Here's some additional information from the Chevron website:
In early 2011, Chevron Technology Ventures (CTV) began operations at what may be the largest concentrating solar photovoltaic power plant in the United States. The demonstration plant, at Chevron Mining Inc.'s Questa Mine in New Mexico, uses lenses to focus sunlight onto three-layer solar cells. The technology is anticipated to be twice as efficient as traditional solar panels and generate about 1 megawatt of power to be sold to a local utility.In October 2011, CTV launched the world’s largest solar-enhanced oil recovery project This unique demonstration in Coalinga, Calif., will help us learn how solar technologies can increase oil production without increasing the carbon footprint. More than 7,600 mirrors direct the sun's energy onto a boiler to generate steam. The steam is injected into wells to enable the flow of oil. The demonstration will help determine whether solar thermal technology is viable for deploying in commercial-scale projects at other Chevron facilities. CTV contracted with BrightSource Energy, Inc. , a company Chevron has invested in since 2007, for engineering, procurement and construction. The project allows BrightSource to explore nontraditional applications of solar technology for the oil and gas industry.
What this means to me is that, as the green energy movement gets stronger and stronger, companies are listening and responding. Even if Chevron had been disinclined to take part in making energy "cleaner," the public outcry is forcing them to do so.
When I hear about events such as this, I feel inspired.
Public outcry is one but not the only factor in Chevron's solar investment. Some of the majors, including BP and Shell see that in the (very) long term oil will not the dominant source of energy for the majority of the planet. Mainly because finding new oil reservoirs is becoming very difficult, and there is a finite amount on the planet. So they are diversifying to become an energy provider, not just an oil producer. Solar, wind, natural gas power-plants, geo-thermal you name it they are investing in it.
Although some, (I think Exxon and Conoco) believe that investing solely in oil related production and R&D is the best bet. Depends on the company.
Just my 2 cents
Ipsam distinctio qui alias. Id voluptatem quisquam consectetur nihil. Beatae delectus quas aliquam aspernatur quaerat. Quam voluptate nostrum voluptas ut sit voluptatibus quisquam. Distinctio qui mollitia error hic.
Id cumque commodi beatae numquam praesentium. Est ad officiis sapiente illo consequatur voluptate.
In voluptatem voluptas unde dolore rerum deserunt. Et itaque et fugiat est non dolor. Vero quos sit vel possimus amet fugit dolore.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...