Oil and gas companies betting on renewable energy

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An article recently published by the NY Times explores how some of the largest oil and gas corporations are widening their portfolios to encapsulate more renewable energy, part of a transition towards becoming energy corporations.

The latest such move was the acquisition of the energy utility Direct Energie by Total. The deal, worth 1.4 billion euros, or about $1.7 billion, for Direct Energie, which has 2.6 million customers in Belgium and France.

At the end of 2017, BP acquired a large stake in the solar power developer Lightsource [1]. BP plans to invest more than €400 million ($500 million) a year in similar businesses [2].

Statoil (awaiting final approval on May 15th to change the name to Equinor [3]), has increased its investments in offshore wind and is currently engaged in four large-scale wind projects off the coas...