Ahh, the wishful thinking. What makes wind and solar expensive? Oh yes, this dastardly intermittency problem. And backup is still being provided by the unloved fossil fuels. Of course, there is always talk about batteries taking over one day but I advise you to not hold your breath on that. And if you need oil & gas for backup, the price of your backup just went up. Yes, we are used to all kinds of creative accounting from wind and solar but no matter how hard it wiggles, reality always comes through.
BP’s energy transition plan will receive a boost from rising oil prices, and the company is already winning back investors after a difficult year, Chief Executive Officer Bernard Looney said.