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Daily Caller

BP Dumping Key Green Energy Business

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From the Daily Caller News Foundation

By Owen Klinsky

 

European energy company BP has announced plans to sell its U.S. onshore wind business as it aims to concentrate on its core oil and gas business and improve investor sentiment, according to the Financial Times.

BP, along with its rival Shell, has looked to scale back on green initiatives over the past few years, rejecting further cuts to oil production in June 2023. Now, the company is looking to sell its roughly $2 billion U.S. onshore wind portfolio, which consists of stakes in ten operating wind farms and has a total net generating capacity of 1.3 gigawatts, the FT reported.

“We believe the business is likely to be of greater value for another owner,” William Lin, BP’s executive vice president for gas & low carbon energy, told Bloomberg. “This planned divestment is part of our strategy of continuing to simplify our portfolio and focus on value.”

The move comes as BP’s share price sits near a two-year low, and as the company is in the process of “shifting capital away from transition themes and back to the core business,” Biraj Borkhataria, head of European energy research at RBC Europe Ltd XYZ, told Bloomberg. It also comes as the U.S. onshore wind industry has struggled more broadly as installations have slowed due to elevated interest rates and permitting challenges, with BloombergNEF lowering its projections for new onshore wind by 22% through 2030.

BP’s offshore wind (OSW) efforts have also run into challenges, with the company writing down the value of its OSW  portfolio by $1.1 billion last year, and the company’s former renewables chief, Anja-Isabel Dotzenrath, telling the FT, “offshore wind in the US is fundamentally broken.”

BP’s competitor Shell has also pivoted away from a renewables transition in recent years, with its CEO Wael Sawan  describing cutting oil production as “dangerous and irresponsible.”

“I disagree with him, respectfully,” Sawan said in July 2023 in reference to UN Secretary General Antonio Guterrdaes’ comment that new oil and gas investments are “economic and moral madness.” “What would be dangerous and irresponsible is actually cutting out oil and gas production so that the cost of living, as we saw last year, starts to shoot up again.”

The onset of the Russia-Ukraine war in Feb. 2022 drove energy prices skywards, with gas surpassing $5 a gallon in June 2022, up from roughly $1.80 in April 2020, according to the Federal Reserve Bank of St. Louis.

BP did not immediately respond to a request for comment.

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Second Wave Of Blasts Sweep Through Lebanon As Hezbollah Walkie-Talkies Suddenly Explode

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From the Daily Caller News Foundation 

By Jake Smith

A second wave of blasts swept through Lebanon on Wednesday as more communication devices used by Hezbollah suddenly exploded, according to several reports.

Hand-held radios used by Hezbollah terrorists abruptly exploded in southern Lebanon and the country’s capital of Beirut on Wednesday, according to Reuters. It marks yet another blow to Hezbollah, which the day prior had a large number of its terrorist fighters’ pager devices abruptly explode, causing thousands of injuries.

The devices that detonated on Wednesday appeared to be walkie-talkie devices rather than pagers, according to The Wall Street Journal. The exact size and scope of the attack are still unclear, but at least nine people have been killed and 300 have been injured, The Associated Press reported.

#Hezbollah walkie talkie explodes at a funeral today in #Lebanon after yesterday’s exploding Hezbollah pagers. pic.twitter.com/b8TIfUUBKq

— Jason Brodsky (@JasonMBrodsky) September 18, 2024

Israel is believed to be behind the coordinated and remote attack on Tuesday, though that has not been confirmed by the Israeli or U.S. governments, according to multiple reports. Explosive devices were reportedly planted into the pagers before they made their way out of a supply and manufacturing chain — which initially was suspected to be in Taiwan — and were shipped to Hezbollah in recent months, according to American and other officials who spoke to The New York Times.

The Taiwanese company in question has denied that it produced the pagers, saying that they were manufactured under license by a company based in Hungary, according to Reuters.

The walkie-talkies that detonated on Wednesday were reportedly also shipped to Hezbollah in recent months, a security source told Reuters.

Significant damage appears to have been made to a motorcycle after a Hezbollah radio exploded. pic.twitter.com/57JfoWDmaQ

— Joe Truzman (@JoeTruzman) September 18, 2024

The official Lebanese news agency also reported that a number of home solar energy systems exploded in Beirut on Wednesday, though it’s unclear whether it was connected to the string of walkie-talkie detonations, according to multiple reports.

Hezbollah has frequently attacked Israel since Oct. 7, the date Hamas invaded Israel and killed roughly 1,200 people. The Hezbollah attacks have created a turbulent situation along the Israeli-Lebanese border and prompted Israeli forces to launch cross-border counterattacks.

Israeli Defense Minister Yoav Gallant reportedly told a U.S. envoy on Monday that the time for a diplomatic solution had “passed because Hezbollah continues to tie itself to Hamas and refuses to end the conflict,” according to Axios.

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Daily Caller

Union Bigwigs Decline To Endorse Anyone For President Despite Rank-And-File Members Overwhelmingly Backing Trump

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From the Daily Caller News Foundation 

By Robert Schmad

The International Brotherhood of Teamsters on Wednesday declined to make an endorsement in the 2024 presidential election just hours after releasing internal polling data showing that the workers it represents strongly favor former President Donald Trump.

Among rank-and-file members of the major union, 59.6% surveyed said they believe the Teamsters should endorse Trump, compared to just 31% voicing support for Vice President Kamala Harris, a more than 25-point gap that remained more or less unchanged after the union ordered a subsequent survey after the Sept. 10 presidential debate. Despite the poll results, the union refused to make an endorsement as there was “no majority support” for Harris and a lack of “universal support” for Trump, it revealed on Wednesday.

A Teamsters spokesperson did not immediately clarify why the union had different standards for the two candidates. 

“The Teamsters thank all candidates for meeting with members face-to-face during our unprecedented roundtables,” Teamsters General President Sean O’Brien said. “Unfortunately, neither major candidate was able to make serious commitments to our union to ensure the interests of working people are always put before Big Business. We sought commitments from both Trump and Harris not to interfere in critical union campaigns or core Teamsters industries — and to honor our members’ right to strike — but were unable to secure those pledges.”

The union cited Trump’s refusal to commit to vetoing right-to-work legislation as part of its reasoning for not issuing an endorsement.

The Teamsters, which have historically supported Democrats and often donate to left-of-center causes, made an effort to court Republicans this election cycle. The union made a donation to the Republican National Committee, met with Trump, and O’Brien was even invited to speak at the Republican National Convention. Some on the right have resisted the union’s attempt to ingratiate itself among conservatives, like the Center for Union Facts which put up billboards outside the Republican National Convention calling the Teamsters “two-faced” over its history of liberal spending.

While Republicans were generally open to the Teamsters, the Democratic National Convention snubbed O’Brien by not allowing him to speak at the event, according to The Associated Press.

Harris is considerably less popular among rank-and-file Teamsters than President Joe Biden, who only trailed Trump by about 8 points in a survey ordered by the union prior to his withdrawal from the race. Union leadership met with Harris for a roundtable discussion on Monday, The Hill reported.

“We represent everybody from airline pilots and zookeepers, and we don’t just represent registered Democrats,” O’Brien said to reporters.

The Teamsters’ endorsement could have had a significant impact if it went to either candidate given the concentration of its members in the swing states of Michigan, Nevada and Pennsylvania, according to Reuters.

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