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Bull Market In Oil Is Over (For Now) | Paul Sankey
Forward Guidance
The Cost of Capital of a Green Energy Company
BP's existing cost of capital is too high for it to make any money as a renewable company so it's just going to be a value destruction machine. The lack of trust in BP means that you need 25% return for them to invest a dollar. Now if PB, a different company comes along and says I'm going to raise a bond to build a windpath then they have a clean sheet. That's my point. You can't mix the two businesses in terms of cost of capital. You only get one cost of capital effectively.
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