Exxon estimates solar and wind energy demand will grow at a 10 percent rate annually over the next 25 years, but only on the back of government subsidies and tax breaks.
IRVING, Texas (Reuters) - It's the economics, stupid. Or so says Exxon.
The economics of solar and wind energy is why the world's largest publicly traded energy company is not making any bets on the environmentally friendly power sources now, and does not plan to any time soon.
Despite the growing popularity of renewable energy sources — top competitors like BP <BP.L> and Chevron Corp. <CVX.N> dabble in it — Exxon Mobil Corp. <XOM.N> has shied away from investing in solar and wind energy, arguing that the business is viable only with Uncle Sam's help.
As a part of the process announced Thursday, the Bureau of Land Management is amending 52 land-use plans in nine Western states, which Norton said will clear the way for wind farms generating 3,200 megawatts of wind energy
With an area of 568 sq.km and 85,000 residents, Phu Quoc's estimated electricity demand in 2005 was at 20,234 MWh, while its diesel-fueled generators produce only 7.5 MW, less than half the island's demand.