BP drops cellulosic ethanol biofuels plant.

FT: BP has as cancelled plans to build a $300m ethanol plant in Florida in another blow to hopes that “second-generation” biofuels will make a significant contribution to fuel supplies in the next few years. The company said it was confident in the effectiveness of its technology for making advanced cellulosic ethanol from “energy crops”, such as miscanthus, but it could earn better returns elsewhere.