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Billonaire T. Boone Pickens is pulling out of the 4 GW Texas wind farm he planned to pour $10B USD into. A death-blow to the project happened when the deal to build high-power transmission lines fell through.  (Source: foxtwo)

T. Boone Pickens is instead returning his attention to natural gas, though remaining optimistic on wind power. He claims that natural gas is our nation's "only option".  (Source: Horn River News)
Billionaire says he will turn to natural gas instead

Oil baron T. Boone Pickens made headlines when he announced that he would be making a massive investment in wind power.  He had made plans for a 4 GW wind farm in Pampa, Texas a town along U.S. Highway 60 northeast of Amarillo.  The site was set to become the largest wind farm in the U.S.

However, a mere 667 turbines into the construction (likely about a sixth of the total planned turbines) Mr. Pickens is pulling out of the "green gold" project of which he has contributed $10B USD.  A deciding factor was the difficulties in securing heavy transmission lines need to link the generators to the nation's power grid.   Mr. Pickens tried to get financing for the lines, but the deal fell through.

Now he is pulling out of the project, mostly.  He states, "The capital markets have dealt us all a setback.  I am committed to 667 wind turbines and I am going to find projects for them.  I expect to continue development of the Pampa project, but not at the pace that I originally expected."

Mr. Pickens made a fortune off his venture oil and gas firm Mesa Petroleum that after initial success began gobbling up oil and natural gas companies in the 1980s.  Now it appears that Mr. Pickens is returning to his roots.  He comments that natural gas is "the only option at this point" and continues, "There's no other, there's nothing else to replace it. It's the one and only resource in America that today can replace foreign oil. It is a cleaner, abundant fuel."

Still he remains optimistic on wind power, stating, "We've got more wind than anybody else in the world, just like they have more oil.  I think that's the future of this country.  We'll get there."

President Obama's alternative energy efforts have pleased Mr. Pickens, as does a new bill which will offer tax credits for the production of alternative fuels vehicles, including cars that can run on natural gas.  In addition to introduce new tax credits the bill will require 50 percent of all new vehicles purchased or placed in service by the U.S. government by Dec. 31, 2014, to be capable of operating on compressed or liquefied natural gas.

Cheers Mr. Pickens, "We're going to now use natural gas in place of foreign oil."

Major wind and solar installations continue to gain traction in America, but the death of the Pickens project in Texas showcases the problems with America's power infrastructure.  America is suffering from a decrepit and poorly maintained power grid which not only lowers efficiencies (raising power costs) and contributes to brownouts, but also hinders alternative energy projects.  As America has expanded, the grid hasn't expanded quickly enough with it, as this project showcases.



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RE: Why don't people research before they do things?
By Spuke on 7/9/2009 11:25:08 AM , Rating: 0
quote:
There must be an answer out there, or maybe not. Why haven't we found an answer to this problem?
Because oil is cheap. Because it's better to use up someone else's resources than your own even if it causes you a little pain from time to time. All of this alternative energy talk is just that, talk. And, as you can now see, this stuff costs money. And without money, it goes nowhere. T. Boone should've spent his money on NG from the get go.


RE: Why don't people research before they do things?
By Regs on 7/9/2009 12:39:45 PM , Rating: 1
It's not just money, its opportunity. Lets say Country A can build 10 cars and 6 tanks for each full working day at full employment/productivity. Country B can build 8 tanks and 4 cars for each working day because they're more geared towards building tanks.

Country A will have to give up 4 cars to make the additional 2 tanks. So what do they do? They buy the two extra tanks from Country B and then Country B uses the money to do whatever the hell they want with it.

It makes perfect economic sense for a country to buy what they are less efficient at making, and to sell what they are more efficient at making for a better profit.


By mcnabney on 7/9/2009 5:40:15 PM , Rating: 2
And besides banking, software, movies, and jet planes - just what is it that America will be selling in exchange for another countries production efficiency?

/oh, we will be selling our children's future some more. Got it ;-)


By Regs on 7/10/2009 8:55:57 AM , Rating: 2
No, it means your children will be hopefully doing something that progresses human knowledge, improving quality of life, and our race itself, without having to worry about redundant processes.

We don't have unlimited resources to maintain our quality of life and current progression and goals, while pretending to be captain planet. Until our way of life is attacked will we understand how the economy works, and make the changes necessary to economically fix the problem.

You can sit there and try to protect our jobs all you want, but we will lose the competitive advantage sooner or later. Try to think of our nation in terms of globalization as one big giant corporation. If we lose our efficiency and competitive advantages, we are dead in the water. We have to think of new ways to create and maintain a competitive advantage and selling cars or planes at prices no one is willing to pay is not the answer.


By MrBlastman on 7/9/2009 1:18:22 PM , Rating: 4
Spend it on NG? Hmm, I think the cash would have been better spent on a top secret genetic engineering program that promotes lactose intolerance in all humans. You could have the doctors, or at least, a nurse on the take in every hospital secretly administer the genetic payload to each newborn. In a few years - viola! A natural gas farm!

Why on earth bother drilling for it when you can pump it into your own home. Infrastructure? What infrastructure? It is already in place and leads straight to your local grocery store.

Perhaps they should call it Bush's plan - Bush's baked beans to be exact. 100% Natural, full of protein and most importantly completely portable and a limitless supply.

Just ask my wife, I nearly gassed her out the other night. It was a rumbling thunderstorm and it wasn't in the skies above. It was a roaring torrent of wind that came gushing through the room like a devilish twister of odor just aiming to reach out. Why let it diffuse itself in the atmosphere when you can capture it and detonate it?

Yes, the plan is simple:

a. Modify genetics
b. Milk Cows
c. Ship milk and beans to grocery store
d. Eat milk and beans
e. Hook hose up to rectum

Profit!

Sure, we'll all look like fools walking around with hoses up our behinds but you'll hear joyous crys from children with wonderful phrases such as: "Mommy, look, you have a tail!," and "Are those ducks I hear?"

Natural Gas, being served up at a grocery store near you!


By ZmaxDP on 7/9/2009 2:33:57 PM , Rating: 2
LOL,

Not quite as goos as eating babies, but not bad. Personally, I prefer barking spiders to ducks, and I have a dog with gas to put mine to shame so I usually blame mine on him. (I get a semi-playful slap, he gets a pat on the head and baby talk. I figure he doesn't mind.)


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