T. Boone’s "Pickens Plan" Suspended Indefinitely
|July 9th, 2009||
|The case for alternative energy is still a hard sell. Texas oil mogul T. Boone Pickens announced on July 7th, 2009 that his plan to develop the world's largest wind farm has been indefinitely suspended. Instead, according to an article from the New York Times, Pickens plans to build three to four smaller wind farms at a reduced cost of $2 Billion. |
Citing lack of transmission lines, a sharp drop in natural gas prices, and lack of funding for alternative energy projects due in larger part to the economic crisis, Pickens has remained quiet regarding the status feasibility of his much championed "Pickens Plan."
The viability of the alternative energy industry is dependent upon increased capital flows and federal stimulus measures yet to be implemented by Congress. Many industry players are hopeful this will occur in the second quarter 2009, yet investment in new wind-development projects is expected to drop by some 25%, says Emerging Energy Research, a consulting firm.
For Detailed Investor Profiles on these Investors, click below: