Just months ago, the Pickens Plan was all the rage as oil soared to the stratosphere and the credit crisis was just beginning to unravel in a big way. T Boone Pickens had grand plans of a wind farm filled with $2 billion in wind turbines courtesy of General Electric (GE). Now those plans seem to be on hold but delivery isn’t expected until 2010.
The NY Times is reporting that Pickens told reporters at an energy conference today that his project has been slowed by the deteriorating credit situation. “When you’re talking financing — big financing — well those talks have ceased because nobody has any money,” Mr. Pickens said.
Here’s an interview he did on Fox News today
From pickensplan.com “Daily Pickens” today:
Army:
I understand there is some confusion about our wind project in Pampa, Texas. The current economic situation is having an effect on our project, but my commitment to wind energy as a cornerstone of the Pickens Plan has not diminished one bit. The economy will recover, and we will be able to provide 3.5 million new jobs in the wind sector over the next ten years.
But that doesn’t change the focus of the Pickens Plan: We have to reduce our dependence on foreign oil through the use of wind, solar and natural gas or we will find ourselves in this economic ditch permanently.
Here’s the statement Mesa Power put out the other day.
“The capital markets are problematic for everyone, and we are keeping an eye on them. We are committed to wind development projects and believe it’s a viable business for us. The capital markets may lead us to slow down a bit but we are still going forward with our wind business,” said Jay Rosser, spokesperson for Mesa Power.
– Boone
Thanks for posting that Eric