Army —
A very quick note to discuss one issue with you: my wind farm project in Pampa, Texas. There have been a lot of media stories about it, many of which misinterpreted my future plans. I want to be very clear with you that I am delaying, not cancelling, the project.
This misreporting is no doubt being fueled by those aggressively trying to convince Congress and the American public that wind and solar power can’t contribute significantly to solving our energy problems. They are wrong.
I think the Bloomberg article pasted below will help clarify exactly where things are. The difficult economic situation in the U.S.—and around the world—is driving this decision, as is the need for new transmission lines in place, not any loss of support for wind energy in America, as some may have you believe.
Renewable energy is—and always will be—an important part of the Pickens Plan and will help our continued march towards energy independence. I know many of you have asked for an explanation which I appreciate and you should always feel free to ask me anything.
I cannot ever thank you enough for your continued support for the Pickens Plan.
– T. Boone Pickens
Texas Wind Project Won’t Be Canceled
By Daniel Whitten July 8 (Bloomberg) — Billionaire investor T. Boone Pickens said today that he is delaying, not canceling, a $10 billion wind energy project in Texas.
The so-called Pampa project will be postponed until 2013 when Texas is expected to complete a $4.9 billion transmission line, Pickens said in Washington today. News reports yesterday that he was ending the project are wrong, he said.
“I didn’t cancel it,” said Pickens, 81, the chairman of Dallas-based BP Capital LLC. “Financing is tough right now so what is going to happen is it’s going to be pushed back a year or two.” Pickens spoke after a press conference to promote legislation intended to encourage the development of natural gas-powered vehicles.
Pickens last year began promoting a national energy plan that relies on domestically produced natural gas to cut U.S. dependence on foreign oil. Electricity generated by gas and coal could be replaced with wind and solar power once the grid is improved.
His Mesa Power LLP ordered 667 wind turbines from General Electric Co. last year for delivery, he said, starting in the first quarter of 2011. The turbines, which can produce up to 1,000 megawatts, may be installed “in Minnesota or someplace else,” he said. Or he may just “put ’em in the garage,” he said.
Pickens said in a Bloomberg Television interview yesterday that it is necessary to build a 21st century power grid to advance wind energy, which he said could happen quickly.
“I’m in the business and we are going to build the Pampa project,” he said after the press conference today.