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With a name like T. Boone Pickens, you know the man owns a ranch; and with $1 Billion in earnings last year, you know the man’s connected to oil. What do you know when he invests 10x that to build the largest wind farm in the world? He’s an environmentalist? Sure, but how about, There’s new money in new Power?
I’m not downgrading the man at all, people. He says it himself. Yes, he’s happy to help the environment, but he’s out to make money. Says Pickens:

Though Pickens admits that wind power won’t be as lucrative as oil deals, he still expects the Texas project to turn at least a 25 percent return.
“When I go into these markets, I expect to make money on them,” Pickens said. “I don’t expect to lose.”
America is facing a looming power crunch, with electricity demand expected to grow 15 percent in a decade. And while many states have rejected big coal-fired power projects on environmental concerns, they are offering a bounty of incentives to build renewable sources.

He may not be the Greenman we envisioned, but make no doubt, Pickens has made himself an example, and with rising oil prices not intending to stop anytime soon (especially with Middle East leaders saying they aren’t high enough) there’s a real hope that others will follow his example.
It takes a lot of Harumph to go with an investment you know you’ll make less on because it’s “the right thing to do” so I desperately hope that Pickens doesn’t receive bad PR for calling himself an environmentalist. Especially when you’re making less … in Millions.
We need more alternative energy sources, and will continue to need more especially as plug-ins hit the road. Pickens’ $10 Billion wind farm would create the power of two nuclear power plants.
Tags: oil tycoon, T. Boone Pickens, wind powerShare This
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