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127 Comments
- dcmusicfusion, on 11/05/2008, -2/+36This doesn't make sense....part of the bailout package was tax credits for wind farms.
- Trekhawk, on 11/05/2008, -0/+22Materials, shipping, land. I could see it getting pricey enough especially given the scale of it.
- uptwolait, on 11/05/2008, -1/+19He may have to just stop at 1.21 gigawatts.
- inactive, on 11/06/2008, -0/+17No, this guy is a well known multibillionaire. Where have you been?
- Netmindstorm, on 11/06/2008, -0/+14That blows
- NapoleoneDos, on 11/06/2008, -1/+15Your heart's in the right place, but your logic is faulty. Just because the ultimate intention is good does not mean it should come at no cost. In fact, the greater the cause, the more one should be willing to pay, sacrifice and give.
If Pickens truly believes in this he should finance it himself. He has the pockets for it and he's the one that stands to profit monetarily anyway.
That said, renewable energy is a given: Pickens or not. - TheMachine1, on 11/06/2008, -0/+13The irony is the easy credit before the crisis was being used by speculators to drive up the price of energy in the first place. When that credit froze they were forced by margin calls to liquidate their highly leveraged energy investments. That made energy prices crash.
And by the way house prices fell because of forecloses and you guessed it high energy cost particularly effected the sub prime home buyers more. - inactive, on 11/05/2008, -8/+20 T. Boone Pickens? C'mon, that's a fake name.
- jbmcb, on 11/06/2008, -0/+10You can't buy turbines with tax credits.
- NJank, on 11/06/2008, -0/+9tax credits != loans
- st00f72, on 11/06/2008, -0/+8Really? After fuel prices plummet to half what they were months ago??
- klynsmom, on 11/06/2008, -0/+8Econ 101 folks. You don't really think anyone invests "for the common good", do you? We all invest to make money, not spread wealth. Pickens made his money in oil, he'll eventually make it in other energy sources. It's just that the timing for his wind power investment is not good right now. It will improve, but only after the economy picks up. By the way, tax credits don't pay construction bills.
- slvrbullet87, on 11/06/2008, -0/+7@Nap
Just because Pickens is rich doesnt mean he can ***** out 2 or 3 billion dollars when ever he wants/needs it. Most of his money would be tied up in property he owns, the stock market, and other assets that are hard to liquidize - inactive, on 11/05/2008, -5/+12Credit crunch my a**. If it was such a great idea investors all over would be lining up to finance this.
- CarlsDigg, on 11/06/2008, -0/+7According to an article in Popular Mechanics, if the plan is accepted, Pickens stands to reap a significant profit by building pipelines to pump billions of gallons of water from an aquifer under land in the Texas Panhandle, for which he controls the water rights. The proposed pipeline could follow the same 250-mile corridor as the electric transmission lines from the wind farm, which would be seized for utility use from private owners through eminent domain. Pickens owns more water than anyone else in the U.S. However, Pickens claims he has no need for the money, and that Texas law provides alternative ways for public water supply districts (such as the one formed by Pickens) to obtain pipeline right-of-ways.
- jbmcb, on 11/06/2008, -0/+7@sodade
Credit is somewhat hard to come by these days, especially if your non-liquid assets are property. - vertigo32, on 11/06/2008, -0/+6When I hear that name I think of 'Rich Texan' from the Simpsons.
It sounds like it can't be real, but then again, it's Texas. Like Disneyland, except bigger and with more guns. - inactive, on 11/06/2008, -0/+6Nope. You can't make that ***** up.
Listen, John, I've gotta go, T. Boone Pickens just walked in. - jbmcb, on 11/06/2008, -0/+6$10 billion could buy you two AP1000 nuclear power plants that would produce over 2,100 megawatt/hours of guaranteed electricity. The giganto-wind-farm will ostensibly generate ~4MWh, but it hasn't been proven that it would deliver that amount yet. Nuclear is the safer bet from an investment standpoint.
- Leviathan433, on 11/06/2008, -1/+6Right - because clearly the market knows what is best for itself...
- hbyrne, on 11/05/2008, -2/+7Not all green measures were popular this election, obviously.
- vendeta912, on 11/05/2008, -12/+17Thats horrible! Why does it cost that much!! I'd volunteer my time to help set that up in a heartbeat!! If its meant to better the planet and out way of life there is absolutely no reason it should cost that much. It shouldn't cost anything!!!
- iridesce, on 11/06/2008, -0/+5Guess he should have started an investment company - 12 billion in bonuses for making failed side bets would just about do it
- inactive, on 11/06/2008, -0/+5Most of these wind turbines come from France. Shipping is expensive!
- inactive, on 11/06/2008, -0/+5Just as an fyi:
Yesterday was the anniversary of the invention of the Flux Capacitor. - user14, on 11/06/2008, -1/+6These comments are simply amaz
1. He should pay for it...well yes he is trying
2. Credit crunch is not really the problem here...the problem is Pickens is long on oil you have noticed that gas is $2.50 again right?
3. Who is T. Boone? Really...what have you been doing for the past 12 months?
I thought some of you guys were joking...are you?
One other question...If gas going to $4.50 was Bush's fault then who gets the praise for gas going back to $2.50? - Leviathan433, on 11/06/2008, -0/+4I don't think this has anything to do with the election.
- winkydo, on 11/06/2008, -1/+5not from texas.
- vertigo32, on 11/06/2008, -1/+5Because when it is up and running he's the one that's going to pocket the profits? Last I heard he's not donating the energy or putting this wind farm in a public trust.
Socialize the costs, privatize the profits. - redux2redux, on 11/06/2008, -2/+6Hey wait, isn't he a gazillionare, and can't he fund these himself?
- stonewall123, on 11/06/2008, -0/+4Not all are made in Europe. But yes shipping can be a big factor. If price was that much of an issue GE should be doing extremely well.
Top 10 wind turbine manufacturers (Source: BTM Consult ApS - March 2008)
Vestas (Denmark)
GE Energy (United States)
Gamesa (Spain)
Enercon (Germany)
Suzlon (India)
Siemens (Germany)
Acciona (Spain)
Goldwind (China - PRC)
Nordex (Germany)
Sinovel (China - PRC) - user14, on 11/06/2008, -0/+4*chuckles* 20 years and I still giggle at that line...1.21 gigawatts!
- user14, on 11/06/2008, -0/+4*ahem* How are you going to pay back the $11B back within one year? Selling conversion kits and giving a tax-break on top?
- aladrin, on 11/06/2008, -0/+4This is exactly right. Good investments are hard to find right now. Everyone is looking for somewhere good to put their money. If this was a good place, he'd have his money -easier- right now than before.
And yes, after fuel prices plummeted. You don't think rich people knew why fuel was so expensive in the first place? They knew it was inflated, and that it would fall. Don't kid yourself. - inactive, on 11/06/2008, -0/+3That means (at least in the short-term) it's not so great.
- no2gates, on 11/06/2008, -0/+3The problem is the credit crisis is affecting the wind. There's not enough wind now since the price of wind went up. Wind doesn't grow on trees you know.
- tobijo, on 11/06/2008, -0/+3Most gazillionaires have most of their money in the market.
- user14, on 11/06/2008, -0/+3Xk...exactly right...remember, this is a 5-10 year project...how come pickens can't get other money?
Could be greed...maybe he doesn't want to give-up equity.
Could be no takers...other projects are more profitable
My guess is the later of the two...competing with public power plants will be difficult. - aladrin, on 11/06/2008, -0/+3He won't be able to pay them back in a year, so that would be really, really stupid.
- RudeTurnip, on 11/06/2008, -0/+3T. Boone Pickens and Carlos Slim walk into a bar. The bartender says, "what is this, some sort of corny western?"
- aladrin, on 11/06/2008, -1/+4"who gets the praise for gas going back to $2.50?"
Bush does. All he had to do was completely destroy our economy to do it. Yay Bush! - inactive, on 11/06/2008, -0/+3Listen, John, I've gotta go, T. Boone Pickens just walked in.
- krahzee, on 11/06/2008, -0/+3Let's not forget the labor of erecting the turbines. We are hardly talking about putting a 5ft tall tree in the ground here.
- inactive, on 11/07/2008, -2/+5You cant buy windfarms without REAL investors.. all running away from the USA stock market that will doulbe its taxes on anyone investing in it !!
Oops there's your CHANGE ! - doublefelix, on 11/06/2008, -0/+3You're right, his service in Vietnam paled in comparison to the heroism of President Bush.
- NJank, on 11/06/2008, -0/+3the only time the word was ever pronounced correctly.
- Supawantastic, on 11/06/2008, -2/+5ok. $10B per month in Iraq or $10B government loan to Mr. Pickens where the taxpayers then get a percentage of fee paid back to them over time as the wind energy is captured. seems pretty easy to solve if you ask me.
- boneit, on 11/06/2008, -0/+3$3 billion a mile? Are they laying solid gold bricks to carry current?
- SKrypto, on 11/06/2008, -0/+3those flux capacitors can be pricy
- inactive, on 11/06/2008, -0/+3Its the exodus because now investors are sure their investments' taxes will have double the tax by next year.
THANKS TO OBAMA!!
So now no more investments, no more independent investment for alternative energy... WOW ISNT CHANGE GREAT!!!
Too bad the retards who voted for Obama never took an econ. class !! -
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