Mr. Pickens said yesterday that he is delaying, not canceling, his $10 billion wind energy project, called the Pampa project. The project purportedly will be postponed until 2013, when Texas is "expected" to complete a $4.9 billion transmission line. Yet on Tuesday, Mr. Pickens said that he was looking for a home for the 687 giant wind turbines that Mesa Petroleum ordered from General Electric Co. a little more than a year ago for a reported $2 billion. One report said that Mr. Pickens joked that he didn't have room for the turbines in his garage.
I sincerely hope that the Pampa project comes to fruition at some future date. But if Mr. Pickens resells those wind turbines to third parties, they won't be available for the project four years hence (although I suppose he could order replacements sometime in the future). And it's hard to believe that Mr. Pickens will keep the leases Mesa Petroleum currently has on 200,000 acres in Texas for four years in the hopes that the project will eventually go forward.
As much as I want the Pampa project to succeed, I certainly wouldn't invest my money in it.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment