T. Boone Pickens Explains His Plan

Posted by starstuff on 2008/10/27 19:20:29

The Daily Pickens

Is T. Boone Pickens Selling Off Some Wind Turbines?

Posted by starstuff on 2008/10/28 20:28:18
"...There was certainly plenty of oblique confirmation that Pickens and his wind investors might want to bail: in the New York Times, in its story Alternative Energy Suddenly Faces Headwinds; and in the Wall Street Journal's blog, Environmental Capital: Green Meltdown: Credit Crunch Whacks Renewable Energy, Too. Even the American Wind Energy Association issued a bleak forecast.

"T. Boone is having his own problems, too, and perhaps he's suddenly in need of liquidity. His hedge fund BP Capital, which likes to park its money in crude oil, gas and tar sands plays, reported 2008 losses of $1 billion -- a quarter of it Pickens' own money, according to Forbes. In 2006 he was ranked the 101st richest man in America. He dropped to 131st in 2008 with a net worth of a bit over $3 billion. Who knows where he will be next year?

"Maybe investors in Mesa Power want out of the project? Pickens hasn't disclosed who they are or how much they've ponied up. He hasn't disclosed terms of the deal with GE for buying 667 turbines. What was the down payment? When are progress payments due? Maybe the notion of the project sinking $1.5 billion into its own transmission lines -- so it could actually sell the wind power -- all of sudden seemed foolhardy, too.

"So when T. Boone started talking as we ate dessert (fruit tart), what became crystal clear is that first and foremost he's an oil and gas man. In his trademark fashion, he wrote on a white board to reveal the hedge that gets his juices going: $7 worth of natural gas could provide the same energy for driving as $30 worth of gasoline from crude. Now there's a market opportunity even bigger than the state of Texas, and that's what T. Boone is after. He wants to put natural gas in every car in America. And of course, they'd have to get their gas from natural gas filling stations owned by the Clean Energy Fuels Corp. He owns 16.5 million shares of its stock that trades under the ticker CLNE.

"I can't recall that he said a single word about the biggest wind farm in the world that he is building.

"Plenty of blogger ink has been spilt explaining why the Pickens Plan is bogus, and especially why the wind part of his equation is a greenwash. Natural gas plants are fired up to meet peak demand and so it won't work to substitute wind for natural gas. When you really need to, you can't just flip a switch and say "let there be wind!" What's more, what are you going to do with the natural gas plants built over the last decade or two? Tell the owners to shut them down because the Pickens Plan is here? And most damning of all, do the math -- as Climate Progress did -- and it turns out that it would be far cheaper and more efficient to move the US auto fleet to plug-in hybrids than to natural gas by a 2:1 margin...." - more

Natural Gas in the Transportation Sector

Posted by starstuff on 2009/1/3 13:51:32

"...According to the Natural Gas Vehicle Coalition, there are currently 150,000 Natural Gas Vehicles (NGVs) on the road in the United States today, and more than 5 million NGVs worldwide. In fact, the transportation sector accounts for 3 percent of all natural gas used in the United States. In recent years, technology has improved to allow for a proliferation of natural gas vehicles, particularly for fuel intensive vehicle fleets, such as taxicabs and public buses. However, virtually all types of natural gas vehicles are either in production today for sale to the public or in development, from passenger cars, trucks, buses, vans, and even heavy-duty utility vehicles...." - more

Re: Natural Gas in the Transportation Sector

Posted by starstuff on 2009/1/3 14:23:28

"...A listing of CNG locations can be found at:

"...There is another option. You can get around the lack of public refueling by installing a home fueling device like the FuelMaker 'Q' and Phill, also from FuelMaker. These are 'time-fill' fueling devices that don't store CNG, but rather compress and refuel directly from a household's gas supply. With both of these devices fueling is done overnight or whenever a vehicle is idle.

"...The cost to convert to CNG can range from about $12,500 to $22,500 depending on the vehicle, engine, size of CNG tanks needed, and who does the converting. The greatest expense is for the CNG tanks, and the more capacity and number of tanks, the more expensive the conversion. While this may be daunting for many consumers, fleet users - like taxi companies and delivery services - can often justify the expense because of the fuel savings amortized over many miles. The FuelMaker 'Q' refueling appliance costs just under $10,000 plus installation and the Phill is priced at about $4500 plus installation...."

Pickens Plan no longer features wind energy

Posted by starstuff on 2010/12/15 14:30:33
"...his big idea to get America off foreign oil imports: natural gas and wind energy. "Two years later, let’s just make that natural gas...."

By Jennifer Alsever
msnbc.com contributor
updated 12/14/2010 7:50:54 AM ET

"Since the billionaire’s plans for the world’s largest wind farm fell apart in the Texas Panhandle, Pickens has edited his much-hyped “Pickens Plan” to focus primarily on his other big business interest: natural gas.

"Touting 1.7 million Pickens Plan supporters, he’s now pushing Congress to pass legislation that would offer incentives to convert 18-wheelers and fleet vehicles to run on compressed natural gas, or CNG, rather than diesel. He said if just 8 million of those trucks switch to the domestic-produced fuel, it could cut in half the amount of foreign oil imported by the United States. " - more

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