Pickens Plan: Game Back On
Billionaire Back to Backing Wind
After putting the plan on hold due to transmission issues, T. Boone is once again ready to proceed with the wind portion of his plan for U.S energy independence.
He says he'll disclose the location of a 500 megawatt plant in the next 30 days, though the Dallas Morning News has reported that approximately 300 General Electric (NYSE: GE) turbines are being sent north - to either Canada or Minnesota - for the proposed farm.
Pickens recently told the Wall Street Journal that "economics favor wind power with natural gas prices around $7 per BTU." But with natural gas seemingly in free fall - trading around $4.60 - the billionaire hasn't been pursuing wind as aggressively.
Perhaps his most recent move is a sign the industry is in for a good year. Stimulus funds should continue to be dispersed, and two large farms have already been announced - 845 MW in Oregon and 600 MW in Texas, supplied by GE and A-Power Energy Generation (NASDAQ: APWR), respectively.
If you're looking for broad exposure to the wind industry as it gets back in gear, an ETF like First Trust Global Wind (NYSE: FAN) or Power Shares Global Wind (NASDAQ: PWND) is a great way to go.
Call it like you see it,