It was announced this morning in the newspaper that T. Boone Pickens will scale back his wind energy farm project due to the following reasons:
- Lack of transmission lines
- Fall of of natural gas prices
- Financial turmoil in the energy industry
- Hard to find financing for the project
Mr. Pickens wanted to build the world's largest wind farm located in the Texas Pan Handle location. This would of meant jobs for Texas. However, he has decided to build three to four smaller wind farms with a total investment around $2 billion dolllars. He wanted to build 687 wind turbines made by GE. However, Texas was unable to build the transmission lines in a reasonable time to complete his efforts.
Mr. Pickens's situation is of particular interest because he has spent much of the last year advocating an energy plan that includes increasing to 20 percent the amount of the nation's electricity that is supplied by wind power. In his vision, that would free up natural gas now used to generate power so that it could be used in cars, reducing the nation's dependence on foreign oil. (Currently, wind accounts for just 1 percent of the nation's electricity.)
Many land owners in that area were against his Wind Project because that meant power lines and underground pipes were going to run on their land over 250 miles. There were about 1,100 land owenrs that were going to be involved if the project would of went forward. Many residents said it would of been an ugly scene with transmission lines over the land.
If Pickens and the landowners can't reach agreement on payments for rights of way, the water district, a governmental entity, can use eminent domain to sue landowners for condemnation of their property.
Eminent is a favorite clause is when government takes over the property from the private land owner by giving them a set fair market value price to move on with the project ahead of them. Many State and Federal agencies have abused this right over America. This action is being better scrutinized by local governements as the last resort.
The future lies in the hands of the people that they elected to represent them in that district. Will these officials be bribed for their vote or will they fight for the people that elected them to office? Let me know your thoughts on this post.
Make the Call, Set the Plan, Do the Deal$!
Feel free to listen to my Radio Show to learn more about the phoenix real estate market, new trends, and the latest opportunities. The Real Estate and Beyond Radio Show Airs every Saturday from Noon-2:00pm on Conservative Newstalk KKNT 960am in Phoenix, Arizona. You can listent to past shows, or stream on-line.