Update on Pickens' Pullout

Posted on July 15, 2009 by Peter L. Gray

In my July 13 post, I commented on the implications of T. Boone Pickens' widely reported announcement that he intends to pull out of his massive Texas wind project. But since making those remarks, Pickens has clarified that he is delaying, not canceling, the $10 billion project.

Pickens says the so-called Pampa project will be postponed until 2013 when Texas is expected to complete a $4.9 billion transmission line. By that time, hopefully, credit markets will be healthy enough to finance the project: "Financing is tough right now so what is going to happen is it's going to be pushed back a year or two."

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