The Read: ; Pickens' Motives in Energy Plan Questioned
Charleston Gazette › August 13, 2008
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Summary
The details A look at the Pickens Plan The plan relies on a combination of wind power and natural gas to displace a significant amount of petroleum used for transportation. And Pickens has a lot of money tied up in wind and natural gas. Pickens power company, Mesa Power LLP, is planning a $10 billion wind farm in the Texas Panhandle and has already ordered $2 billion worth of turbines. Pickens is majority shareholder of Clean Energy, the largest supplier of natural gas for transportation in America. The company has lost money since 2006 and faces more losses in 2008 as it expands its natural gas fueling infrastructure. Clean Energy has underwritten a California ballot initiative that would boost demand for its product by subsidizing the cost of vehicles that run on natural gas.
WASHINGTON - Railing against the "club" of Big Oil and promising to shake up "management entrenchment," T. Boone Pickens once turned his epic takeover battles with oil companies into a national effort to make public companies more accountable to shareholders.See the full content of this document
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The Read: ; Pickens' Motives in Energy Plan Questioned
He modeled his effort on a political campaign - complete with lobbyists, grass-roots supporters and his own money. A corporate raider whose duels with incumbent managers earned him millions, Pickens became the public advocate of shareholders betrayed by dull corporate bosses.
Now 80, Pickens is again casting business as...See the full content of this document
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