T. Boone Pickens is delaying his plans to build the world’s largest wind farm, according to reports. The texas oilman, who in recent years has turned to investments in natural gas and wind turbines, said a drop in natural gas prices is making wind power less competitive with electricity produced from burning natural gas.
The Arizona Republic cited his comments at a conference on Tuesday, where he said "his wind farm and most others in the country will not go forward because electricity from gas plants will be more economical."
However, Pickens said he believed prices would eventually rise.
Pickens’ Mesa Power has already ordered $2 billion worth of wind turbines from GE for a project to be deployed from Texas northward in what is considered the "wind belt" of the United States.
His support for a California ballot measure that would have created a billion-dollar market for natural-gas powered vehicles, was shot down by voters on electrion day.
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