He plans to build 2700 wind facilities and says that 20% of the electricity in America should come from wind. This is estimated to cost more than $1 trillion and post operation would have the capacity to power 1 million homes in America.
Pickens says that America has abundant resources of natural gas which can go into transportation fuel. This could cut the cost of gasoline by half and also is environment friendly. As per Pickens, if this is achieved, then America's dependency on foreign oil will reduce by 50% in 10 years.
As per the Peak Theory, there is a 30-35 year gap between decline in the production of fossil fuels and Hydrogen based power being mass produced. According to Pickens, natural gas is the bridge fuel for these 35 odd years.
Currently, America imports 29% of its oil from Canada and Mexico, 11% from Saudi Arabia, 10% from Venezuela, 20% from Africa and 30% from other countries.
Source: Global World Energy Council
US has doubled its oil reserves since 2003 and will double them again by 2013. Moreover setting up wind turbines is beneficial for farm owners as it will be a source of revenue for them. The 5 key states for wind energy setup in US include North Dakota, Texas, Kansas, South Dakota and Montana. The combined capacity for these states is 5520 billion kilowatt hours. Just to tinkle your funny bone, 1 wind turbine is equivalent to 12000 barrels of oil (just in case you did not know that).
The current scenarios for Global Wind Energy Market is as follows:
Source: Global World Energy Council
To put his money where his mouth is, T Boone Pickens has set in motion the Pickens Plan which will cost $ 1 trillion to build the proposed wind energy corridor and $200 billion to build capacity. This is cheap when compared to an expense of $700 billion every year to import oil.
I think its time for India to start a Pickens Plan of its own....
1 comment:
nice one..kudos!
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