Rochester,NY 7/9/2009 9:43:00 PM
Morning Stock Report - AES - Pickens delays wind farm on finance - Sourced WhisperFromWallStreet.com
The AES Corporation
Morning Stock Report - AES - Pickens delays wind farm on finance - Sourced WhisperFromWallStreet.com
The AES Corporation, AES
T. Boone Pickens said on Wednesday he has delayed his plan to build the world's largest wind farm in the Texas Panhandle, blaming financing problems and transmission limitations.
"I didn't cancel it," Pickens said after a press conference on Capitol Hill. "Financing is tough right now and so it's going to be delayed a year or two."
Over time, Pickens had planned to install 4,000 megawatts of wind turbines, which could power about 1.2 million average homes, at a site near Pampa, Texas, by 2014 at a cost of $8 billion.
Instead of putting more than 600 wind turbines ordered by his Mesa Power LLP last year for the first $2 billion phase of the project, Pickens said he will likely develop a number of more modest wind farms across the nation's mid-section where wind resources are strongest.
Last Trade: 10.90
Day's Range: 10.80 - 11.14
52wk Range: 4.80 - 18.14
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ABOUT {The AES Corporation}
The AES Corporation, together with its subsidiaries, engages in the generation and distribution of electricity in Asia, North America, Europe, Latin America, and Africa. The company operates in two segments, Generation and Utilities. The Generation segment generates and sells power to wholesale customers, such as utilities and other intermediaries. The Utilities segment distributes, transmits, and sells electricity to end-user customers in the residential, commercial, industrial, and governmental sectors. The company generates electricity through various resources, including coal, gas, fuel oil, and biomass, as well as hydro, wind, and solar. As of December 31, 2008, The AES Corporation owned a portfolio of electricity generation and distribution facilities with generation capacity of approximately 43,000 megawatts and distribution networks serving approximately 11 million people in 29 countries. The company was founded in 1981 and is based in Arlington, Virginia.
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