As I mentioned on
The Panelist...
The wind power industry continues to expand at a relentless pace across the globe with no decline in the foreseeable future. Indeed, since 1998, the installed global capacity of wind power went from
7,475 MW to 93,849 MW, or a ten-year CAGR of 28.8%. The United States has not remained on the sidelines during this era, and at the end of 2007, had over 12,000 MW of capacity installed of its own. Wind can very well be a viable solutions in addressing our attempts to curb greenhouse gas emissions and offer more stable and predictable electricity prices.
It is reassuring to see that well-known oil magnates T. Boone Pickens and Gary Evans have recently shifted their focus to renewables and are heavily investing in the wind sector. Mr. Evans, the former CEO of Magnum Hunter Energy who now runs GreenHunter Energy (GRH), has a whole slew of wind projects in the pipeline. Mr. Pickens, who has always thought bigger was better in Texas is working on a 4,000 MW wind farm in the Texas panhandle that will span 150,000 acres and cost upwards of $10 billion.
And remember the TXU Corporation, the Dallas-based utility that was acquired by a team of private equity investors last year and had plans for 11 new coal-fired plants? The New York Times reports that they're teaming up with Royal Dutch Shell Corporation (RDS-B) to build a 3,000 MW wind farm in the Texas panhandle.
Already, wind accounts for approximately 1% of total electricity generated in the United States. Some experts say this number could potentially increase to 7% before it is maxed out.
With power generation accounting for almost one-third of our national carbon footprint, and 50% of our power generation coming from dirty coal, displacing 7% of our generation with zero-emission wind seems to hardly place a dent in our quest to reduce greenhouse gas emissions.
And it will be a challenge to even attain that.
