Thanks to the Wall street mess, FPL cuts 400MW of Wind .

FPL Cuts 400 MW of Wind Energy Plans
Florida, United States [RenewableEnergyWorld.com]
FPL Energy announced through it’s 3rd Quarter earnings report that it plans to cut back on it’s 2009 wind energy development plans. FPL Energy had previously planned to add approximately 1,500 megawatts (MW) in 2009, but the revised plan is to build approximately 1,100 MW.

FPL said that cutting back in the wind space is part of its plan to cut capital expenditures from approximately US $7 billion in 2009, to US $5.3 billion.

FPL said that cutting back in the wind space is part of its plan to cut capital expenditures from approximately US $7 billion in 2009, to US $5.3 billion. Of the US $1.7 billion reduction, approximately US $1.3 billion involves the deferral of new project development at FPL Energy, including the wind energy projects. In addition, FPL plans to reduce 2009 capital expenditures by approximately $400 million for projects associated with system growth that is no longer expected.

This move, which FPL said is due in large part to the turmoil in the credit and financial markets follows last week’s news that Duke Energy and Xcel Energy will be cutting their solar energy plans and subsidies. Duke said that it will cut its US $100 million solar plans in half and Xcel sent a letter to businesses in the Colorado solar industry saying that it will be cutting its subsidy for solar energy by US $1/watt.

A tsunami of bad news from Wall Street is killing wind energy and investments into wind power. Oil has dropped about $20 per barrel in last 12 trading days. Coal has dropped in price about $20 per metric ton and the price of coal stocks has tanked even worse than oil or wind stocks. Together, nothing makes sense in this horrible stock environment……….especially investing in wind today. Prices can vary day by day but this latest DISASTER in the stock market has caused solar and wind stocks to tank beyond comprehension. Solar was crushed about 15% today alone. Solar has been beaten to a pulp and the glass walls of solar are either the best bargain of the century or the stupidest money I have ever invested=====the Jury is still out on my renewable stock bets. I would use investment as a word but “”BET”" is actually a better word choice given the horror of this market and the global meltdown. APWR was down another 6% today, another beaten to pieces wind play in China. Did I miss the memo from China where China announced they would not buy any wind stocks and would rather pollute their way to prosperity with coal????? Everyone is confused and nothing in investing makes common sense. I only paid $2.35 per gallon for gas this evening on the way home from the dentist. First Wall Street drills me, then the dentist!! Life aint fair given STP is $11 per share!!!! APWR is trading at just over cash position……..the wind ETF’s have been butchered, fileted , and torched……….FAN is just falling, plain and simple. PWND was taken behind the woodshed for last 2 weeks! I was hoping Barack Obama getting elected was going to lift renewable energy stocks , both solar and wind , but given the latest polls showing Barack with 7 point lead and the stock market continues to TANK!! Ok, enough rambling/belly aching from me for today!! 10-27-08 I was hoping would be the BOTTOM of the Wind stocks………..PROBABLY NOT!!!

Illinois is going to land a nice size Wind Farm!!!!
Argan has announced that its wholly owned subsidiary Gemma Power Systems, through its joint venture entity Gemma Renewable Power, has received an initial limited notice to proceed from Grand Ridge II for an approximately $50 million contract to design and build the expansion of a wind farm in LaSalle County, Illinois.

The Grand Ridge wind farm is expected to consist of up to 166 wind turbines and Gemma Renewable Power will provide design and construction of roads, foundations and electrical collection systems in addition to erecting towers, turbines and blades.

Gemma Renewable Power expects to receive the final notice to proceed shortly, subject to negotiation of the balance of plant contract. The project is anticipated to be completed in 2009.

Rainer Bosselmann, chairman and CEO of Argan, said: “We are very pleased to receive approval to move ahead on this important alternative energy project. Gemma Renewable Power was formed to access the tremendous opportunities that exist in the renewable energy sector and we are confident that Gemma’s project management and construction capabilities will contribute to the success of this project.”

given the worlds financial crisis, will some of these previously announced mega deals still go forward??

For Immediate Release:

CLIPPER WINDPOWER AND BP ALTERNATIVE ENERGY FORM JOINT VENTURE TO DEVELOP UP TO 5,050 MW

Wind Energy Project To Be The World’s Largest

Carpinteria, CA (USA) – July 30, 2008 Clipper Windpower Plc (“Clipper”) today announced that it has entered into a 50:50 joint venture, the (“JV”), with BP Alternative Energy (“BP”) to develop the Titan wind project, a 5,050 MW South Dakota-sited wind energy project formerly known as Rolling Thunder. The project is expected to be constructed in multiple phases and, if completed, will be the world’s largest wind facility.

In accordance with the terms of the agreement, Clipper and BP will combine their 50:50 interests in a previously announced 1,550 MW South Dakota joint venture project together with a further 3,500 MW contiguous wind resource to form the expanded 5,050 MW, 50:50 joint venture.

In addition, the JV has agreed it will enter into a Master Turbine Supply Agreement (“MTSA”) which will enable the supply of up to 2,020 of Clipper’s 2.5 MW Liberty wind turbines upon the Project’s successful phase development and subject to the satisfaction of certain conditions in accordance with the MTSA.

“BP’s leadership in recognizing and acting on its commitment to increase its international renewable energy portfolio is exemplary” said James GP Dehlsen, Clipper’s Chairman and Chief Executive Officer. “We are pleased to be moving forward with this milestone development which will provide clean, renewable, and home grown power for approximately 1.5 million average American homes and offset nearly 24 billion pounds of carbon dioxide that would have otherwise been released into our atmosphere if produced by traditional means [according to the national energy mix].”

Dehlsen added, “Both South and North Dakota, with their abundant and renewable wind energy resources are an important part of our Nation’s clean energy, and energy secure future. We look forward to this and future world-class projects of this caliber which continue to be spurred by the growing demand for environmentally responsible and sustainable energy solutions.”

interesting that Utilities buring Coal are warning their investors……….
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AP
US energy company to warn investors on coal plants
Thursday October 23, 3:25 pm ET
By David B. Caruso, Associated Press Writer
US energy company to give investors in coal-burning power plants a warning on global warming

NEW YORK (AP) — A major owner of coal-burning power plants has agreed to tell investors more about how global warming could be bad for business.
New York Attorney General Andrew Cuomo announced Thursday that the energy company Dynegy Inc. has agreed to put detailed information in its financial filings on any material business risks posed by the outcry over climate change.

The first phase of the wind farm is scheduled to open by 2010, with about 30 wind turbines as tall as 300 feet generating 63 megawatts of electricity when the wind blows, enough for nearly 16,000 homes.

A second phase could bring an additional 200 or more turbines for a maximum capacity of 314 megawatts, which would provide enough electricity for 78,500 homes when the wind blows.

Iberdrola, a global company with Spanish headquarters, has an agreement with Salt River Project to sell the utility all of the electricity from the wind farm for its Phoenix-area customers.

Stephen Allred, an assistant secretary for the U.S. Department of the Interior, called the project a “totally positive approach to meeting our energy needs in the U.S.”

The BLM received the application in summer 2007 and acted “fairly fast,” but the agency still can improve the speed at which renewable-energy projects get permits, Allred said.

“We have to do better with the federal government to give access to them, to speed up the time frame, and to get transmission (lines) to them,” he said.

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TerribleTommyOct-26 @ 7:45 PM Report abuse136
Will this make power any cheaper? No If this was such a great idea why isn’t all of California using wind power? They have these in Indio and the Bay Area if it was working so well why haven’t they expanded the project?
JimmmyPageOct-26 @ 7:52 PM Report abuse93No shitte Tom and they foul the landscape too!
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acefrehlyOct-26 @ 7:53 PM Report abuse27I am pretty sure the wind farms in Indio and palm springs have expanded. They are everywhere when you drive through there. SRP or whoever owns the rights to the power will go out of their way to make sure power does not get any cheaper. With the demand for power dropping with all the new light bulbs coming in 2009, you can bet the rates will be raised again to maintain their income levels. They have raised rates 10 times since 2002.
The reason the wind farms are good is because less coal will be burned, thus less pollution released into the atmosphere. 55% of power to cities comes from coal and other fossil fuels.
JimmmyPageOct-26 @ 7:53 PM Report abuse89Build three more nuke plants and the whole state is covered.
buckyOct-26 @ 7:56 PM Report abuse34Nuke plants would be fine, but our god neighbors in Nevada won’t let us put the waste there. It’s not like the test range will ever be developed as housing or anything like that…..
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exzonie67Oct-26 @ 8:05 PM Report abuse13Our power company wants us to pay more here in Texas for what they call “Windtricty”. I’m all for alternative power sources but if it almost free after you cover the cost of the initial investment why should we pay extra to make a company more rich……..

ps: this is a Spanish Company, hummm why not an American company……Where are you T. Boone Pickens????
willyOct-26 @ 8:07 PM Report abuse13Tehachipe has more wind turbines than palm springs and the bay area
DChinchillaOct-26 @ 8:09 PM Report abuse24I think there should be a big reward for the company that gets solar cells over 50% efficiency. Second generation Solar cells which are hitting markets top out at about 20%.
They expect the so called third generation solar cells to be at 30-60%, but those are experimental, not in mass production….

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Brian6468Oct-26 @ 8:12 PM Report abuse66The problem with building more nuke plants is that we can’t run the one we’ve got!

Last I heard (a year ago?), Palo Verde was one notch above being shut down for safety concerns, and they almost never seem to have all 3 reactors running.

Saying we need 3 more nuke plants is like saying 4 Sarah Palins would be better than 1 Sarah Palin — We can barely handle the one we’ve got!
chrisazOct-26 @ 8:21 PM Report abuse24InvenergyLLC is the good american wind company- out of chicago-they are working on more fertile grounds, like in the dakotas, where the wind quality is better. The wind quality is not as conducive here, and there are less environmental obstructions and objections there. They hang environuts underpants on flagpoles up there.