T. Boone Pickens Media Coverage 3.31.09 Total of 20 Placements * Print: 3 * Blog/Online: 7 * Broadcast: 10 Coverage Summary: The Lawrence Journal‐World and The University Daily Kansan previewed Pickens’ appearance in Lawrence next week with Senator Sam Brownback. The National Journal Online reported on the Virtual March, including groups who have endorsed the march and are encouraging their employees and members to participate. Jay Rosser is quoted in the piece discussing the timing of the march, referencing President Obama’s first 100 days in office. Renewable Energy and Mother Nature Network also previewed the march. Actor Ed Begley Jr. mentioned Pickens during an interview on Larry King Live in which he quoted the $700 billion figure. Print Placements (Full Articles Below) * Billionaire T. Boone Pickens to Seek Support for Energy Plan in Lawrence – Lawrence Journal‐World – 3/30/09 * Oil Magnate to Present Energy Plan at Dole – The University Daily Kansan – 3/31/09 * Don't Sap U.S. Oil and Gas Production – San Antonio Express‐News – 3/30/09 Blog/Online Placements (Full Articles Below) * The Pickens Army Descends on Washington – Mother Nature Network – 3/30/09 * Obama Gives Best Clean Energy and Global Warming Solutions Job to Cathy Zoi – Gristmill – 3/30/09 * 8 Hedge Fund Managers Who Lost Big in 2008 – Seeking Alpha – 3/31/09 * You've Got GM, President Obama: Build Natural Gas Vehicles – Seeking Alpha – 3/31/09 * Pickens Rallies 'New Energy Army' – National Journal Online – 3/31/09 * Renewable Energy Industry Looks to Capitialize on Momentum in Washington – Renewable Energy – 3/31/09 * Renewable Energy; Wobbly Wind Sector Sets Sights on Stimulus – Greenwire – 3/30/09 PRINT COVERAGE Billionaire T. Boone Pickens to Seek Support for Energy Plan in Lawrence – Lawrence Journal‐World – 3/30/09 By Mark Fagan Billionaire T. Boone Pickens is coming to Lawrence next week to seek support for his plan for energy independence. Pickens, who built his fortune in oil and has branched into other energy endeavors, will lead a town hall‐style discussion of his plan at 4:30 p.m. April 8 at the Dole Institute of Politics. Sen. Sam Brownback, R‐Kan., will introduce Pickens. The institute plans to have seating for about 350 people in the building’s Hansen Hall, plus room for about 150 more in an adjoining room. No tickets are required, and seating will be available on a first‐come, first‐served basis. After being introduced by Brownback, Pickens will be expected to spend the next 40 minutes or so outlining what has become known as the “Pickens Plan,” a strategy that calls for the U.S. to boost use of wind and solar energy, tap domestic natural gas as a transportation fuel, increase incentives for household energy‐saving alternatives, and create and update a national grid for transporting electricity. Pickens unveiled his plan in 2007, and folks have been talking ever since. Just last month, his “T. Boone Pickens: The Clean Energy Summit” boasted a speakers list that included House Speaker Nancy Pelosi, former President Bill Clinton and former Vice President Al Gore. Now the conversation is coming to Kansas. At the institute, Pickens will take questions from the audience. “It’s becoming increasingly important to explore market‐driven solutions to the United States’ energy use,” said Bill Lacy, director of the institute. “The Pickens Plan is one such proposal that has generated public discussion. The town hall meeting with T. Boone Pickens will allow for our community to thoughtfully discuss and rethink our national energy policy.” Specifically, Pickens’ plan calls for building new wind‐generation centers, ones that would be expected to produce 20 percent of the country’s electricity and allow natural gas to be used as a transportation fuel. That combination, in turn, would replace more than a third of the United States’ imports of foreign oil. Such changes, according to the plan, could be accomplished within 10 years. Pickens is founder and chairman of BP Capital Management, a financial firm that manages energy‐oriented investment funds. It has more than $4 billion under management. In 1956, Pickens founded Mesa Petroleum, an oil exploration and production company that became one of the largest in the nation under Pickens’ leadership. Now, through Mesa Water, he is the largest private holder of permitted groundwater rights in the United States. *** Oil Magnate to Present Energy Plan at Dole – The University Daily Kansan – 3/31/09 By Mike Bontrager T. Boone Pickens will discuss a nationwide sustainable energy plan, commonly referred to as the Pickens Plan, in a town hall meeting at 4:30 p.m. April 8 in the Dole Institute of Politics’ main conference room. The program is free and open to the public and will include time for questions. Cori Ast, communications and event coordinator for the Dole Institute and December 2008 graduate, said Pickens devised the plan because he was outraged with Americans’ dependency on foreign oil. According to a news release from the Dole Institute, the plan proposes using the domestic supply of natural gas as transportation fuel, harnessing wind and solar power, increasing incentives for household energy‐saving alternatives, and creating a national electrical grid. “It’s interesting the type of political influence one man can have,” Ast said. “The Pickens plan presents one answer to the U.S. energy crisis; it’s a market‐ driven strategy.” Pickens is the founder and chairman of BP Capital Management, a financial firm that manages some of the nation’s most successful energy‐oriented investment funds. U.S. Senator Sam Brownback will introduce Pickens at the meeting. *** Don't Sap U.S. Oil and Gas Production – San Antonio Express‐News – 3/30/09 For environmental reasons and national security reasons, the United States must decrease its reliance on oil and gas ‐ especially foreign oil and gas. Clean energy, domestically produced, is the way of the future. The future, however, is not now. Not yet, anyway. Oil and gas currently supply nearly two‐thirds of the energy consumed in the United States. You can't simply throw a switch and change the energy basis of the U.S. economy, from cars and planes to homes and factories. The conversion to energy sources that are environmentally friendly and made in America will require years, perhaps decades. So will the technological advances necessary to make them affordable. In the interim, maintaining a healthy domestic oil and gas industry is the best way to reduce U.S. exposure to the volatile energy market. Even the most ambitious plans to alter energy production in the United States ‐ such as the one promoted by T. Boone Pickens ‐ envision a transition period during which oil and gas remain important sources. Unfortunately, elements of President Obama's 2010 budget proposal will substantially reduce domestic oil and gas production. The elimination of tax credits and the imposition of a new excise tax on production in the Gulf of Mexico would increase our nation's reliance on foreign sources and hurt the U.S. ‐ and especially the Texas ‐ economy. This isn't a partisan issue. That's why a group of a dozen House Democrats, including Charlie Gonzalez, D‐San Antonio, Ciro Rodriguez, D‐San Antonio, and Henry Cuellar, D‐Laredo, sent a letter to Budget Committee Chairman John Spratt, D‐S.C., warning him about the dangers of the proposed changes. The Obama administration's clean energy goals put the nation on the right track. Until those goals are attainable, oil and gas will remain crucial to the U.S. economy. As long as that's the case, domestic sources are far preferable ‐ and far more reliable ‐ than foreign sources. *** BLOG/ONLINE COVERAGE The Pickens Army Descends on Washington – Mother Nature Network – 3/30/09 By Karl Burkart T. Boone Pickens assembles 'virtual army' 3.3 million strong to topple the Dark Lord ‐ foreign oil. Sorry I couldn't resist. Though my photo mashup skills may be weak, the surprising success of T. Boone Pickens in rallying people to the green energy cause is anything but. This week (April 1‐3) he will lead a virtual march of over 3 million anti‐oil crusaders to help get the Pickens Plan message across ‐‐ the fastest way to get off foreign oil is to transition to natural gas. Though Pickens is certainly no Aragorn (maybe closer to a half Gandalf, half Saruman?) he has succeeded where Al Gore (hmmm... Boromir?) could not even though Al Gore has outspent him about 3:1. While the WE campaign with its looming threat of melting icebergs seems only to be further alienating people from the cause (sadly only about 60% of the population now thinks it's a significant threat, a drop of about 7% in the last 2 years), Pickens has side‐stepped the land mine of white‐collar, blue‐state environmental rhetoric by focusing on one issue ‐ independence form foreign oil. This has enabled him to gain supporters for what is arguably a "green" campaign in the least likely of places ‐‐ the red state heart of middle America (The Ghost Army?... sorry too late to turn back from my analogy). When I met Pickens a few weeks ago at the ECO:nomics summit (you can read my encounter here) I was surprised by a couple of things. First, he is very aware of the climate problem and thinks it is absolutely the 2nd most important problem we face. The first problem he believes, is our ever‐escalating dependence on foreign oil (now 2/3 of our total supply). The economic and geopolitical threats associated with importing oil are leading us into an economic and environmental train wreck which could make our current problems look like hobbit's play. Second, he is also very aware of the power of the internet. He told me (paraphrasing) 'I got all the money in the world, but when I got a million online supporters, suddenly Washington wanted to talk.' Using a MoveOn style online pledge form and a real‐time counter of signees (the WE campaign has about 2.2 million), he is galvanizing people form both ends of the political spectrum. Pickens also has critics from both sides. The coal & oil industries and right wing think tanks (for instance FFF) want him to shut it, while many environmentalists think his plan is a ploy to funnel government money into his pockets so he can exploit his vast empire of untapped natural gas resources. Is it a final solution to climate change? Absolutely not. Natural gas produces about 50% less CO2 than coal for electricity generation and only about 20% less CO2 when turned into a motor fuel (according to Jim Rogers of Duke Energy who is a critic of the plan). But considering the enormity of the risk associated with burning so much coal and oil, it is starting to sound like the best transitional strategy we have. The Pickens Plan may just buy us the 10 years we need to ramp up renewables (which need a whole lot of ramping up). And it may also buy us something equally valuable ‐‐ the opportunity for environmentalists and republicans to be on the same team for ONCE. We won't be holding hands, but like Aragorn's army of ghosts, men, and elves (that would be us Californians) we might not mind killing a few orcs together. *** Obama Gives Best Clean Energy and Global Warming Solutions Job to Cathy Zoi – Gristmill – 3/30/09 By Joseph Romm Cathy Zoi, CEO of Al Gore's Alliance for Climate Protection, has been nominated by President Barack Obama to serve as Assistant Secretary for Energy Efficiency & Renewable Energy (EERE) under Energy Secretary Steven Chu. Zoi has a unique combination of expertise in clean energy and high level federal government experience ‐‐ she was Chief of Staff in the Clinton White House Office on Environmental Policy, managing the staff working on environmental and energy issues (full bio here, recent writing below). Since I have known Zoi for nearly two decades and since in 1997 I held the job she is now nominated for, I can personally attest she will be able to hit the ground running in the crucial job of overseeing the vast majority of the development and deployment of plausible climate solutions technology. What does EERE do? You could spend hours on their website, here, exploring everything they are into. Of the 12 to 14 most plausible wedges the world needs to stabilize at 350 to 450 ppm ‐‐ the full global warming solution ‐‐ EERE is the principal federal agency for working with businesses to develop and deploy the technology for 11 of them! The stimulus and the 2009 budget dramatically increases ‐‐ more than doubles ‐‐ EERE funding for technology development and deployment. Zoi's most important job is deployment, deployment, deployment. And again she is a uniquely qualified to get clean energy into the marketplace. Zoi was a manager at the U.S. Environmental Protection Agency where "she pioneered the Energy Star Program," which was the pioneering energy efficiency deployment program launched in the early 1990s. So we know Zoi gets energy efficiency. Here's what she wrote last year about "Embracing the Challenge to Repower America": Many Americans have a hard time thinking about our energy future, largely because their energy present is so challenging. With gasoline prices hovering near $4 per gallon and rising energy bills at home and at work, our economy is struggling with the burden of imported oil and reliance on fossil fuels. The need to satisfy the nation's oil appetite has shaped our foreign and defense postures, and is a primary reason for our current entanglements overseas. Extreme weather here in the U.S. has us feeling uneasy. And the scientists remind us more urgently every week about the mounting manifestations of the climate crisis. To solve these problems, we must repower our economy. Fast. Vice President Gore has issued a challenge for us to do just that: Generate 100 percent of America's electricity from truly clean sources that do not contribute to global warming ‐‐ and do so within 10 years. It is an ambitious but attainable goal. American workers, businesses and families are up to it. Meeting the challenge to repower America will deliver the affordability, stability and confidence our economy needs, as well as a healthy environment. And it will generate millions of good American jobs that can't be outsourced. It will involve simultaneous work on three fronts. First, get the most out of the energy we currently produce. Second, quickly deploy the clean energy technologies that we already know can work. Third, create a new integrated electricity grid to deliver power from where it is generated to where people live. The first front involves energy efficiency. The potential here is vast and largely untapped. Now is the time to begin a comprehensive national energy upgrade that will reduce the energy bills of homeowners and businesses ‐‐ even as costs of energy supplies may be on the rise. The second front requires expanding the use of existing generation technologies. This will include accelerated growth in our wind energy industry. We have a strong running start ‐‐ the U.S. was the leading installer of wind technology last year. Texas oilman T. Boone Pickens says we can get at least 20 percent of America's electricity from wind power. We think he's right. Solar thermal power is also booming and poised for rapid acceleration. The resource potential is so vast that a series of collectors in the American southwest totaling just 92 miles on a side could power our entire electricity system. Utilities in Arizona, Nevada, and California have already begun to tap this potential, with plans for powering nearly one million homes underway. Advances in thermal storage technologies, along with investments in our grid, mean that solar thermal power will be able to provide electricity at night, like coal power does today. Nuclear and hydroelectric power facilities currently combine to contribute roughly 25% of America's electricity. That will continue. Coal and natural gas can also play a significant role by capturing and storing their carbon emissions safely. Our hope is that this CCS emissions technology can be developed and commercialized quickly. Without it, coal isn't "clean." There are reportedly a few CCS plants now proposed in the U.S., although another roughly 70 proposed coal plants have no such plans to capture their carbon pollution. The third front is the creation of a unified national electricity grid. A "super smart grid" will form the backbone and the entire skeleton of our modern power system. Efficient high voltage lines will move power from remote, resource‐ rich areas to places where power is consumed. It will also allow households to make money by automatically using energy at the cheapest times and selling electricity back to the grid when a surplus is available can. A smart meter spins both ways. Meeting this 100 percent clean power challenge will require a one‐time capital investment in new infrastructure, with the bulk of funding coming from private finance. If policies reward reducing global warming pollution, private capital will flow towards clean energy solutions. But the most important cost figures to consider may be the ones we'll avoid. American utilities will spend roughly $100 billion this year on coal and natural gas to fuel power plants. And more next year and the year after that ‐‐ until we make the switch to renewable fuels that are free and limitless. The 10‐year time frame is key. The science, the economic pressures and our national security concerns demand swift, concerted action. The best climate scientists tell us we must make rapid progress to turn the corner on global carbon emissions or the ecological consequences will be irreversible. The solutions are available now ‐‐ there are no technology or material impediments. Failing to move swiftly will deprive the U.S. economy of earnings from one of the fastest growing technology sectors in the world. We've done this before. We mobilized the auto industry in 12 months to service the hardware needs of WWII. The Marshall Plan to reconstruct Europe was executed in four years. And as Vice President Gore pointed out, we reached the moon in eight years, not ten. We can do this. With support from the American people and leadership from elected officials, America can accept the challenge of building a safe, secure and sustainable energy future. In short, she gets both energy efficiency and Concentrated solar thermal power Solar Baseload. Kudos to Obama for this terrific pick! This post was created for ClimateProgress.org, a project of the Center for American Progress Action Fund. *** 8 Hedge Fund Managers Who Lost Big in 2008 – Seeking Alpha – 3/31/09 Late last week, we posted up the Top 25 Hedge Fund managers of 2008 in terms of compensation, and now it's time to check out Alpha's 'Biggest Losers' of 2008. And, there are some pretty prominent names on the list. Here it is: * Citadel's Ken Griffin: Personal wealth down $2 billion after their two flagship funds lost over 50% in 2008. * ESL Partners' Eddie Lampert: Lost $1 billion in wealth due to losing positions, including his painful Sears Holdings (SHLD) stake. * SAC Capital's Steven Cohen: Personal wealth down around $750 million due to his funds being down over 18%. * Tontine Associates' Jeffrey Gendell: After chronicling Tontine's misfortunes all throughout the year, we learn that Gendell has lost around $625 million in personal net worth. * Lone Pine Capital's Stephen Mandel: He suffered losses with his overseas funds which were ‐26% and ‐32%, causing his worth to decline $550 million. * BP Capital's T. Boone Pickens: We've also documented Boone's struggles, as his bad wagers on oil really hurt him. He lost $450 million as his energy fund was down around 60%. * Appaloosa's David Tepper: He lost $425 million as his funds were down over 25%. * Icahn Enterprises' Carl Icahn: Large positions in Motorola and Yahoo (MOT) (YHOO) really hurt him, as his fund was down 35% for 2008, causing Icahn to lose $400 million. * As you can see, some very prominent names, many of whom we've covered on our blog. 2008 was definitely a year to forget for many funds. Alpha's list tallied personal wealth losses of $6.2 billion. We'll have to see if these managers will fare better in 2009. While these gentlemen lost money last year, things could have been a lot worse. They are relieved they aren't on this list: 2008 hedge fund closures. Check out just how well (or poorly) other major hedge funds fared in our 2008 year‐end performance figures, and also our recent look at 2009 January & February performance. For the other side of the trade, make sure to check out the Top 25 Hedge Fund managers of 2008 in terms of compensation as well. *** You've Got GM, President Obama: Build Natural Gas Vehicles – Seeking Alpha – 3/31/09 President Obama has rejected the reorganization plans submitted by General Motors (GM) and Chrysler Corporation. Obama fired GM's CEO, Rick Wagner. The company has 60 days to submit a more "acceptable" restructuring proposal in exchange for more of our taxpayer money (Government aid). This coincided but did not necessary cause stock and commodity markets world wide to fall another 2‐5% across the board. Hardest hit were the financials. Bank managements across the country must be wondering if GM's fate is prologue to their own. When will President Obama reject the bank's business models, cut off capital, oust current management, and effectively seize control? Will bond holders and lowly common equity holders be spared? No mercy has been shown for GM's current bond and equity holders. No wonder any bank that can wants to return TARP money. Kind of makes one wonder what the Bank CEOs and President Obama chatted about last week at the White House. Where they told to plan on taking early retirements? But, to take the other side of the argument, GM and the banks had run themselves into bankruptcy, and President Obama is attempting to soften the blow under his own terms. He appears to want to remake GM in his own vision as a manufactuer of "green" cars that run off batteries that do not exist, that will be charged from an electrical grid that does not exist. Like Boone Pickens has been saying, we could power a whole lot of cars in a cheap, environmentally friendly way with natural gas. If President Obama has the vision to create and have manufactured fleets of natural gas vehicles along with the requisite infrastructure to refuel the vehicles, that would be something worth doing, in my opinion. *** Pickens Rallies 'New Energy Army' – National Journal Online – 3/31/09 By Amy Harder Large numbers of people are expected to descend upon Capitol Hill this week to push for billionaire oilman T. Boone Pickens' energy plan. But don't worry about overcrowding on the Metro. Supporters will stage a "virtual march" Wednesday through Friday, contacting lawmakers by phone, fax and e‐mail in support of legislation that coincides with Pickens' plan to less U.S. dependency on foreign oil. Pickens claimed about 1.5 million members of his "New Energy Army" this week, plus more affiliated with the two‐dozen‐plus organizations and companies that have endorsed the march and encouraged their employeers and members to participate. Not surprisingly, many of those groups have an explicit stake in energy, such as American Electric Power, insulation company Owens Corning, the American Wind Energy Association and the National Propane Gas Association. Others have more oblique connections, such as the National Conference of Black Mayors and the American Homeowners Grassroots Alliance. Pickens launched his plan, which focuses on natural gas, solar and wind energy, last July. The founder and chairman of BP Capital Management has invested $60 million of his own money, and major energy companies, notably AEP and Owens Corning, have pledged support as well. Spokespeople for both companies would not disclose the amount they've contributed. The march is planned to coincide with the crucial early days of Obama's presidency, said Jay Rosser, a spokesman for Pickens. "The most critical period is the first 100 days of the new administration," he said. "If things don't get done in the first 100 days, they just don't get done or are exponentially harder to achieve." The oilman himself will also be on Capitol Hill lobbying his plan. Rosser said Pickens will be making media appearances, testifying at congressional hearings and meeting with lawmakers one‐on‐one. *** Renewable Energy Industry Looks to Capitialize on Momentum in Washington – Renewable Energy – 3/31/09 Following the political and monetary victories for the renewable energy industry that were contained in the U.S. stimulus package, which passed earlier this year, the industry is hoping to use the momentum it has gained to push through more changes to federal policy that will grow not only renewable energy production, but the economy. Last week, the American Wind Energy Association (AWEA) joined more than 220 other groups in signing a letter to Congress that endorses a national renewable portfolio standard (RPS) as a way to ensure the investment tens of billions of dollars in the industry and the creation of thousands of jobs. A total of 226 companies and organizations have signed the letter, which urges Congress to adopt a national RPS this year. Legislation introduced in both the House and Senate would require all states to generate at least 25% of their electricity from renewable sources by 2025. “With the strong focus on the economy in Washington right now, it’s important for Congress to recognize the importance of the RES to our economic recovery,” said Denise Bode, CEO of AWEA. We have seen how using more renewable energy creates jobs — wind created 35,000 jobs last year — and several studies have shown that a national RES will lower consumer electric bills as well. A national renewable electricity standard is one of the most important steps we can take to encourage businesses to invest in clean energy and create thousands of new jobs right here in the U.S.” A recent public opinion survey found that 84 percent of Americans support a national RPS. Later this spring, House and Senate committees are scheduled to take up energy legislation that includes a national RPS. Click here to read a copy of the letter. Also looking to push the renewable energy agenda in Washington this week, T. Boone Pickens will and his Picken's Plan organization are organizing the first Virtual March on Washington. So far, the group has more than three million people signed up for its virtual petition. The march will take place this Wednesday through Friday, during which the group will use the internet and traditional means to contact members of congress and other elected officials to ask them to consider more renewable energy legislation before the Easter recess. For more information on the Virtual March, click here. *** Renewable Energy; Wobbly Wind Sector Sets Sights on Stimulus – Greenwire – 3/30/09 By Colin Sullivan SAN FRANCISCO ‐‐ Wind power developers have long relied on complex tax‐equity financing to bring most of their projects to market, but that system, once hailed as innovative, has collapsed over the last year, leaving the wind sector flailing for the cash it needs to make generation projects a reality. This is how it worked: Large financial institutions like AIG, Wachovia, J.P. Morgan, Wells Fargo, Lehman Brothers and others would buy federal tax benefits from renewable energy startups that did not have enough taxable income to use the credits on their own. In other words, big financial firms traded financing to offset tax liability. So‐ called tax‐equity investors would bankroll a solar or wind project in exchange for a tax shelter, which was effectively pinned to profits. The system worked as long as Congress renewed the federal investment and production tax credits that granted developers a range of incentives, and it was widely viewed as a essential avenue within the renewable energy development community. No more. The system, like other schemes crafted by insiders, has crumbled as AIG, Lehman and others have collapsed. The big boys no longer have cash to bankroll projects or the means to pull the profits to get credits, so the tax‐equity space has turned into a financial dead zone. According to figures from Hudson Clean Energy Partners, about 25 of the largest financial firms were active in tax equity for alternative energy in 2007. But at least 16 of them left the field last year (Greenwire, March 20). That means an industry that had consolidated behind a handful of major players was left vulnerable to their demise. Wind in particular had banked on tax equity, financing 95 percent of its projects through this system in 2007 and following the same track in 2008 until the crash, according to numbers from J.P. Morgan. So what now? Experts at a cleantech conference last week offered a simple fix: Figure out how to tap the American Reinvestment and Recovery Act, the economic stimulus law. Adding finance options Like their solar counterparts, wind companies sense opportunity in a stimulus provision that provides cash grants in lieu of tax credits for renewable energy. The program has solar companies breathing a sigh of relief, a feeling that appears to have spread to wind developers (Greenwire, March 26). Under the previous investment tax credit, renewable energy developers could apply a 30 percent credit only to profits as a deduction. But the stimulus, for a period of two years, has made it possible to get back the 30 percent as cash, under a grant program to be administered by the Treasury Department. Wind power is now eligible for the grant program, the plans for which are still being finalized by Treasury's understaffed tax department. Once the program gets going, one analyst said, the system should thaw frozen credit markets over the next few months ‐‐ a little bit at a time. "It adds a number of options for how to finance a project," said Tyler Tringas, a wind energy analyst at New Energy Finance. "It gives [the developers] a new sort of very large decision tree to finance a wind project." Standing to benefit, Tringas explained, are smaller projects that were often ignored by large tax‐equity investors who were inclined to back bigger installations. Before the meltdown, a small community developer "would be very hard pressed to get an elite group of tax‐equity investors," he said. "You're going to be able to access a much broader base of capital at a lower rate," Tringas said. "This is going to be pretty good for a lot of those marginal projects." And the policy may have come along just in time. Warren Byrne, founder and CEO of Foresight Wind Energy, and Tom Carbone, CEO of Nordic Windpower, both said the previous system had set up a top‐heavy dynamic that may ultimately have hurt the fledgling sector. "You could count on two hands the companies responsible for financing," Carbone said. "That was a dangerous landscape to have." Temporary fix? But others took issue with this maze of tax incentives, so‐called partnership swaps and cash grants. To Yaron Brook, president and executive director of the Ayn Rand Institute, the stimulus is the latest example of government meddling in free markets to subsidize uncompetitive energy sources. Brook said the government, in setting up the grants, would distort energy markets by favoring wind, solar and other renewable sources. He compared the policy shift under the Obama administration to lawmakers' subsidizing of mortgages, which led to "enormous unintended consequences." "We should learn from the financial crisis," Brook said. "Using tax policy to get us all into a home was probably not a good idea." The same could be said of renewable energy, in Brook's view, because the tax policies could divert public dollars away from scalable power plants that do not rely on intermittent energy. "It is going to be disruptive, and it is going to ultimately be destructive ‐‐ particularly to entrepreneurs," he said. Tringas countered that he regards the stimulus as a temporary solution until Congress passes a national renewable portfolio standard, which would send much simpler signals to the market, or a cap‐and‐trade system to regulate carbon emissions from power plants. He added that he does not believe in government meddling, but he does think lawmakers need to account somehow for the cost of carbon. "This is enough to keep the wind industry moving forward," Tringas said of the stimulus. "It's enough to prevent the catastrophic collapse that might have happened." He added, "There was a big problem with the primary source of capital essentially evaporating." That is just fine for Brook, who said he doubts the science behind climate change and views carbon policy as a giant waste of money. "I don't believe there's an externality cost to CO2," he told Tringas. 'Dead as hell' So how badly is the sector hurting? Oil tycoon turned wind speculator T. Boone Pickens recently described the wind market as "dead as hell" to the Wall Street Journal. Richard Saunders, director of project development at GreenHunter Renewable Power, said Pickens was not far off. Saunders estimates that in 2009, about 4,000 megawatts in new wind capacity will come online. That would be down significantly from the 8,400 MW built last year. And much of the new capacity is "really just things that are carrying over" from permits already issued in 2008. "They've slowed down their activities tremendously," Saunders said. "They can't get the money." While Saunders is optimistic that activity will pick up by the end of the year, Geoff Sharples, principal of renewable energy at Google Inc., is not so sure. "The stimulus is intended to make 2009 not a terrible year," Sharples told attendees at the cleantech conference. "But it's pretty hard to tell how many banks are looking at this and thinking, 'How are we going to come in and make this play?'" Gregory Jenner, a former tax specialist at Treasury and a partner at Stoel Rives LLP, said Treasury staff members are writing rules for the cash grant program as fast as they can. Jenner said he has talked to staff and expects "something coming out of Treasury very very quickly." "The bad news is they've never done anything like this before," Jenner added, in a note of warning. "They're trying to figure out how it works." *** BROADCAST COVERAGE 1. Larry King Live (Rebroadcast) DMA: N/A CNN (‐‐‐) National Spot Cost: $3,779 03/31/2009 12:00 AM ‐ 01:00 AM Est. Audience: 414,721 Available formats: QuickView, DVD, CD, digital link, videotape, transcript, NewsBoard [CC] 00:30:00 (Ed Begley Jr is discussing green issues and car industry and Obama’s plan to back warranties) .Larry‐Ed, do you think the industry is ever going to come around to the kind of thinking you have?...Ed‐ I hope they do .Not just thaty I have but that many others they have. They fought the seat belts, they fought the air bags, the smog control devices. We have four times the cars in L.A. r ight now since 1978, and we have half of the smog because of those pollution control devices. We have 500 at the low end. $700 Billion a year leaves this country according to me and T. Boone Pickens that leaves this country in imported oil. We would have more money now to help with those problems. Larry: yet they fight it. Ed‐ they fight it. 30 Is great, I have gotten 58. 6 real world miles per gallon for Prius. I t hink Detroit wants waiting lists. Larry: how many have they made? A lot of priuss. A tremendous amount 00:31:14 . 2. Larry King Live DMA: N/A CNN (‐‐‐) National Spot Cost: $13,883 03/30/2009 09:00 PM ‐ 10:00 PM Est. Audience: 1,210,335 Available formats: QuickView, DVD, CD, digital link, videotape, transcript, NewsBoard [CC] 00:29:54 (Ed Begley Jr is discussing green issues and car industry and Obama’s plan to back warranties) .Larry‐Ed, do you think the industry is ever going to come around to the kind of thinking you have?...Ed‐ I hope they do .Not just thaty I have but that many others they have. They fought the seat belts, they fought the air bags, the smog control devices. We have four times the cars in L.A. r ight now since 1978, and we have half of the smog because of those pollution control devices. We have 500 at the low end. $700 Billion a year leaves this country according to me and T. Boone Pickens that leaves this country in imported oil. We would have more money now to help with those problems. Larry: yet they fight it. Ed‐ they fight it. 30 Is great, I have gotten 58. 6 real world miles per gallon for Prius. I t hink Detroit wants waiting lists. Larry: how many have they made? A lot of priuss. A tremendous amount 00:31:00 . 3. Special Report With Bret Baier (Rebroadcast) DMA: N/A Fox News Channel (‐‐‐) National Spot Cost: $694 03/31/2009 02:00 AM ‐ 03:00 AM Est. Audience: 191,031 Available formats: QuickView, DVD, CD, digital link, videotape, transcript, NewsBoard [CC] 00:23:58 Nobody seems to have a problem with that. Now this green bank comes along. What is the green bank? Basically it is a government‐owned corporation, and they are going to print money to lend money so they can create green projects. GE is kind of stuck in the problem because they want to sell wind turbines. One of the biggest customers was T. Boone Pickens who bought $2 billion worth of wind turbines. You have wind turbines here and cities here, and you need big electrical cords to connect them. No one wants to fund the grid. T boone is a billionaire, he could fund the grid, but now they are going to try and soal us to fund teh grid ... so G.E. Is going to try to fund the grid. Glenn: G.E. may be the green bank? > No, no. G.E. Is lobbying for the green bank. Think Fannie Mae but now put a green cover on it... rember that deja vu all over again. Glenn: that Fannie Mae worked out well. So the green bank, they’re lobbying for it, but G.E. Doesn’t have a big lobbying arm? They are big in cap and trade and trying to raise energy prices on the backs of all Americans. Morgan stanley is part of this as well. They got tarp money and now tarp money is being used to lobby the government to create a bigger bureaucracy and raise energy prices. Glenn: you know what G.E. r eminds me of, it combination... where they are cozying up to government so deeply that it is ‐‐ they can’t survive without. It they need that transfusion. That’s why Obama picked them for the energy panel, his economics panel, excuse me. Glenn: so if you’re private business, have one of these handy, just keep your name on it and your bloodype for your business, because, oh, they’re all going to suck it right out of you. You will just be reminded, oh, the federal government is here. Would somebody give me a cookie, please? Has anything ever been done like this before? Not to my knowledge. The corporation would have the board of directors and the board of directors would be the secretary of energy, the secretary of interior, and the secretaries are all there. Glenn: they’re all there on the board of directors ? Right. Glenn: when is this going to be voted on? Oh, I don’t know. There are cosponsors but there is a lobbying coalition, G.E. , T. Boone Pickens and some environmental groups. Glenn: if they could make wind energy work without nuclear energy as well. America, use common sense here! Let’s just try this out. 00:26:46 . 4. Glenn Beck DMA: N/A Fox News Channel (‐‐‐) National 03/30/2009 05:00 PM ‐ 06:00 PM Available formats: QuickView, DVD, CD, digital link, videotape, transcript, NewsBoard 00:22:25 TZ; New Bank: Lawmakers want to make green banks with government funding for green energy products and the plan is talked about as GE is a staunch supporter of the bank. Glenn Beck jokes about Earth Hour and has several bright lights turned on in his studio. SI; Tom Borelli, Free Enterprise Action Fund, talking about the green project and talks about General Electric having problems because they are trying to sell wind turbines and T. Boone Pickens was their best customer but no one could fund the grid . Tom Borelli talks about Morgan Stanley being in with this idea as General Electric is also a big supporter of Cap and Trade and talks about the TARP program and says nothing like this has ever been done. Tom Borelli talks about the General Electric Shareholders meeting in Orlando, Florida and talks about rallying outside their doors. V; General Electric building. 00:28:36 . 5. Dave Nemo DMA: N/A Road Dog Trucking (Sirius XM) National 03/30/2009 07:00 AM ‐ 08:00 AM 00:38:00 oil prices...the IEA said same thing in February...Barclays‐‐‐another the investment house .says that oil is going to hit fifty seven dollars very soon ‐probably go to sixty dollars ... T Boone Pickens of course ringing that bell....he has his oil , his natural gas interests at heart ‐‐‐ he’s correct in terms of what oil is going to be doing... and there is an investment house that says that oil might even run back up to one hundred and fifteen dollars a barrel ... and lord knows that’s possible because we’ve been there already ... and it’s going to be more difficult to control supply than it will be to control demands 00:39:59 . 6. Colorado’s Morning News DMA: 18 KOA‐AM 850 (ABC) Denver Spot Cost: $362 03/30/2009 08:00 AM ‐ 09:00 AM Est. Audience: 33,300 00:10:00 in 30 minutes billionaire T. Boone Pickens ... he was asked recently by CBS why has oil remained high in price per barrel language until very recently ... “We peaked on oil production ... we’re eighty five million barrels a day is what world produces” ... ... he’s eighty years old . and we will .. with him about his plans to take America back ... it is almost this online March on Washington and his people in a press release say and I quote ... “three days that will change America forever “...Pretty big talk there....pretty amazing when you are talking about a guy that is 80 .look how hip this guy is..he is big into natural gas..not like a lot of 80 year olds..some say it is ego driven..some say he is out to make this planet ...a better place 00:11:59 00:38:00 His name T. Boone Pickens...good to have you. Thank you. I am glad to be on..Is it snowing?..our state is right up your alley...We are going to go to renrewbales I promise you... Obama administration and the Democrats will lead way to renewables ..You have got to have a new grid to pull it off......We are talking to T. Boone Pickens this morning...why did you have this change of heart from oil to these new renewables?...you are familiar with our virtual march aren’t you? tell us a little bit about it.....(long intervew continues)... 00:39:59 . 7. Colorado’s Morning News DMA: 18 KOA‐AM 850 (ABC) Denver Spot Cost: $362 03/30/2009 07:00 AM ‐ 08:00 AM Est. Audience: 33,300 00:52:00 also we are less than an hour away from hearing from this man‐ ‐”What they say to me is ‐you get a market for me and we will build the cars” . He is T. Boone Pickens one of the world’s richest men...he will be joining us at 8:30..if you have any questions for him... 00:53:59 . 8. Colorado’s Morning News DMA: 18 KOA‐AM 850 (ABC) Denver Spot Cost: $362 03/30/2009 06:00 AM ‐ 07:00 AM Est. Audience: 33,300 00:08:00 a guy that has done pretty well in investing and making his mark time financially in myriad of ways ... T. Boone Pickens ... stay tuned we’ll be talking with him live at 8:35.....in an interview he did with CBS he talked about his wind power plans. “ You are going to use the wind for power generation and that will free up natural gas..GM has 25 cars that they built for natural gas.”..Pickens company is also overseeing construction of the world’s biggest wind farm, that is in Texas...He is also a big proponent of natural gas... 00:09:59 . 9. Colorado’s Morning News DMA: 18 KOA‐AM 850 (ABC) Denver Spot Cost: $186 03/30/2009 05:00 AM ‐ 06:00 AM Est. Audience: 17,100 00:10:00 it is nice to have any guest on...it is not every day we get a billionaire...117th richest men in the United States of America ... T Boone Pickens ... he’s talking there about what Detroit is telling him as to his aspirations of having vehicles in the US run on natural gas ... GM , Ford Chrysler produce natural gas cars .. ... but not driven in the US ..driven in places like South America and in Europe and other parts of the world ...not here in this country.... he made his money for decades on oil .now he is telling us we are too addicted to foreign oil...that is why he is going the wind energy, natural gas route.. 00:11:59 . 10. KMID ABC2 News At 10 DMA: 156 KMID‐TV CH 2 (ABC) Odessa/Midland Spot Cost: $49 03/30/2009 10:00 PM ‐ 10:35 PM Est. Audience: 3,596 Available formats: QuickView, DVD, CD, digital link, videotape, transcript, NewsBoard [CC] 00:05:53 “ One leader in the oil and gas industry has proposed a compromise. T. Boone Pickens has been out promoting his plan increase wind energy and natural gas, in turn, he wants to completely shut off all ties to foriegn oil. “We have to use the resources we have in America and quit importing the oil at the level we are.” But some are wary of Obama’s intentions. “He’s playing straight politics and giving benefits to the people that electeed him and negatives to those who were against him. Pure and simple.” “There’ a negative bias, in this administration against the oil and gas industry.” “I know that oil and gas companies won’t like us ending thirty billion dollars in tax breaks, but that’s how we’ll fund a renewable energy economy that will create new jobs and industries. And the question on everyone’s mind, is how is this going to impact our local oil industry. “Everything that Obama has done, particularly the taxes he’s adding and the benefits taken away from our industry, it’s going to hurt us, it’s going to hurt our town in ways we don’t see yet. I just don’t like to tell you this, but I think the worst is still ahead of us.” 00:07:40 .