This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

GE Set for a Pickens Windfall

OKLAHOMA CITY -- General Electric (GE - Get Report) sells more wind turbines, by far, than any other supplier in the nation.

But it never sold 667 of them at once until legendary oilman T. Boone Pickens decided to build his own wind farm.

His "Pickens Plan" calls for the U.S. to slash its dependence on foreign oil by exploiting its own natural resources instead. By using more wind to fuel its power plants and more natural gas to power its cars, Pickens predicts, the U.S. could cut its dependence on foreign oil by one-third in the next 10 years.

"We have got to get off of foreign oil," Pickens emphasized in a recent interview with "If we go another 10 years like we have the last 40, we are going to be importing 75% of our oil and paying $300 a barrel for it. It will break the country!"

Already, Pickens warns, the U.S. imports almost 70% of its oil at a cost that is fast approaching $700 billion a year. With the money spent on just one year's worth of foreign oil, he has calculated, the country could cover the investments necessary to transform wind into a mainstream fuel capable of generating 20% of the nation's power supply.

Since wind generates just 1% of the country's electricity right now, despite its increasing popularity among utilities, GE could land a flood of bulk orders if Pickens gets his way.

In fact, the company has enjoyed huge payoffs already. Earlier this decade, when oil was cheaper, GE took a chance by placing a fresh bet on alternative energy. It located a real bargain in the ashes of Enron.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SI $0.00 0.00%
FPL $17.31 0.00%
GE $24.86 0.00%
OGE $31.52 0.00%
AAPL $123.25 0.00%


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs