Big Oil Embraces wind power

It was a well known fact that the oil industry held out on funds an other support to accelerate the commercialization of wind power as an alternate source of energy. However, the market has forced the big oil companies to embark on the challenge of providing wind power efficiently. The article below from OilOnline outlines the current developments on the involvement of BP and Shell in developing wind energy in part; to keep the investors satisfied and also exploit the new discoveries in the wind power frontier.

http://www.oilonline.com/news/headlines/internet/20080226.Big_oil_.25349.asp
After years of watching the world's fastest growing energy business from the sidelines, big oil companies are playing catch-up and investing billions developing new wind power projects.
"Shell and BP see wind as an increasingly important part of the energy industry," said Randall Swisher, of the American Wind Energy Association. "They want to look for new opportunities, and wind is clearly in their sights."
Shell is developing a $4 billion wind power project in the Texas panhandle. When complete it will surpass Florida Power & Light's "Horse Hollow" wind energy facility to become the biggest in the world.
Not to be outdone, legendary oilman T. Boone Pickens announced his own wind project in the same Texas panhandle area -- a project even larger than Shell's and costing $10 billion.
Pickens, the 131st richest person in America, amassed his fortune by betting early on promising new energy sources -- his largest holdings are oil sands giant Suncor, EOG Resources and Quicksilver Resources.
"I have the same feelings about wind as I had about the best oil field I ever found," Mr. Pickens said in an interview.
It looks like Pickens' bet on wind energy is a good one. So far in 2008, investors in renewable energy stocks have been sipping champagne while the rest of the market has been in the doldrums.
Wind energy developer Nacel Energy has seen its stock jump 70% since IPO. The Wyoming based Company announced an 80-megawatt wind power expansion January 10th -- enough energy to supply 25,000 homes. Analysts have a $3.07 target on Nacel -- nearly double its $1.84 close yesterday -- stating the Company is undervalued compared to its peers.

Getting my feet wet in I.T

First time blogger......Who is teeitapp?
Engineering student pursuing an MBA who is interested in the Energy sector especially the oil industry. My intentions are to some day get into the oil industry in the supply chain or logistics end of it.
I will discuss the use of Information and technology in the oil industry analyzing the benefits Information and Technology brings to the industry.