Northern Explorations plans to enhance its portfolio of energy projects by entering into the wind energy sector.
Mr. Mark Schaftlein, recently appointed President and C.E.O. of Norex, has identified significant opportunities in the wind energy sector through business contacts within the industry. The Company is currently reviewing these prospective acquisitions with an eye towards harmonizing wind energy and natural gas assets into a strategic plan designed to rapidly develop an effectively convergent "green energy" organization.
Norex believes wind power is an outstanding opportunity for new power generation that delivers practical near term economic development paybacks in conjunction with a program that delivers on the need for increased energy security and accountable long term environmental benefits. Fluctuating fossil fuel prices and unreliable supply policies from certain foreign sources increasingly raise the risk of future instability due to a reliance on conventional sources of power production. The Company feels that programs, such as those advanced by energy industry veteran T. Boone Pickens, clearly show the benefits of aligning the "two pillars" of wind and natural gas as a key element in future U.S. domestic energy policies.
Mr. Pickens has identified that the U.S. wind corridor is a huge swath of the Great Plains which runs, two states wide, from northern Texas to the Canadian border. A Department of Energy study in 2007 said that building wind based electrical generation capacity in the corridor could provide up to 20 percent of the U.S. power needs and create a potential for 138,000 new jobs in the first year with up to 3.4 million jobs over a 10-year span as the industry matures.
Additionally, the American Wind Energy Association has reported that the leading markets in terms of new installed capacity in 2008 were the U.S. and China. The U.S. has now officially overtaken Germany (23,902 MW) as number one in wind power. Europe and North America are running neck-to-neck, with about 8,900 MW (8.9 GW) each of new installed capacity in 2008, with Asia closely following with 8,600 MW (8.6 GW). The massive growth in the U.S. wind market in 2008 increased the nation's total wind power generating capacity by 50%. The new wind projects completed in 2008 account for about 42% of the entire new power-producing capacity added in the U.S. last year, and created 35,000 new jobs, for a current total of approximately 85,000 individuals employed in the sector across the nation.
Company C.E.O. Mark Schaftlein states, "We have here an opportunity to develop a company that offers a significantly enhanced outlook by capitalizing on tangible prospects that can deliver a clear path to success. America must move rapidly toward environmentally responsible energy independence, this is an unassailable fact. To deliver on this promise we are positioning ourselves to acquire and develop commercially viable projects that fit this fundamentally sensible criterion. We strongly believe in a framework of programs such as those espoused by Mr. Pickens and see a great economic future in the marriage of energy assets such as natural gas and wind power. As we conclude our review process, we look forward to announcing further details of these proposed new projects in the coming days."
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