President Barack Obama is naming the Chairman of General Electric, Jeffery Immelt, to be chairman of a panel of outside economic advisors. The new organization, according to the New York Times, will be named the “Council on Jobs and Competitiveness.”

The existing panel, the President’s Economic Recovery Advisory Board has been led by former Chairman of the Federal Reserve, Paul Volker. It was named by Obama shortly after he took office two years ago and was closely focused on keeping the financial industry intact and functioning. It is scheduled to go out of business on February 6.

According to the NY Times:

“Mr. Immelt’s appointment comes as Mr. Obama has increasingly turned to people with close ties to the business sector for counsel in the wake of the setbacks of the midterm elections.”

At the event at the GE facility in Schenectady, NY, to announce the appointment, the President said:

“For America to compete around the world, we need to export more goods around the world. That’s where the customers are. It’s that simple.”

To read the entire article from the New York Times, click HERE.

Also in Friday’s NYT, there was an article about how the lack of transmission lines is hampering attempts to expand the nation’s use of wind as a principal source of electrical energy. In the article, which centers on Texas, reporter Kate Galbraith writes about a new transmission line which will run through Texas’ scenic “Hill Country” region:

“Texas embarked on the transmission line project, known as Competitive Renewable Energy Zones, several years ago. The need was clear: in West Texas, home to the vast majority of the state’s wind farms, so many turbines have been built over the past decade that some must be shut down during windy periods because there are not enough wires to transport the power. Texas is the leading wind-power state by far, with nearly three times as much capacity as the next-closest state, Iowa.”

The article discusses the objections of landowners – either on aesthetic or financial grounds – for opposing new transmission corridors. The Texas Utilities Commission is attempting to use existing rights of way for the expanded capacity.

The end result will a positive one from a renewable energy standpoint:

“Once all the lines are built, they will nearly double the amount of wind-energy capacity in Texas. Last year, wind supplied the Texas power grid with nearly 8 percent of its electricity. The rest of the country averages about 2 percent.”

To read the article about transmission lines and wind, click HERE.

— The Pickens Team