Dec 17, 2014 - The US senate yesterday gave its nod to a one-year extension of the production tax credit (PTC) for wind power, retroactive to 2014, along with a package of other temporary tax breaks.
The bill is now going to President Barack Obama for his signature.
The extension again comes too late. It actually gives wind project developers only until December 31 to initiate construction works on their wind farms so that they can qualify for the credit.
When the US House of Representatives approved the bill earlier in December, Michael Goggin from the American Wind Energy Association (AWEA) warned that the extension comes so late that it “would be a repeat of 2013” when thousands of workers lost their jobs and investment in wind power plunged before the last-minute revival of the incentive at the start of January 2013.
The PTC offers developers USD 0.023 (EUR 0.018) per kWh for the first 10 years of the wind farm operation.