North American Windpower: Breaking: Congress Nearing Deal On One-Year Extension Of PTC

by NAW Staff on Monday 31 December 2012

Legislators were reportedly closing in on a deal that would extend the expiring wind energy production tax credit (PTC) for one year.

At press time, an agreement had been reached in principle but had yet to be finalized by Congress. Peter Kelley, a spokesman for the American Wind Energy Association (AWEA), says that vote could happen anytime between Dec. 31 and Jan. 2.

Notably, the PTC provision being considered contains language that mandates projects start construction in 2013 are for wind projects started in 2013 and mirror the language that was included in the version of the $205 billion tax extender package that the U.S. Senate Finance Committee passed in August.

The uncertainty surrounding the tax credit's expiration paralyzed the U.S. wind industry as wind developers, turbine manufacturers and component suppliers put future planning on hold. According to AWEA, a failure to extend the tax credit this year could lead to more job losses and factory closures in the first quarter of 2013.

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