U.S. bill seeks to extend tax credits for wind energy

Some 18 Congress members have introduced a bill to the U.S. House of Representatives that aims to extend the investment and production tax credits for wind energy through 2016.

HR 5559, the Bridge to a Clean Energy Future Act, aims to renew the investment tax credit (ITC) and production tax credit (PTC) on the same terms and conditions that were in effect before the incentive programs expired at end-2013, democratic representatives Earl Blumenauer of Oregon said in a press release on Monday. Blumenauer is part of the group together with Dave Loebsack of Iowa and 16 more Congress members.

The PTC offers developers $0.023 per kWh for the first 10 years of the wind farm operation, while the ITC covers 30 percent of a wind project's initial cost.

The revival of the subsidies will provide market certainty and enhance investment in renewable energy, said Blumenauer. "Making sure these energy sources are on an even playing field with the fossil fuel industry is essential to lowering carbon emissions, creating a cleaner environment, and creating good, non-exportable American jobs," he added.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs