Representative Earl Pomeroy, D-N.D., recently introduced a bipartisan bill that would extend the wind energy production tax credit (PTC) in the U.S. for five years beyond its 2008 expiration.
Pomeroy and three primary co-sponsors introduced the bill, H.R.197, on January 4 – the first day of the 110th Congress. The co-sponsors are Jim Ramstad, R-N.M., Mark Udall, D-Colo., and Zach Wamp, R-Tenn. According to Pomeroy, the five-year time frame will create stability and help assure that developers will be able to complete projects and invest in future opportunities.
‘The five-year extension will make more projects viable and give people more confidence to invest in infrastructure,’ says Blake Seas, LM Glasfiber's general manager. ‘It also will create more vitality and enthusiasm in the industry, which allows us to continue to grow.’
First enacted in 1992, the PTC provides a 1.9 cent/kWh credit, adjusted annually for inflation, for electricity produced from wind farms during their first 10 years of operation.