Wind farm developers in the United States may want to gear up planning for new projects, as action in Washington to extend the Production Tax Credit (PTC) could come before year’s end. The PTC has provided incentive for a dramatic increase in wind farms and growth of the wind energy industry. That growth has resulted in greater wind energy capacity since the PTC was established.
The PTC, however, was allowed to expire at the end of 2014. There is new legislation in Congress that would extend the PTC. It received strong bipartisan support in the Senate Finance Committee in May. Now, Marika Fredriksson, Chief Financial Officer of Vestas Wind Systems, the world’s largest wind turbine manufacturer, told Reuters that she believes Congress will approve an extension of the PTC in December 2015.