PTC Letter to Committee Leadership: Call for extension of PTC beyond December 2012
December 12, 2012
AWEA advocates for the renewable energy production tax credit (PTC) in this Dec. 12, 2012 letter from AWEA to the Senate Committee on Finance and House of Representatives Committee on Ways and Means.
The letter was written to Chairmen Sen. Max Baucus and Rep. Dave Camp, as well as Ranking Members Sen. Orrin Hatch and Rep. Sander Levin. The letter was signed by Denise Bode, AWEA CEO at the time.
Key points of the letter:
What the PTC is
- The PTC is a federal policy and a performance-based market mechanism that attracts private capital to deploy wind technology in the United States.
- Time and again the industry has made the case to Congress for a PTC renewal, and with overwhelming bipartisan support, the credit has been extended in order to drive more efficient, cheaper and cleaner energy.
Benefits of the PTC to the wind industry
- The PTC has unleashed the productive potential of an entrepreneurial industry by providing tax relief that rewards results.
- The credit has led to a 12-fold increase in domestic wind manufacturing.
Call for congressional support of the PTC
- The stop-start nature of short-term extensions of PTC has made it difficult to get the industry to a place where it can be fully cost-competitive.
- Unfortunately, the PTC is set to expire on December 31, 2012. Most project plans for 2013 have been shelved, triggering layoffs for developers, manufacturers, and the entire supply chain.
- Without a PTC extension, 37,000 wind industry jobs will be lost by the end of the first quarter of 2013.
- Our top policy priority in the lame duck session is an immediate extension of the PTC, allowing projects that commence construction by the end of 2013 to qualify for the credit.