Investors want renewable energy production tax credit extensionInvestors have called upon Congress to immediately extend the Production Tax Credit for renewable power. Bolstered by the PTC, wind has accounted for 35 percent of newly installed electricity generation capacity in the U.S. over the last five years. Production costs are down more than 90 percent since 1980. But when the PTC has been allowed to expire, annual wind capacity installation have fallen at least 73 percent the next year. "For long-term infrastructure projects like upgrading our electricity grid, 'boom and bust' cycles just don't work," said Mindy Lubber, director of the investor network on Climate Risk and president of Ceres. The investors, with more than $800 billion in assets under management, note that the tax credit is critical and creates broad economic benefits, both for wind power producers and suppliers across the nation. "The Production Tax Credit is vital to fostering a vibrant renewable power sector, which will improve our economic competitiveness while also reducing our reliance on fossil fuels," said Oregon State Treasurer Ted Wheeler, who oversees the management of $72.5 billion of state funds. For more: |