GE, Vestas Tap Record Wind Orders as Subsidy Stalls

Bloomberg.com reports that there are record orders for wind-turbines from utility companies forced by state legislatures to offset a percentage of their energy generation with renewable sources. However, as we've discussed, federal renewable energy subsidies may dry up at the end of 2008 which will put more pressure on utilities to raise rates. The article states that, current federal tax credits allows a company (like Xcel energy) to deduct 2 cents for each kilowatt-hour generated. That's a big chunk, considering that the current rate is about 11 cents a kilowatt hour.

Call members of Congress and let them know that the renewable energy production tax credit needs to be extended this year. We need a consistent energy policy to help stabilize the renewable energy market.