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Lack of decision on PTC stalling US Renewable Energy Market!

Since its introduction in 1992, the Production Tax Credit (PTC) has been assisting the financing of renewable energy projects by stimulating private investment of $15bln on average per annum over the past five years.  Its success is further demonstrated by a jump in wind industry employment levels from 50, 000 (approx.) in 2007 to 75, 000 (approx.) in 2011, an increase of 50%. As with many other jurisdictions around the world, policy makers incentivise power markets in different ways.  The PTC has been a catalyst towards directing investment into many projects, leading to job creation as well as creating a vibrant renewable energy sector within the US market.  Capital  intensive projects require a long term certainty that is now lacking as a result of the delay in deciding the future of the PTC within the market.  Without committing to an extension of the credits, the market will continue to withhold on investing in projects.  The knock on effect transcends sectors, impacting financing partners, supply companies and local organisations that benefit from the cash injection delivered by the Power companies.

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