Tuesday, May 21, 2013

GE's Wind Turbine Business Booms Following Wind PTC Renewal--Orders For 1,000 Megawatts Rush In

The wind production tax credit has both critics and defenders, because it works. It actually triggers substantial production of wind turbines, installation of huge amounts of new wind power around the country, and tens of thousands of jobs.  All that wind generation puts real downward pressure on wholesale electricity market prices in many parts of America that benefits consumers but reduces operating margins for other power plants.

The latest example of the power of the wind production tax credit is the booming business at GE's wind turbine business. Following the January 2013 extension of the tax credit, GE received a rush of orders.  To be precise, orders for 1,000 megawatts of the latest GE wind turbine were made after the extension.

GE's latest turbine is better than ever, generating 6% more electricity, operating better in low wind speeds, and with short term energy storage capability. That adds up to lower costs per kilowatt-hour generated. GE has a backlog of orders for its turbines that get better and better every year.

The wind production tax credit produces more wind power, jobs, and better turbines that are driving down further the cost of making electricity from the wind.  Wind power now produces about 4% of America's electricity. The wind production tax credit continues to drive innovation, lower costs, and lots of new zero pollution wind power.  It works.

1 comment:

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