Vestas commends President Obama and U.S. Congress on PTC extension
10:00 CET - 02 Jan. 2013
Vestas is pleased that the White House and Congress have agreed to extend the Production Tax Credit (PTC) for 2013. The PTC has always enjoyed strong bipartisan support, and Vestas commends the President and Congress for confirming their commitment to a balanced, clean-energy portfolio.
Vestas believes strongly in the U.S. wind industry, and has made significant investments in the region through new manufacturing facilities in recent years. These investments contribute to creating the U.S. industrial base the PTC extension helps to sustain. The short-term PTC extension is critical to ensure projects move forward and orders are placed that will support U.S. manufacturing and the domestic supply chain.
Even though the late timing of the extension will result in a significant reduction in 2013 installations relative to previous years due to the time it takes from when an order is placed to project completion, the U.S. market will nonetheless be stronger as a result of the PTC extension. The one-year extension, which includes language to allow projects under construction by the end of 2013 to be eligible to claim the PTC after 2013, is critical to sustaining the U.S. market going forward. Vestas will work closely with its customers to meet the requirements.
“Vestas commends the President and Congress for having agreed to extend the PTC, which confirms the bipartisan U.S. commitment to a balanced, clean-energy portfolio,” says Vestas President and CEO Ditlev Engel.
The PTC provides certainty for the wind industry. Historically, the PTC has been successful in attracting private-sector investment. Wind energy projects represent about one-third of all new power plant capacity added in the last five years in the United States. Iowa and South Dakota receive more than 20% of their electricity from wind energy, while California and Colorado receive more than 10%.
Vestas adjusted the company’s workforce in 2012 based on the PTC not being extended. The extension of the PTC does not affect Vestas’ projections to deliver about 5 GW this year and to employ about 16,000 people by the end of 2013.
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Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 47,000 wind turbines currently reduces carbon emissions by approximately 55 million tons of CO2 every year, while at the same time building energy security and independence.
Today, Vestas has delivered wind energy in more than 70 countries, providing jobs for around 18,000 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 65 per cent more megawatts installed than our closest competitor and more than 53 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.
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