'Father of PTC' explains wind incentive's value

U.S. Sen. Chuck Grassley (R-Iowa) delivered a strong speech in support of wind power's primary incentive, the federal wind energy production tax credit (PTC) on the Senate floor this week.  Some excerpts from Sen. Grassley's remarks:

… I've championed the [PTC] as a way to provide a level playing field for a very clean, renewable resource. As a result … wind energy has become more efficient and cost-effective.  The cost of wind energy has declined by 90 percent since the 1980s. Wind has accounted for 35 percent of all new American electric generation in the last five years.  Wind has already provided 20 percent of the electric generation in my state of Iowa. It supports as many as 5,000 good-paying jobs in our state.

As a result of the tax incentive … wind energy has actually created new manufacturing jobs in the United States. Today 60 percent of the wind turbines' value is now produced in the United States, compared with just 25 percent six years ago.  There are now 400 facilities building wind components in 43 states.  That is why a bill in the House of Representatives to extend the [PTC] has 80 cosponsors, including 18 Republicans.  If we fail to extend the incentive, thousands of jobs will be lost in the wind manufacturing industry.  Unemployment remains high at 8.30 percent.  Why would Congress exacerbate the unemployment in our country by failing to extend this successful incentive?

… I happen to find [wind turbines] majestic and awe-inspiring on the landscape …

… The Production Tax Credit, which I first authored in 1992, provides the incentive only for electricity that is actually produced. Under the Production Tax Credit, there is no tax benefit simply for placing the turbines in the ground. Electricity must be produced in order to get the credit.

AWEA and the wind industry are deeply grateful to Sen. Grassley for his steadfast support for this clean, renewable energy source.

A House bill seeking to extend the PTC has 85 cosponsors, including 18 Republicans, and has received the endorsement of a broad coalition of more than 370 members, including the National Association of Manufacturers, the American Farm Bureau Federation, the Edison Electric Institute, and the Western Governors’ Association, while a Senate bill to extend it was introduced March 15 by seven Senators, including three Republicans (Senator Grassley was an original cosponsor). A PTC extension also has the support of the U.S. Chamber of Commerce and the bipartisan Governors’ Wind Energy Coalition, which includes 23 Republican and Democratic Governors from across the U.S.

Further endorsements of the wind energy production tax credit.

Related articles:

Citing 'all of above,' former FERC chair urges PTC extension, March 29, 2012

Manufacturers tell Senate panel: PTC extension urgently needed, March 28, 2012

WindTV: Colorado county gets big boost from wind power, March 26, 2012

Former Congressman Boucher sees PTC extension likely, March 26, 2012

WindTV: Wind power breathes new life into small Colorado town, March 21, 2012

Citing need for certainty, BP's Landis calls for PTC extension, March 20, 2012

In op-ed, Kansas Governor, Senator call for PTC extension, March 19, 2012

Bipartisan group of Senators introduces bill to extend PTC, March 16, 2012

Houston Chronicle editorial supports PTC extension, March 15, 2012

Southern Alliance head urges: Extend the PTC, March 14, 2012

WindTV: Missouri manufacturer grows with the wind, March 12, 2012

Oklahoma and America need wind technicians–and a PTC extension, March 8, 2012

WindTV: An American family, powered by a paycheck from wind, March 5, 2012

Salazar, citing 'race we cannot cede', backs extending PTC, March 1, 2012

Kerry, Brown win praise for bipartisan support of PTC extension, February 29, 2012

Wichita Eagle editorial blog endorses PTC extension, February 28, 2012

Daily Oklahoman: PTC extension “makes sense,” February 27, 2012

Bipartisan group of Illinois Representatives supports PTC extension, February 24, 2012

Kansas City Star backs PTC extension, praises Brownback, Moran, February 23, 2012

Bennet visits composites factory, urges PTC extension, February 23, 2012

Moran visits Siemens factory, pushes PTC extension, February 22, 2012

WindTV: PTC key to wind power manufacturing jobs, February 21, 2012

Topeka Capital-Journal: Extend the PTC, February 21, 2012

U.S. Rep. Steve King (R-IA): PTC is jobs engine conservatives should support, February 17, 2012

Bennet, Moran continue bipartisan push to extend PTC, February 16, 2012

Major U.S. consumer brands like Nike on extending the PTC: Just Do It!, February 15, 2012

Oklahoma Gov. Fallin urges conferees: Extend the PTC, February 15, 2012

Michigan worker's plea: Extend PTC, help wind power create U.S. jobs, February 13, 2012

Bipartisan letter from entire Iowa Congressional delegation urges: Extend the PTC, February 10, 2012

Senate Energy Chairman Bingaman: Act now to save clean-energy jobs, February 9, 2012

Bipartisan letter from Colorado Congressional delegation urges: Extend the PTC, February 8, 2012

Republican governors push for PTC extension; Senators express support, February 2, 2012

U.S. Chamber of Commerce joins broad range of groups endorsing PTC extension, February 1, 2012

WindTV: Wind power drives commerce in small-town America, January 24, 2012

Denver Post endorses PTC extension 'sooner rather than later', January 18, 2012

WSJ op-ed: 'Want Growth? Try Stable Tax Policy', January 5, 2012

Red State Energy, Red State Jobs, November 29, 2011

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