Important U.S. Renewable Energy Incentive Package Still Stalled in Senate

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A month ago we wrote how an important piece of renewable energy legislation was stalled in Congress. As of this afternoon, it is still stalled.

Only Nine More Votes Needed to Move Bill Forward
The bill, which needed 60 votes to move forward, only garnered 51 votes of support, with 43 opposed. What has been, at least temporarily, set aside by lawmakers is an eight-year extension of renewable energy production tax credits, tax credits for development of carbon capture and storage technologies, as well as a one-year extension of production tax credits for certain biofuels.As would be expected, the renewable energy industry has decried the inaction. The American Wind Energy Association has said, "With 116,000 jobs and nearly $19 billion in investment at risk the renewable energy industries, the US Senate today again failed to muster the votes necessary to extend tax credits for the wind and solar industries."

Reuters though points out that the bill is not dead, as it can again get brought to a vote— though there is no word on when this might happen.

Predictable Renewables Policy Key to Steady Investment
Predictable renewable energy policy, especially in the area of government incentives, is one of the key factors in the remarkable growth of the industry in the past few years. This is especially so in Europe, where generous feed-in tariffs have allowed the industry to prosper at little cost to consumers. The cost to the public of Germany's EEG law is approximately €2 per month extra on the electric bill for a family of three.

Already, some renewable energy developers have warned that they may be forced to reconsider US projects if these production tax credits are not extended.

via :: Reuters
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