
The incentives for wind and solar, which industry analysts say are providing a healthy kick to the market, are up for renewal and stalled in congress. This is not the first time that congress is haggling over the tax credits. Republicans, it seems, are trying to stop the bill unless it includes a provision for expanding offshore oil driling. This is the same drilling that will impact gas prices never, and come into the supply in ten years. What it will do is make some old rich white guys more rich.
No one actually expects the energy credits to expire. But much of the industrial capital investment in the sector is planned years in advance, and amounts to billions of dollars. By toying with the credits like they do, congress is making the investment atmosphere exceedingly difficult for those trying to find some consistency in the market. A more permenant and stable regulatory atmosphere, one way or another, would calm a lot of nerves about the short to medium-term future of renewables in this country.
A week or so ago, I read an article that those wind turbine companies with projects underway are rushing to get them done before the end of the year, and companies who had planned to start projects were putting them on hold. The reason? Expiration of tax credit.
Several of those companies were planned for AZ, McCain’s home state. So, where’s McCain on it? Nowhere.
Guess that shouldn’t be too much of a surprise though. He’s missed nine, count ‘em, 9 votes on green ET, including one in which he was in his office and could have voted but did not.
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