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U.S. House backs tax break crucial to wind turbine makers  

Credit:  Reuters | Dec 4, 2014 | www.reuters.com ~~

The U.S. House of Representatives voted on Wednesday to renew a package of temporary tax breaks, known as the “extenders”, including a wind production tax credit (PTC) crucial for turbine makers such as Denmark’s Vestas.

The PTC will be extended for one year retroactively for 2014 if the Senate and President Barack Obama concur.

“People were expecting a two-year extension, so this is less than expected,” Nordea analyst Patrik Setterberg said in a note to clients.

However, he said the Senate had previously argued it wanted a two-year tax package, leading him to conclude the final deal could still change.

“The outcome in the Senate and the final details of the extension, which are expected at a later stage, will decide whether it is a good or bad deal,” Setterberg said, adding it was too early to estimate the potential impact on company results.

Sydbank analyst Jacob Pedersen had previously said shares in Vestas, the world’s biggest wind turbine maker, could outperform the market by more than 10 percent within a week or so if the PTC was extended.

General Electric, Siemens, Gamesa and Suzlon are also active in the U.S. wind power industry, home to almost 20 percent of the world’s installed turbines.

(Reporting by Teis Jensen; Editing by Mark Potter)

Source:  Reuters | Dec 4, 2014 | www.reuters.com

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

The copyright of this article resides with the author or publisher indicated. As part of its noncommercial effort to present the environmental, social, scientific, and economic issues of large-scale wind power development to a global audience seeking such information, National Wind Watch endeavors to observe “fair use” as provided for in section 107 of U.S. Copyright Law and similar “fair dealing” provisions of the copyright laws of other nations. Send requests to excerpt, general inquiries, and comments via e-mail.

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