The $1.1 trillion, 2009 page omnibus spending bill was released, and, oh, by the way, buried at the end on page 2002, under Miscellaneous Provisions, was a five year extension of the PTC (Production Tax Credit) phased out with a reduction of 20% each year over the last three years. Congress must be proud of their work on this bill, they posted it online in the night, while everyone was talking about the Republican debate.
Billionaire investor Warren Buffett builds a lot of wind farms, and for those of you not familiar with his views on wind and tax credits, it’s worth noting what he thinks:
I will do anything that is basically covered by the law to reduce Berkshire’s tax rate, for example, on wind energy, we get a tax credit if we build a lot of wind farms. That’s the only reason to build them. They don’t make sense without the tax credit.
~ Warren Buffett – from interview with Fortune magazine
Wind energy makes no sense, even with tax credits, because it is unreliable and extremely expensive, and the monster turbines in your community are ugly to look at, unsafe to be around and destructive to property values, though rich investors like Buffett and other major wind developers aren’t concerned about that as long as they get the government money, because that’s what wind energy is all about.
The bill is expected to be voted on within the next few days and if passed as is, which is expected, the PTC will be back in effect.
UPDATE: The bill has passed both the House and Senate. The President has signed the bill.
Remember: Without government subsidies to the wind industry, there is no wind industry.