Demand For Wind Power Outstrips Tax Breaks
This is really is encouraging. Manufacturers are not having to market their goods with the sale tied to a tax… break. Orders are for 2008, but the tax incentive expires in 2007. Check out this report.
Blomberg Press
Friday, June 16, 2006 New York
General Electric Co., the world’s biggest provider of power-generation equipment, is filling U.S. wind turbine orders to be delivered in 2008 even without the promise of a tax credit for suppliers to use the environmentally friendly technology.
“We are filling the order book in 2008 without a tax credit,” John Krenicki, GE Energy’s chief executive, said at an investor conference sponsored by CIBC World Markets . “It’s a reasonable, certain investment with increased reliability and low cost of wind.
GE Energy, the company’s largest manufacturing unit with $16.5 billion US in sales last year, is turning to lower-emissions technologies including wind. GE bought the wind unit from Enron Corp. in 2002 for about $258 million. It should have about $3 billion in sales this year and grow $1 billion annually, Krenicki said. Demand in the U.S. is encouraged by a tax credit for utilities that expires at the end of 2007.