Environmental Finance
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New York, 8 November: A record 4,000MW of new wind energy generating capacity will be installed in the US by the end of 2007, thanks to a greater supply of turbines, a growing number of international players and new sources of financing, said an industry group. The American wind energy Association (AWEA) in Washington D.C. predicted the 4,000MW total on Wednesday, saying it would break the old record of 2,454MW installed in 2006. With the 2007 projects, total US wind capacity will exceed 14,000MW, according to the AWEA.
About 550MW of the 2007 projects were expected to begin operation in 2006, but were delayed by military concerns about their effects on radar, noted AWEA spokeswoman Kathy Belyeu. All were cleared for construction in 2007. In addition, greater turbine supplies have eased the shortage that has hampered development, Belyeu added. Spanish firms Acciona Energy and Gamesa now manufacture turbines in the US, while US firm Clipper Windpower Australia has expanded output and Denmark's Vestas is building US manufacturing capacity. Another Danish firm, Nordex, now sells turbines in the US, as does Germany's REpower.
International project developers are also stimulating activity, Belyeu said. These include: Acciona Energy, which acquired EcoEnergy; Energias de Portugal, which bought Horizon Wind from Goldman Sachs; Spain's Iberdrola, which acquired PPM Energy in its purchase of Scottish Power, and has bought several smaller wind companies; and E.ON of Germany, which acquired Airtricity's US wind division.
Meanwhile, established financial firms are increasingly investing in wind, while hedge funds and private equity firms are adding to "a big influx of financing over the past two or three years," Belyeu said.
State Renewable Portfolio Standards drive much of the development, but the AWEA supports the national Renewable Electricity Standard proposed in the recently introduced House energy bill. It would also like a long-term expansion of the Production Tax Credit (PTC), which provides 1.9 cents/kWh to renewable energy generators. The PTC is due to expire after 2008.
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