Vestas CEO says U.S. wind market to fall 80 percent

Vestas CEO says U.S. wind market to fall 80 percent

Vestas CEO Ditlev Engel says the U.S. wind turbine market is likely to fall by 80% next year because of an expiring tax credit.

The U.S. production tax credit (PTC) for renewable energy is due to finish at the end of 2012, and, in an election year, it is widely believed that Congress will not pass legislation to renew it before the expiry.

The prospect of a lapse for the PTC is just one of the problems troubling the renewable energy sector amid a global economic slump, which has hit support from governments forced to cut budgets and delayed much investment in energy projects.

Read more at Reuters.

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