The head of the world's biggest wind turbine maker, Vestas, says that the U.S. wind turbine market is likely to fall by 80% next year.
The head of the world's biggest wind turbine maker, Vestas, says that the U.S. wind turbine market is likely to fall by 80 percent next year because of the expected expiry of an important 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.
But the prospect of the PTC lapse has boosted activity in the U.S. market this year ahead of the expiry.
"In the United States, the market this year is very, very busy," Vestas Chief Executive Ditlev Engel told a gathering of EU European affairs ministers and other senior officials at Vestas' research and development centre in the Danish town of Aarhus on the Jutland peninsula.
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