Senator Collins introduces PERPETUAL tax credit for her windy friends

Joining Senators Collins and Carper are Senators Angus King (I-Maine), Sherrod Brown (D-Ohio), Ben Cardin (D-Md.), Chris Coons (D-Del.), Robert Menendez (D-N.J.), Edward Markey (D-Mass.), Jack Reed (D-R.I.), Brian Schatz (D-Hawaii), Elizabeth Warren (D-Mass.) and Sheldon Whitehouse (D-R.I.).

U.S. Senators Introduce Incentivizing Offshore Wind Power Act

Bill makes investment tax credit permanent for first 3,000 megawatts of new offshore turbines

U.S. Senators Susan Collins, (R- Maine), and Tom Carper, (D-Delaware), have introduced the Incentivizing Offshore Wind Power Act aimed at providing financial incentives to encourage investment in offshore wind energy in the United States.

This bipartisan bill would create an investment tax credit that is redeemable for the first 3,000 megawatts of offshore wind facilities placed into service, amounting to approximately 600 wind turbines, the press statement said.

In the past, the U.S. Congress has offered a temporary credit for investments in wind power, but the last extension of this credit will expire before 31 December, 2019.

This credit has been a lifeline to the nascent offshore wind industry, the Senators said. The Incentivizing Offshore Wind Power Act would give the industry the certainty needed to plan investments and maximize deployment of this clean power technology.

“Maine is a leader in the emerging offshore wind industry, which holds great potential for the future of clean energy and the creation of good jobs,” said Senator Collins.

“By giving private sector companies the certainty they need, our legislation will help accelerate the development of this promising industry in America and create a new, sustainable source of domestic power.”

The legislation defines offshore facilities as any facility located in the inland navigable waters of the United States, including the Great Lakes, or in the coastal waters of the United States, including the territorial seas of the United States, the exclusive economic zone of United States, and the outer Continental Shelf of the United States.

“Offshore wind energy has the potential to power every home, school and business from Florida to Maine with clean, renewable energy,” said Senator Carper.

“Investing in new offshore wind projects spurs economic growth and has the potential to create millions of good-paying American jobs. It also helps enhance our national security by encouraging domestic energy production and protects our environment and public health by deploying a cleaner source of energy. I’m proud to partner with Senator Collins to provide this growing industry the certainty it needs to draw private sector investments in new offshore wind facilities across the country.”

Joining Senators Collins and Carper are Senators Sherrod Brown (D-Ohio), Ben Cardin (D-Md.), Chris Coons (D-Del.), Angus King (I-Maine), Robert Menendez (D-N.J.), Edward Markey (D-Mass.), Jack Reed (D-R.I.), Brian Schatz (D-Hawaii), Elizabeth Warren (D-Mass.) and Sheldon Whitehouse (D-R.I.).

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  • Barbara Durkin

    Indeed Ms. Collins per Open Secrets Top Donors are invested in wind energy.

    But there are very serious red flags being ignored by those quick to spend our perpetuity.

    Industry insurance and mechanical news sources (less politicized) have sent up red flags regarding technology (assumed to be reliable at our risk). 

    Offshore wind turbines are corroding internally & externally & industry is challenged to fix the problems.

    Cable problems, (more than 70 of wind project insurance claims), repair average cost is U.S. $6,450,630.08. 

    Subsea Cable Installation cost averages $6 million per mile per Sue Tierney Analysis Group

    Offshore Cabling 2017

    2017-03-07 - 2017-03-09
    Cable damages remain an ongoing issue with average costs of € 5 million per repair. Submarine cable repairs account for more than 70 % of all insurance claims of installed wind parks.

    LIPA says NO to DeepWater Wind 2 due to transmission cost concerns:

    LIPA also didn’t select a joint proposal by developers Invenergy and Anbaric Holdings to deliver out-of-state wind and solar energy through a new undersea power cable called Poseidon, the official said, because building a new transmission line was “not a low-cost endeavor.”

    Study: Offshore wind projects' unanticipated high costs "could have huge implications"

    A quarter of projects had underestimated the costs of operational expenditure, leading to concerns that this could have huge implications on performance and valuation of the project further down the line. Many of the projects that were surveyed had not yet reached the twenty-year lifetime, and so much of the project budgeting was based on educated assumptions, but there was real concern that these underestimations could up the costs of projects by millions.

    Offshore Virginia wind project too complex and costly per Dominion Offshore Wind

  • Barbara Durkin

    Correction, I missed % stating 70 wind projects. I intended to convey 70% of offshore wind insurance claims relate to cable problems.
  • jan van eck

    The underlying problem with Senator Collins' enthusiasm for this new Bill is that she does not have a clear understanding of the physics of industrial wind, nor of the relative cost burdens that this will place on her constituents.   Unfortunately, the reality is that these projects only make money for (and it is definitely Big Money with the 30% tax credit rebate check to the General Partners of the developing syndicate) these "partners" in the project, to the costs of the taxpayers in the rebate check, and to the further and continuing costs of the locals in their rate subsidies to the inflated sale price of the output.  These deals "sound nice," can be made to "look great" on a Prospectus, but will not do the job.  And I don't know how you can counter the wind-industry propaganda, either.