Lisa Linowes: New Uncertainties for Big Wind
Despite Congress’ decision to leave the wind PTC phase-out unchanged in the final tax bill, other changes in the law might upset plans for some projects.
Wind projects most at risk by the new tax bill are those that negotiated their finance package in the last two years based on a 35 precent corporate tax rate. Renegotiating these agreements, if possible, could result in higher debt assumed for the project, higher prices for the electricity sold (PPAs), and pressure to lower build costs. [1] Any one of these changes could put the financial viability of the project at risk.
This post briefly discusses two key changes in the tax code and how they might impact wind projects that opt for the PTC.
https://www.masterresource.org/wind-power-tax-law/tax-reform-new-un...
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Comment
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Comment by Dan McKay on January 4, 2018 at 8:15am
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CMP has several bids to the Massachusetts Clean Energy Requests For Proposals . The NECEC bid, in particular, is transmission coupled with Canadian energy resources with a guaranteed hydro back-up to deliver all the electricity called for in the request.
CMP proposes the NECEC as part of two joint bids submitted with Hydro Renewable Energy Inc. (HRE), an affiliate of Hydro-Québec, and SBx, a joint venture of Gaz Metro Limited Partnership (Gaz Metro) and Boralex Inc. (Gaz Metro and Boralex are collectively referred to as the NECEC Wind Developer)
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Comment by Jim Wiegand on January 3, 2018 at 1:05pm
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It is amazing that an industry built first on false hopes and then on fraud after wimpy late 1980's field results proved wind energy to be a complete failure, are still allowed by Washington, to fleece billions from taxpayers each year.
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Comment by Richard McDonald/Saving Maine on January 3, 2018 at 12:09pm
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Thank you Lisa for keeping us informed. Unfortunately, we got very little in the recent tax bill that will limit wind development in Maine. But recent events have brought us hope. The permitting of CMP's NECEC DC transmission project has been delayed and will face a public hearing - I believe DEP is waiting until 1/25 to see if this project is selected for MA PPA. LUPC is also playing the wait and see game with this project - called for public hearing, but no date announced . NextEra got kicked to the curb by LUPC on their Moose and Alder Wind projects - they'll have to downsize (which invalidates their MA bid) or abandon them all together unless they can push a bill through the legislature to expand the EWA - good luck getting the Gov. to sign it. That could put the CMP MCPC AC transmission project on hold as well. CMP/Avangrid's big plans could unravel very quickly.
Maine as Third World Country:
CMP Transmission Rate Skyrockets 19.6% Due to Wind Power
Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.
Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT
******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********
(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/
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Hannah Pingree on the Maine expedited wind law
Hannah Pingree - Director of Maine's Office of Innovation and the Future
"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."
https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/
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