Hydro Among Renewables that
Introduction of the American Renewable Energy Production Tax Credit Extension Act (H.R. 3307) by U.S. Representatives Dave Reichert (R-WA) and Earl Blumenauer (D-OR) would stretch current production tax incentives for all renewable energy forms through 2016.
Created as the Energy Policy Act of 1992, the legislation has frequently been extended in an effort to prevent renewable energy projects and research from slumping.
Historically, financial lenders have been hesitant in providing capital in the months leading up to the PTC's expiration, sometimes preventing projects from coming online.
The current incentive -- established by the Energy Policy Act of 2005 -- will expire in 2013 for hydro power.
Although the bill does not increase the amount of incentive that will be received by the hydropower sector -- hydro will maintain its 1.1 cents/kWh PTC, while other renewables will stay at 2.2 cents/kWh -- H.R. 3307 is good for the future of the industry, says National Hydropower Association Executive Director Linda Church Ciocci. "Extending hydropower tax incentives provides developers financial certainty and will bring additional clean, affordable and reliable hydroelectric power to more American families," she says. "A long-term PTC extension sends a market signal supporting project development, in turn leveraging significant private investment."
Wind Power Surpasses Hydro for the First Time Ever in NW Region by Ted Sickinger, The Oregonian, 10/23/12
BPA and Wind Developers: Federal Energy Ruling is Wrong for Our Region by Scott Corwin, The Oregonian, 12/21/11
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