Tax Credit To Boost Wind Power Opportunities

Tax Credit To Boost Wind Power Opportunities

General Electric Co., the nation's biggest supplier of wind turbines, expects domestic installations to double next year after the renewal of a tax credit boosts demand.

Wind-farm developers including NextEra Energy Inc. and Invenergy LLC may install 3,000 megawatts to 4,000 megawatts of turbines in the U.S. this year and as much as 7,000 megawatts next year, Anne McEntee, GE's vice president of renewable energy, said in an interview Wednesday.

The U.S. added a record 13,124 megawatts of turbines last year, outpacing natural gas installations for the first time, as wind developers raced to complete projects ahead of the Dec. 31 expiration of the production tax credit.

Denmark's Vestas Wind Systems A/S and Spain's Gamesa Corp Tecnologica SA also expect new orders to pick up by the third quarter.

"The U.S. market is beginning to turn around," McEntee said at the Wind Power 2013 conference in Chicago. "Utilities see wind energy as a hedge against rising fuel costs."