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Citing need for certainty, BP's Landis calls for PTC extension

Citing need for certainty, BP's Landis calls for PTC extension

BP Alternative Energy CEO Katrina Landis, pointing to the wind power industry's success in reducing costs and the need for business certainty going forward, yesterday urged that the federal wind energy Production Tax Credit (PTC) be extended beyond its scheduled expiration at the end of this year.

Landis made her remarks in an interview with Bloomberg News at the Bloomberg New Energy Finance Summit in New York City.  A separate interview with Bloomberg Television is also available.

Landis called the PTC “a really compelling example of a technology and an incentive program that's working,” with the price of electricity generated from wind coming down substantially over the past 20 years. “As an example,” she said, “[wind] turbines which are available to market today have shown a 20 percent improvement in technology costs as result of advances that are being made in the blades … It's a really compelling case of the government incentivizing the development of an industry … that is actually really working … “

She said her firm is focusing on two “very strategic businesses” in the realm of renewable energy, land-based wind power and ligno-cellulosic technology for advanced biofuels.  Of wind, she added, “We now have 13 operating wind farms, and in January of this year we produced enough clean electricity to power the entire city of Chicago.  We're really excited about … the ability to build low-carbon, low-cost, sustainable and competitive businesses for the future.”

Landis said that at the moment, turbine manufacturers are shifting their focus to countries like Brazil where there is more certainty of ongoing support for wind investment. She said the PTC amounts to $3.2 billion annually and is attracting $16 billion in private investment each year, and noted that when a new industry is being created, the companies investing (over $80 billion to date in U.S. wind) need some certainty of being able to earn a return on their investment.

A House bill seeking to extend the PTC has 79 cosponsors, including 18 Republicans, and has received the endorsement of a broad coalition of more than 370 members, including the National Association of Manufacturers, the American Farm Bureau Federation, the Edison Electric Institute, and the Western Governors’ Association, while a Senate bill to extend it was introduced March 15 by seven Senators, including three Republicans. A PTC extension also has the support of the U.S. Chamber of Commerce and the bipartisan Governors’ Wind Energy Coalition, which includes 23 Republican and Democratic Governors from across the U.S.

Further endorsements of the wind energy production tax credit.

Related articles:

In op-ed, Kansas Governor, Senator call for PTC extension, March 19, 2012
Bipartisan group of Senators introduces bill to extend PTC, March 16, 2012
Houston Chronicle editorial supports PTC extension, March 15, 2012
Southern Alliance head urges: Extend the PTC, March 14, 2012
WindTV: Missouri manufacturer grows with the wind, March 12, 2012
Oklahoma and America need wind technicians–and a PTC extension, March 8, 2012
WindTV: An American family, powered by a paycheck from wind, March 5, 2012
Salazar, citing 'race we cannot cede', backs extending PTC, March 1, 2012
Kerry, Brown win praise for bipartisan support of PTC extension, February 29, 2012
Wichita Eagle editorial blog endorses PTC extension, February 28, 2012
Daily Oklahoman: PTC extension “makes sense,” February 27, 2012
Bipartisan group of Illinois Representatives supports PTC extension, February 24, 2012
Kansas City Star backs PTC extension, praises Brownback, Moran, February 23, 2012
Bennet visits composites factory, urges PTC extension, February 23, 2012
Moran visits Siemens factory, pushes PTC extension, February 22, 2012
WindTV: PTC key to wind power manufacturing jobs, February 21, 2012
Topeka Capital-Journal: Extend the PTC, February 21, 2012
U.S. Rep. Steve King (R-IA): PTC is jobs engine conservatives should support, February 17, 2012
Bennet, Moran continue bipartisan push to extend PTC, February 16, 2012
Major U.S. consumer brands like Nike on extending the PTC: Just Do It!, February 15, 2012
Oklahoma Gov. Fallin urges conferees: Extend the PTC, February 15, 2012
Michigan worker's plea: Extend PTC, help wind power create U.S. jobs, February 13, 2012
Bipartisan letter from entire Iowa Congressional delegation urges: Extend the PTC
, February 10, 2012
Senate Energy Chairman Bingaman: Act now to save clean-energy jobs
, February 9, 2012
Bipartisan letter from Colorado Congressional delegation urges: Extend the PTC
, February 8, 2012
Republican governors push for PTC extension; Senators express support
, February 2, 2012
U.S. Chamber of Commerce joins broad range of groups endorsing PTC extension
, February 1, 2012
WindTV: Wind power drives commerce in small-town America
, January 24, 2012
Denver Post endorses PTC extension 'sooner rather than later'
, January 18, 2012
WSJ op-ed: 'Want Growth? Try Stable Tax Policy'
, January 5, 2012
Red State Energy, Red State Jobs
, November 29, 2011

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