Wind power update: 2008 is getting windy
2008 is on pace to be the windiest year ever for the US. That is, in terms of energy production. It's not a huge surprise to learn that wind turbines are selling like hotcakes compared to other years on record, especially with oil going for over $120 a barrel. In the first 3 months of this year, 1,400 MW of wind generating capacity had already already been installed -- that's enough to power 400,000 homes.
In total, 5,600MW worth of wind turbines will be cranking by the end of 2008, edging out the current record of 5,300MW set in 2007. One of the forces driving the wind boom -- aside from a public outcry for renewable energy like we've never seen -- is that developers are in a race to finish their projects by the 4th quarter this year -- just in case congress doesn't extend production tax credits that are now in place. It's hard to imagine lawmakers pulling the tax credits though, when there's $11.5B of wind energy investment capital at stake.
In total, 5,600MW worth of wind turbines will be cranking by the end of 2008, edging out the current record of 5,300MW set in 2007. One of the forces driving the wind boom -- aside from a public outcry for renewable energy like we've never seen -- is that developers are in a race to finish their projects by the 4th quarter this year -- just in case congress doesn't extend production tax credits that are now in place. It's hard to imagine lawmakers pulling the tax credits though, when there's $11.5B of wind energy investment capital at stake.
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