It’s Time To End Corporate Welfare for Big Wind
AEA applauds legislators willing to take on on the powerful wind lobby and end the Production Tax Credit (PTC) once and for all.
WASHINGTON DC (September 24, 2020) – The American Energy Alliance, the country’s premier pro-consumer, pro-taxpayer, and free-market energy organization praised legislation introduced by Senators Lankford (OK), Cramer (ND), Hoeven (ND), Capito (WV) and U.S. House Representative Marchant (TX) that would help bring the era of intermittent energy subsidies to a close.
Subsidized wind power increases electricity costs, harms taxpayers, and destabilizes the electric grid. It is most beneficial to wealthy wind developers who are able to reduce their tax rate at the expense of the rest of the taxpayers and ratepayers.
The PTC has drained tens of billions of dollars while foisting unreliable energy onto the grid. It has now been extended a dozen times and the American Energy Alliance fully supports this legislative effort to finally end this unnecessary tax credit.
Thomas Pyle, President of the American Energy Alliance (AEA), issued the following statement:
“Ending this needless handout is years overdue, but welcomed. The wind industry, well past it’s infancy, should be able to stand on its own two legs by now.
“Even with this phase-out, the Production Tax Credit (PTC) will cost taxpayers around $40 billion over the course of this decade, making it the most expensive energy subsidy under current tax law. The credit distorts markets and strains the grid. It is the polar opposite of sustainability.
“This isn’t about wind states vs. gas and coal states—it’s about the people of the United States vs. corporate greed who have now become addicted to subsidies. The wind lobby has gone to the taxpayer well one too many times. We encourage all other Senators to join Senators Lankford, Cramer, Hoeven, and Capito in tying a bow on the PTC and restoring a more balanced market to electricity.
Congress enacted the Wind Production Tax Credit (PTC) in 1992 as a temporary measure for an “infant” industry. In 2013, Congress renewed the Wind Production Tax Credit (PTC) which will cost taxpayers more than any other subsidy Wind PTC in the past 10 years. After propping up the wind industry for almost three decades, the American Energy Alliance supports eliminating the PTC.
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