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Factors Affecting U.S. Supply and Demand for Wind Energy Services Project Development, Construction, and Installation Services In the United States, state-level policies and regulations, particularly renewable portfolio standard (RPS) programs, are primary drivers of new wind installations and hence of the wind development and construction market as well.38 RPS programs typically require electricity providers to derive an increasing share39 of energy from renewable energy sources, which creates a market for wind-generated energy and a demand for PPAs. Although RPS programs are not the sole driver of U.S. wind energy development,40 many project developers cite them as the primary driver of new wind project development.41 The programs also influence the geographic distribution of new installations. In 2011, 78 percent of new wind power capacity was installed in states with RPS programs.42 Other state-specific factors that drive wind development include a favorable permitting environment,43 the ease or availability of grid connection, and the political environment, which determines the level of community or government support for wind projects.44 Federal incentives such as the PTC further enhance the demand for wind energy created by RPS programs.45 The PTC in particular is a significant driver of short-term demand for wind development and construction services. Initially established by the Energy Policy Act of 1992,46 as of 2013 it provides a 2.3 cent tax credit per kilowatt hour (kWh) of energy generated.47 By effectively reducing the price of wind-generated electricity and making it more competitive with conventional energy sources, the PTC encourages developers to initiate new projects, particularly in areas with high energy prices or strong wind resources.48 However, because the PTC is not permanent, there tends to be a cycle 38 Industry representative, interview by USITC staff, October 25, 2012; industry representative, interview by USITC staff, October 23, 2012. 39 On average, this share is around a fifth of a provider’s energy portfolio, although there is considerable variation among states. For example, Florida’s RPS program requires a 7.5 percent share from renewable sources, while Hawaii requires 40 percent. Boyland, “Gone with the Wind,” December 2012, 30. 40 Between 2012 and 2020, existing RPS programs are projected to drive new annual installations of energy from all renewable sources (not just wind) by 4–5GW a year. These totals are well below the capacity of new wind installations in recent years, suggesting that RPS programs do not themselves drive wind development. Data further illustrate that in many U.S. regions, RPS levels have either been met or are close to being met, suggesting some degree of oversupply of renewable energy unless standards are raised from their current levels. Wiser and Bolinger, 2011 Wind Technologies Market Report, August 2012, 58; industry representative, email to USITC staff, December 12, 2012. 41 Industry representative, telephone interview by USITC staff, March 25, 2013; industry representative, telephone interview by USITC staff, January 25, 2013; industry representative, telephone interview by USITC staff, January 30, 2013; Brown, “U.S. Renewable Electricity,” June 20, 2012, 7. 42 Database of State Incentives for Renewables and Efficiency website, “Renewable Portfolio Standard Policies,” March 2013; Wiser and Bolinger, 2011 Wind Technologies Market Report, August 2012, 58. 43 States vary in their permitting requirements; some, such as Kansas, require only county permits, while others, such as Oregon and Minnesota, have state siting councils. However, industry representatives note that it is very rare for permitting difficulties to permanently halt a project. Industry representative, interview by USITC staff, March 25, 2013; Anderson, Corbin, and McMahan, “The Law of Wind,” n.d. (accessed March 28, 2013). 44 Industry representative, telephone interview by USITC staff, March 25, 2013. 45 Brown, “U.S. Renewable Electricity,” June 20, 2012, 8. 46 42 U.S.C. § 13211–13219. 47 Wiser and Bolinger, 2011 Wind Technologies Market Report, August 2012, 57; Boyland, “Gone with the Wind,” December 2012, 31. 48 Industry sources note that in areas with low energy prices or marginal wind resources, the credits such as the PTC are not sufficient to make wind power generation competitive with traditional fossil fuels. Industry representative, email to USITC staff, March 8, 2013. 4-10PDF Image | Renewable Energy and Related Services: Recent Developments
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