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of uncertainty that creates fluctuations in the market and reportedly impedes long-term planning.49 Other federal level tax incentives that drove growth through 2012 include accelerated depreciation50 and the option for either a 30 percent investment tax credit (both of which were extended through 2012) or a 30 percent cash grant in lieu of the PTC.51 Some industry representatives note that such incentives as nonrefundable tax credits are difficult for small companies and foreign investors to use if they do not have a U.S. tax obligation equal to or greater than the tax credit.52 Finally, demand for project development and construction services is largely influenced by overall trends in the U.S. energy market. The effects of a sluggish economy, lower demand for electricity, and strong competition from other fuel sources, particularly natural gas, over the past five years have presented challenges to the U.S. wind industry.53 Although new installations have resumed, electricity consumption has slowed since the recession, reducing demand for wind energy and thus for related installation services.54 O&M Services The weak wind turbine market has been an important factor driving the supply of O&M services in the U.S. market. Turbine prices have dropped significantly since 2008, as competition among manufacturers has intensified and turbine demand has slowed in the wake of the financial crisis.55 As a result, OEMs reportedly have been particularly aggressive in the O&M market, increasing the length of their warranties and service contracts.56 There is growing demand among owners and operators for longer-term contracts, which OEMs are able to provide as they have become more confident in their equipment, as well as their ability to anticipate potential future failures and price the costs 49 Periods during which the PTC lapsed resulted in lulls in new installations; conversely, years leading up to the scheduled expiration of the PTC, such as 2012, typically see strong growth in wind development and construction activities. The PTC lapsed in 2000, 2002, and 2004. Wiser and Bolinger, 2011 Wind Technologies Market Report, August 2012, 57; industry representative, email to USITC staff, March 3, 2013; industry representative, telephone interview by USITC staff, March 25, 2013. 50 As an incentive for investment, owners of wind energy projects are typically able to write off the value of their equipment on an accelerated time frame (5 years rather than 20). The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (P.L. 111-312, 124 Stat. 3296) offered an additional incentive, allowing owners a first-year bonus depreciation of 100 percent for projects commissioned by the end of 2011, and 50 percent for projects commissioned during 2012. Wiser and Bolinger, 2011 Wind Technologies Market Report, August 2012, 57; Windustry.org, “Chapter 10: Tax Incentives,” n.d. (accessed January 30, 2013). 51 Both the investment tax credit and the cash grant were provisions of The American Recovery and Reinvestment Act and were available for projects commissioned by the end of 2012. Wiser and Bolinger, 2011 Wind Technologies Market Report, August 2012, 57. 52 Industry representative, email to USITC staff, March 8, 2013. 53 GWEC, Global Wind Statistics 2011, July 2, 2012, 65. 54 Rising consumption of electricity increases demand for energy from renewable sources, such as wind energy, which then drives demand for wind services to develop, provide, and maintain such resources. Boyland, “Gone with the Wind,” December 2012, 5; industry representative, interview by USITC staff, Washington, DC, January 28, 2013. 55 Wiser and Bolinger, 2011 Wind Technologies Market Report, August 2012, 33; Wind Power Monthly, “Balancing Act for Hard Pressed Supply Chain,” August 25, 2011. 56 In addition to the warranty, turbine sales increasingly include an additional service agreement, wherein the OEM typically provides scheduled maintenance for a period of 2 to 5 years, although longer service contracts for up to 10 years are increasingly common. Scheduled maintenance refers to routine procedures performed on a regular basis. By comparison, unscheduled maintenance refers to unexpected repairs that are typically more complex, requiring troubleshooting and diagnostic strategies to get a turbine back online. Wind Power Monthly, “Balancing Act for Hard Pressed Supply Chain,” August 25, 2011; industry representative, telephone interview by USITC staff, January 22, 2013. 4-11PDF Image | Renewable Energy and Related Services: Recent Developments
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