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was estimated to be $322 million in 2010, and the combined market for fixed and variable O&M services was estimated at approximately $3.4 billion.19 Factors Affecting Supply and Demand for Hydropower Services Hydropower services related to new project development and those related to O&M have different demand and supply drivers. Renewable portfolio standards (RPSs) and federal and state tax incentives are important drivers of demand for new renewable energy projects, including hydropower, and thus drive the market for hydro-related services.20 However, many of the state incentives apply only to small hydropower projects, and under the federal incentives, only certain categories of hydropower projects are eligible.21 For these reasons, the incentives have been more effective at promoting development of wind and solar power, and actually are considered to have been a factor in reducing the overall share of hydropower in the U.S. electricity market.22 The primary federal government incentive is the Investment Tax Credit (ITC), which offers a tax credit of 30 percent of a project’s qualified investment costs.23 Project developers also have the option of choosing to take the production tax credit (PTC) in lieu of the ITC. The PTC is based on the amount of electricity generated, and provides a credit of $11/MWh, as opposed to the ITC, which is based on investment costs. Twenty- four U.S. hydropower projects, all upgrades to existing facilities, qualified under the PTC in 2012. The federal government also permits project owners to use accelerated depreciation accounting to reduce their tax bills.24 Both constructing hydropower projects and adding new capacity to an existing project often involve relatively high capital expenditures, so many hydropower developers may prefer the one-time, lump-sum benefits of the ITC over the production-based PTC. Relying on the ITC also removes the risks associated with production variability once the project is operational. Such variability is an important concern for hydropower, as electricity production can fluctuate significantly with changes in water levels.25 Many states have renewable energy incentive programs in place that only allow small hydropower projects to qualify, although the qualifying size varies by state. For most states, the qualifying capacity limit is set at either 10 MW or 30 MW. In New Hampshire, existing hydropower projects must be rated at or below 5 MW to qualify, while in Minnesota and Michigan, projects rated up to 100 MW may qualify. In New Mexico, any hydropower project brought into service after 2007 qualifies. In Ohio, projects do not face capacity limits, but must meet certain environmental standards. In addition to traditional hydropower, most coastal states include wave and tidal power in their 19 Fixed costs are set for the project, and include such items as maintenance, rent, and employee salaries. Examples of variable costs include electricity and other utilities necessary to run the project, and unscheduled maintenance costs not covered by a warranty or OEM contract. Industry representative, email communication with USITC staff, March 20, 2013. 20 Industry representatives, interviews with USITC staff, March 4, 2013. 21 Eligible projects include adding capacity at an existing hydropower facility; adding hydropower to an existing dam; conduit energy; and ocean, tidal, or wave projects. Industry representative, email message to USITC staff, June 12, 2013. 22 Deonta Smith, “Hydroelectric Power in the U.S.,” July 2012, 7–8. 23 Kleinschmidt, “ITC/PTC—What’s in It for Hydro and Wind Developers?” (accessed March 7, 2013). 24 “The Investment Tax Credit (ITC) allows project developers to take a tax credit equal to 30 percent of the cost of constructing their project, and is in effect through the end of 2013 for wind, biomass, geothermal, hydropower, marine and tidal energy.” BNEF, Sustainable Energy in America 2013 Factbook, January 2013, 21-2. 25 Kleinschmidt, “ITC/PTC—What’s in It for Hydro and Wind Developers?” (accessed March 7, 2013). 5-7PDF Image | Renewable Energy and Related Services: Recent Developments
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