Monday, February 04, 2008

Phenomenal Growth in Wind Power Generation

The year 2007 was a banner year for new wind projects, as reported by the Environment News Service. The total wind power generating capacity rose by 45 percent and bolstered the economy by more than USD 9 billion.

Randall Swisher of the American Wind Energy Association (AWEA) commented:

"This is the third consecutive year of record-setting growth, establishing wind power as one of the largest sources of new electricity supply for the country.

"This remarkable and accelerating growth is driven by strong demand, favorable economics, and a period of welcome relief from the on-again, off-again, boom-and-bust, cycle of the federal production tax credit for wind power."

In this strong growth climate, wind turbines are selling out as quickly as producers can build them. Growth in 2008, however, will depend strongly on extension on the federal production tax credit, according to AWEA.