ERC Commends President Obama for Renewable Focus

This article republised from the Energy Recovery Council

The Energy Recovery Council, along with the Biomass Power Association and the National Hydropower Association, today praised the Obama Administration’s proposed budget for Fiscal Year 2014. The budget contains a provision to permanently extend the production tax credit (PTC) for renewable energy sources.  “This is just the kind of policy that our industry needs to grow and thrive,” said Ted Michaels, President of Energy Recovery Council. “Extending the PTC for renewables is a responsible step that helps our country establish stable, reliable, domestic, and diverse sources of energy.” 

A permanent PTC extension would be a major boon to the biomass, hydropower and waste-to-energy industries, as it would provide the stability and continuity that will help attract private investment for facilities that are proposed or under construction. It also signals greater long-term federal support for the development of renewables. Historically, the credit must be renewed every few years, which can cause financial uncertainty.