The PTC currently outlines a 2.3 cent per kilowatt hour tax credit for renewables. The industry is lobbying for the credit to be extended and would like an eventual phasing out instead of an outright end to the credits, Bloomberg reports.
Denise Bode, the former head of the American Wind Energy Association, also points out that General Electric (NYSE: GE), a leading wind turbine manufacturer, is also encouraging Congress to extend the tax credit through 2015 and then phase it out. GE makes up 1.8% of FAN.
Looking globally, wind power can potentially fulfull 12% of the global electricity demand by 2020.
First Trust Global Wind Energy Fund
For more information on the wind turbine industry, visit our wind category.
Max Chen contributed to this article.