AWEA - Third quarter the worst since 2007 for U.S. wind energy industry

Lack of direction and failure to pass a renewable energy mandate by Congress sees investors shy away from the wind power industry in the last quarter.

The American Wind Energy Association (AWEA) has informed Milton Financials that U.S. wind farm developers had added 395 megawatts (MW) of electricity capacity at wind farms during the just-ended last quarter, indicating the slowest quarter in 3 years with year-to-date wind turbines installations down 72% compared to the same period a year ago.

The U.S. Senate has, up to this point , been unable to get a national renewable energy mandate passed which would see power utilities required to generate a minimum amount of energy from renewable sources such as wind energy and solar power.

Milton Financials was informed that Senator Jeff Bingaman, the democrat who has taken the lead in trying to get the Renewable Electricity Standard passed believes that there is increasing support for such legislation.

Europe and China, which already have renewable energy policies, are, according to AWEA, expected to lead the $35 billion in investment for 2010, an amount almost four times more than what has been invested in the U.S.

"U.S. wind energy can again lead the world," Denise Bode, AWEA's chief executive told Milton Financials. "But if federal policymakers do not act quickly to provide investment certainty ... the U.S. wind energy industry will stall out."

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