Articles filed under Taxes & Subsidies
One of Scotland’s leading wind power companies has come under attack for allegedly avoiding millions of pounds of tax by being owned in the Cayman Islands. Ventient Energy, which operates 13 wind farms in Scotland and is headquartered in Edinburgh, is a subsidiary of a company registered in Luxembourg. That company is in turn owned by a firm in the Caymans, a new report has revealed. ...Ventient is also closely tied to the biggest US bank, JP Morgan Chase. It is seen by some as the bank’s “European renewable energy platform”.
After impassioned public comment on the topic, the Legislature’s Joint Committee on Corporations, Elections and Political Subdivisions sent a bill to next year’s legislative session that would eliminate a three-year electricity tax moratorium available to new wind energy projects.
Wyoming lawmakers narrowly advanced a bill Wednesday that would remove an electricity tax exemption that applies to new wind energy projects in their first three years, with some on the committee viewing the exemption repeal as a way to potentially help the state's revenue streams.
The action throws the project into limbo as the local tax reductions were considered critical for construction to move forward. However, the vote also represents a significant victory for many residents in the towns of Sanford and Windsor who had long fought the installation on aesthetic and environmental grounds. Despite the setback, Bluestone sponsors vowed to press on.
Tuesday night at the Niagara County Courthouse, opponents of the proposed Bear Ridge Solar project in Cambria/Pendleton showed their support of a county law denying property tax exemptions to local solar and wind energy generation projects. For Niagara County Legislator David Godfrey, Tuesday night's legislative battle over opting out of a state-authorized property tax exemption for solar and wind energy systems had nothing to do with going green.
Government and industry today began talks about what to do with 16GW of onshore wind capacity due to exit Germany's old support scheme by 2025
Boris Johnson has declared that wind power is the future of Britain's energy but an investigation has revealed turbine owners are being paid over the odds. Civil servants set subsidy rate so high it's been branded ‘licence to print money’.
On Thursday, however, Crenshaw was particularly critical of solar and wind power advocacy. He said Germany spent over $500 billion trying to convert to solar and wind, but it led to more emissions and more reliance on them bringing in natural gas from Russia. “So these things don’t work,” Crenshaw said. “These are silly solutions. They’re no solutions at all.”
“This production tax credit was established years ago to help the fledgling renewable energy industry. Now, when you drive through my state and many others with countless wind turbines, you can see that the wind industry is no longer a start-up, new energy source,” said Lankford. “The wind industry is thriving and does not need federal taxpayers’ money to thrive.” ...“The wind production tax credit is fundamentally unfair and has long outlived its expiration date.”
Despite the topic not being on the agenda, Wyoming lawmakers narrowly voted to propose a bill increasing the tax burden on wind energy producers in the state late Friday afternoon. After impassioned public comment on the topic, the Legislature’s Joint Committee on Corporations, Elections and Political Subdivisions decided to draft a bill to eliminate a three-year electricity tax moratorium available to new wind energy projects. In a 6-5 vote, lawmakers voted to draft the legislation for review in November.
Considering the many tax benefits which the wind industry is granted, it is somewhat surprising how few local jobs are created in either their construction or their operations. ...After taking advantage of these generous federal, state, and local tax abatements, these companies typically file valuation lawsuits against local county appraisal districts in an attempt to drastically lower their property taxes. This is almost always done immediately after their tax abatements expire.
Once wind facilities have been up and running in Wyoming for three years, the state levies the $1 per MWh wind generation tax. That comes in addition to sales and property taxes. Raising the tax to $4 per MWh would bring the state an additional $1.9 billion.
Berlin Olaf Lies expects the worst. Lower Saxony's energy and environment minister, together with the consulting firm Windguard, had the experts at his company determine the extent to which wind farms could go offline in the coming years because the subsidies for the systems according to the Renewable Energy Sources Act (EEG) will end. From the point of view of the SPD politician, the results are alarming: "We are heading for a catastrophe," Lies told the Handelsblatt.
“There is more to be told that the state energy policy makers would rather not be known. The article makes renewable energy look far better than it is. How, can hydropower, the only reliable and true renewable resource, be included in the percentage calculations of renewable generation? Wind is less than 2% at best, solar is about the same. So 17-18% of generated renewable power was hydro and only 1-2% from solar or wind. Also, solar and wind power cost five to six times more than hydro or nuclear or hydrocarbon power.
In 2011 the $1 billion project was to be the biggest solar plant of its kind, and it looked like the future of renewable power. Citigroup Inc. and other financiers invested $140 million with its developer, SolarReserve Inc. Steven Chu, the U.S. Department of Energy secretary at the time, offered the company government loan guarantees, and Harry Reid, then the Senate majority leader and senior senator from Nevada, cleared the way for the company to build on public land. ...SolarReserve may have done its part, but today the company doesn’t rank among the winners. Instead, it’s mired in litigation and accusations of mismanagement at Crescent Dunes, where taxpayers remain on the hook for $737 million in loan guarantees.
A decade ago, more than 50 percent of the electricity consumed in the United States came from coal-fired generating plants. But by 2016, coal’s No. 1 status had been replaced by natural gas.
Several Republican senators in competitive campaigns are calling on Majority Leader Mitch McConnell, R-Ky., to include in coronavirus relief legislation provisions to “bolster jobs and innovation” in the renewable energy, nuclear, efficiency, carbon-capture and other low-carbon sectors.
Sen. Kevin Cramer of North Dakota is leading a group of nine Republican senators warning fellow Republican Chuck Grassley, the chairman of the Finance Committee, not to allow for the extension of wind tax credits set to expire at the end of the year.
While China is moving away from subsidies for new projects, the delayed payments are weighing on developers and restricting their ability to borrow more money to fund new generation. The issue is of particular importance because of the huge amounts of money pouring into the sector in China -- $818 billion in the last decade, more than double any other country, according to BloombergNEF.
The U.S. House of Representatives voted this week on a 2,300-page bill that includes tax breaks for wind and solar power that have already cost taxpayers a lot of money. The $1.5 trillion Moving Forward Act extended special tax breaks another five years for wind power and six years for solar power. These tax breaks are unnecessary, expensive and harmful to the electricity grid. They’ve also become a bad investment.