While the wind industry may be gaining energy market share across the nation, and especially in Texas, it's not the most reliable source. President Obama's budget proposal aims to change that.
The president's newly released budget proposal contains incentives intended to make the U.S. the leader in clean energy technology. Perhaps the most important aspect, however, is a proposal for a permanent and refundable production tax credit.
Henry Schopfer is the CFO of Tri Global Energy, which is behind various wind projects in our area. He said the president's proposal brings more stability and will be a big advantage for Texas.
"This is a capital intense business," Schopfer said. "All power generation costs hundreds of millions of dollars to build plants, so, you have a long lead time. To develop a wind farm from inception to commercial operations is five to seven years. So, when you're trying to plan over that period of time, you need some degree of certainty about what is going to be available to you."
According to the White House, the budget carries a total of $6.2 billion for energy projects.