N E W S
| December 15, 2006 |
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| WASHINGTON, DC - Montana’s Congressman, Denny Rehberg, is leading a bipartisan coalition of 21 House members in pushing President Bush to extend the energy Production Tax Credit (PTC) for another five years, which would bolster alternative and renewable energy projects in Montana. The current PTC is scheduled to expire on Dec. 31, 2008. Rehberg and his colleagues are requesting the President include a provision in his 2008 budget to extend the PTC through 2013. “America needs to tap into our vast renewable energy potential and the PTC is one way to do that,” said Rehberg, a member of the House Energy & Water Appropriations Subcommittee. “Renewable energy is just one of the many avenues that we need to explore in America to ensure energy independence and decrease our dependence on foreign oil.” An extension of the PTC will allow utilities, developers and investors the time necessary to maximize potential for renewable energy sources. The five-year extension will also provide businesses with the ability to plan and finance alternative energy projects. The current PTC applies to producers of wind power, bio-mass, geothermal and solar power, landfill gas, trash combustion, refined coal and Indian coal production facilities. Congress approved an extension of the PTC before adjourning last week. It provides a 1.9 cent-per-kilowatt-hour (kWh) tax credit for electricity generated over the first ten years of a project's operation. “Renewable energy needs to be part of a comprehensive energy solution for the U.S. and Montana can play a leading role in achieving that goal,” Rehberg said. “These investments spur economic growth and create good, high-paying jobs. Extending the PTC is just one step on the road to showing America is committed to buying American energy.”
Rehberg Letter to President Bush: December 13, 2006 President George Bush The White House 1600 Pennsylvania Avenue, N.W. Washington, D.C. 20500 Dear Mr. President: As you move to complete your Administration’s Fiscal Year 2008 budget request, we strongly urge that you include a proposal to extend the renewable energy Production Tax Credit (PTC) for five years. The PTC is a vital component in financing new renewable energy projects. As you know, it is crucial to our national security that we expand and strengthen investment in renewable energy resources. The continued development of renewable energy also will spur significant economic development opportunities, stabilize prices by diversifying the electric generation supply, and help reduce greenhouse gas emissions. The current PTC is due to expire on December 31, 2008. In the past, the short-term, start-and-stop nature of the credit has not sufficiently provided utilities, developers, manufacturers and investors with the necessary certainty to maximize the vast potential for renewable technologies. A long-term credit of five years will give businesses the stability necessary to plan and finance renewable energy projects. Tapping into our enormous renewable energy potential through a five-year PTC extension is an important step toward ensuring our energy independence. Moreover, it will provide a signal to businesses that we are serious about investing in our energy future by developing new renewable energy technologies to meet our increasing electricity demands. Sincerely,
Denny Rehberg |
