FRIENDS FIDUCIARY SUPPORTS PRODUCTION TAX CREDIT FOR WIND ENERGY

Friends Fiduciary joined a cross section of financial managers and advisers managing collectively over $800 billion in assets in supporting an immediate, multi-year extension of the Production Tax Credit (PTC) for wind energy in a letter to the House and Senate. The wind power industry has been a bright spot for employment and has, despite the recession, created one of America’s fastest-growing manufacturing sectors. The PTC is also critical to driving the cost of wind towards parity with traditional energy generation resources. In the past, whenever the PTC was allowed to expire, the wind industry experienced a striking series of boom-bust cycles. Such short-term and inconsistent policy makes investing in this sector more difficult. A multi-year extension of the PTC would support the most substantive growth and job creation in the US market today, as well as provide the market certainty needed for investment in this sector. To see the letter in full, click here.