Posts Tagged ‘wind developer’

The significance of U.S. wind power in the present and future

wind_turbinesAccording to data released in March by the U.S. Department of Energy’s (DOE) Energy Information Administration (EIA), wind energy produced 4.4 percent of all of the U.S.’s electricity in 2014, and retained its position as the fifth largest source of electricity in the country. Renewable energy sources, including hydropower, now produce over 13 percent of the U.S.’s electricity, with wind power contributing a third of that amount. Wind power is also proving to be a cost-effective solution for states and utilities to limit pollution, as the American wind fleet has reduced carbon dioxide pollution by approximately 125 million metric tons, which is equivalent to 26 million cars worth of carbon emissions.
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Growth of solar energy eclipses wind power

solar_workerSolar energy may have just eclipsed wind power. While the latter has long dominated the alternative energy industry, last year marked the first time the U.S. produced more solar than wind energy. According to industry experts, more solar installations took place in the past 18 months than in the last 30 years, with over 6,000 solar companies now operating nationwide. The boom has also led to changes in the energy job market – solar jobs have increased over 50% in the past four years. Furthermore, production costs have fallen by more than half in the last three years. As a result, the insurers have become more adamant with using “functional equivalency” as opposed to “replacement cost”. Underwriters explain this as a valuation system that involves replacing solar panel installations with those that are functionally equivalent to the property that was damaged, which tends to be priced lower than what it had originally cost. Read more…

Dogs serve as accurate risk assessment tools for wind farms

October 21, 2013 Leave a comment

windDogAs wind energy continues to expand across the U.S., some wind farm operators face increasing scrutiny from environmental groups to comply with federal laws protecting the environment. While generating clean, affordable energy, wind turbines are also a potential hazard for many endangered species that live on or around the wind farms. Blade collisions and sudden drops in air pressure contribute to the death of more than 1.4 million types of bird and bat species. In recent years, several environmental and animal rights activists have filed several federal cases in the past few years against energy companies and wind farms, prompting the clean energy community to take a closer look at green energy and its impact on nature and wildlife.

In order to avoid negative attention and potential lawsuits against their projects, wind farm operators frequently assess the impact of their facilities on endangered species and take active measures Read more…

Wind energy tax credit extended as advocates hope for multi-year term

February 15, 2013 1 comment

Windturbines on the oceanWind power and clean energy advocates breathed a sigh of relief after Congress voted to extend the tax credits for research and development of renewable energy for 2013. Workers in the wind energy had feared the tax credits, which were set to expire at the end of 2012, would not survive amid the “fiscal cliff” bargaining in Washington last month. The deal includes a one-year extension of tax credits for wind power production and offshore wind projects, a significant sign of support for the nation to foster energy independence, develop a broader energy base and reduce carbon emissions.

The U.S. Department of Energy estimates that the wind industry could supply up to 20 percent of the country’s electricity by 2030. Companies that generate wind, solar power, geothermal and “closed-loop” bioenergy are eligible for the 2.2 cent per kWh Production Tax Credit (PTC), which Read more…

Wind energy and the future of the Production Tax Credit

October 18, 2012 Leave a comment

What is the Production Tax Credit?
The Production Tax Credit (PTC) provides a tax credit for each kilowatt-hour of wind power produced by utility-scale wind turbines and is applicable for the first 10 years of electricity production. It was created under the Energy Policy Act of 1992 and is set to expire on December 31, 2012. Critics of the PTC feel that the wind industry is stable enough to survive without subsidies, while PTC supporters identify the array of subsidies available to the more-than-stable fossil fuel industry. Supporters fear the credit’s expiration will create job losses and lead to higher project, electricity and insurance costs.

How does it affect the wind industry?
According to the American Wind Energy Association (AWEA), many in the wind industry are already blaming Congressional inaction on the PTC extension for job losses in virtually all areas of the industry. Read more…

Wind project tax credits also fuels renewable energy insurance options

October 18, 2010 Leave a comment

A recent report by the American Wind Energy Association outlined the impact of renewable energy tax credits from the Federal Government (the 1603 program). They reported that “the 1603 tax credit program restarted stalled projects and saved all 40,000 jobs at risk. This year, a study by Lawrence Berkley National Laboratory found that the 1603 tax credit supported shovel-ready projects and over 50,000 American jobs. The 1603 program actually led to a record-breaking year of 10,000 megawatts (MW) of new wind in 2009, compared to the 4,000 MW feared prior to the Recovery Act.”

This growth in the Renewable Energy sector, including wind, has increased the availability of insurance competition and product development. New products have been introduced by various insurers for wind farms, solar panel farms, green roof construction, geothermal plant and systems integrators. Expanded insurance products are now available from Chubb, ACE, Zurich and Chartis.

Local developer gets favorable wind from feds

While there will still be challenges to Cape Wind’s proposed Nantucket Sound project, Mr. Salazar’s approval of the project this week provides favorable momentum to a series of projects in waters offshore of a number of states along the East Coast and Great Lakes regions. These projects are critical to meeting our goals of utilizing the abundant potential generating capacity of offshore wind, estimated to be in excess of 80,000 megawatts. Our team certainly looks forward to working with developers and financiers to reduce the average cost of power across these projects with this positive signal from the federal government, along with support of the governors of the six East Coast states who called on Mr. Salazar to approve this milestone project.
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William Gallagher Associates is a leading provider of insurance brokerage, risk management and employee benefits services to firms with complex risks and dynamic needs, within industries that include technology, life sciences, financial risks, health care, renewable energy & clean technology, and environmental services. WGA has offices in Boston, MA; New York, NY; Hartford, CT; Princeton, NJ; Columbia, MD; and Atlanta, GA.