Strong Currents Blowing Toward Wind Energy Industry
Team Project 1
Introduction
The United States has a near unquenchable thirst for energy to power the economy. The renewable energy industry has played a starring role in the news over the past decade as it attempts to meet this growing demand. Tucked within this growing industry lies the wind power segment, which has proven to be a strong performer economically in both the domestic market as well as the international market (ABS Energy Research). Prominent trends have emerged domestically, by way of government incentives, technological improvements, and environmental impacts, which have led wind power to be an extraordinary growth opportunity. These trends have created a strong demand for producers of wind turbines that power this industry. Strong demand in all sectors of the renewable energy industry will challenge suppliers to provide innovative technology to meet the growing demand. Wind Turbine technology has provided a cost-effective model under the current market conditions. New and more efficient technology will be needed to power future generations thirst for energy.
U.S Government Role
The wind power industry is a relative newcomer to the energy family (ABS Energy Research). It was born in the U.S. during the wake of the 1970’s world oil crisis. The first wind capacity was installed in the early 1980’s, encouraged by passage of the Public Utility Regulatory Policies Act in 1978 which created a market for wind generated power (ABS Energy Research). This was also the beginning of government tax incentives that encouraged investment into wind projects. The incentives were curbed when oil prices slid back and natural gas came onto the scene as a cost effective substitute for oil. Domestic production of wind energy fell when the tax credits ran out in the early 1990’s. International demand picked up right where domestic production left off. Countries such as Germany and The...
