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Contact:
Angel Brownawell
202-682-1700, ext. 14
WASHINGTON DC (Aug. 8, 2007) – The House of Representatives sent a strong signal of support to developers of hydropower and waterpower technologies by passing H.R. 2776, the Renewable Energy and Energy Conservation Tax Act of 2007.
“NHA applauds the House for extending the renewable energy tax credits contained in H.R. 2776. By doing so, the House has taken the first step to ensure the additional development of clean energy from hydropower and the new ocean, tidal and instream hydrokinetic technologies,” said Linda Church Ciocci, NHA’s Executive Director.
Among its many provisions, H.R. 2776 provides for a 4-year extension of the Production Tax Credit, inclusion of ocean, tidal and instream hydrokinetic technologies under the PTC, and extension and additional funding for the Clean Renewable Energy Bonds CREBs program for public power.
The hydropower industry estimates that, in addition to its current contribution, approximately 23,000 MW of new energy could be brought online by 2025. More than 95,000 MW are left untapped in the country and have potential for development beyond 2025. However, to achieve this goal, policy support and tax incentives are needed.
In addition to the provisions contained in H.R. 2776, NHA believes the Congress could go even further by providing credit rate parity for hydropower and waterpower resources. Hydropower receives only one-half of the credit that other renewables receive. NHA also believes more development of hydropower resources at existing non-powered dams should qualify for the PTC.
“While long-term extension of the PTC is a top concern of the industry, NHA believes credit parity and the inclusion of additional hydropower resources under the credit is necessary to fully encourage the development of the tremendous energy potential that is available from new hydropower/waterpower resources and to help meet the country’s increasing demand for clean energy. Hydropower is one of our best arsenals in fighting climate change; afterall, it is our nation’s largest renewable resource.”
The National Hydropower Association is the only trade association in the United States dedicated exclusively to promoting the nation’s largest renewable resource and advancing the interests of hydropower energy in North America. NHA, with more than 140 members throughout the industry, works to secure hydropower’s place as a climate-friendly, domestic, reliable energy source that serves national environmental and energy policy objectives. NHA supports emerging waterpower technology Ocean, Tidal and New Technologies Council, consisting of 30 of its member companies that are exploring development of ocean, tidal or hydrokinetic projects. Council members include manufacturers, developers, public and investor-owned utilities, and engineering and consulting firms with projects proposed from California to New York.
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