U.S. wind-storage set to surge after tax credits unlock income [Reuters]
Portland General Electric Co (POR)
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Source: Reuters
November 16 - The Biden administration's Inflation Reduction Act (IRA) is set to create new opportunities for wind developers to capitalise on battery storage capacity. The IRA extends tax credits for wind and solar for the next ten years and allows developers to gain investment tax credits (ITCs) for standalone energy storage and wind plus storage projects for the first time. Previously, ITCs were only available for storage coupled with solar. Wood Mackenzie forecasts U.S. energy storage capacity will surge to 59.2 GW by 2026, up from 4.6 GW at the end of 2021, following the IRA measures. Solar developers have been turning to batteries to increase revenues in high penetration markets and the IRA tax incentives mean that wind developers could soon follow suit. Storage enables operators to capitalise on higher peak prices and the new tax credits will reduce capex and make batteries economically viable in more areas Early activity may come from wind operators retrofitting stora
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POR
Earnings
- 2/16/24 - Miss
POR
Sec Filings
- 3/15/24 - Form 4
- 3/6/24 - Form ARS
- 3/6/24 - Form DEFA14A
- POR's page on the SEC website