DALLAS, Nov. 8, 2017 /PRNewswire/ -- Today, the Chairman and CEO of Tri Global Energy, a leading U.S. originator and developer of utility-scale wind energy, sent a letter to House Speaker Paul Ryan and House Ways and Means Chairman Kevin Brady, urging reconsideration of their change to the wind production tax credit as part of their tax overhaul bill.
"Policy uncertainty will jeopardize the market," said John Billingsley, Chairman and CEO of Tri Global Energy. "A five-year commitment to the PTC was made in 2015, and we shouldn't change horses midstream."
The text of the letter follows:
November 8, 2017
The Honorable Paul Ryan Speaker of the House of Representatives H-232 The Capitol Washington, D.C. 20515
The Honorable Kevin Brady Chairman, Committee on Ways and Means 1102 Longworth House Office Building Washington, D.C. 20515
Dear Speaker Ryan and Chairman Brady:
In 2015, Congress reached a bipartisan deal that phased out the energy Production Tax Credit over five years. At Tri Global Energy, we took Congressional leadership at their word -- that there finally would be a stable economic playing field and tax policy through 2020 and beyond.
With the PTC in place, we have created a world-class wind development company, enticing hundreds of millions of dollars in domestic and international investment. Our company's expansive wind projects have attracted business partners that include the world's largest energy and investment companies. Together we generate immeasurable economic opportunities, from long-term, high-paying jobs and added revenue for local townships to construction and infrastructure improvements for years and years to come.
If Congress goes back on its promise, investment and jobs go away, and business incentive for the U.S. wind industry will be greatly diminished. Losing the full value of the wind PTC will undoubtedly toss wind energy development into economic uncertainty and jeopardize local community revenue streams.
In West Texas where I grew up, a man is only as good as his word. I have the same expectations for Congress – to live up to promises you made.
I urge you to keep the wind energy Production Tax Credit in place.
John B. Billingsley, Jr. Chairman and CEO Tri Global Energy