Vestas CEO: Wind market will drop 80% without tax credit

Vestas CEO Ditlev Engel said the U.S. wind market could fall by 80 percent next year because of the expected expiration of a wind tax credit, Reuters reported Monday.

“In the United States, the market this year is very, very busy,” Engel said. “But because of the potential lapse of the regulatory framework in the U.S., this market will probably go down 80 percent next year.”

Vestas, which operates facilities in Windsor, Brighton and Pueblo, has pushed for the extension of the production tax credit. It has threatened to cut U.S. manufacturing jobs if Congress does not renew the credit, set to expire at the end of the year.

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Vestas will decide its future presence in the U.S. market during the third quarter in case the production tax credit is not extended, the company previously said in its first-quarter earnings statement.