NOV CEO Weighs In On End Of Wind Power Tax Credit
by: Andrew Schneider, November 16, 2012 4:11:00 am
Mention National Oilwell Varco and renewable fuels probably aren’t the first thing that comes to mind. In fact, the company manufactures a range of products for the clean energy sector, from solar-powered water pumps to pedestals for windmills.
But CEO Pete Miller is under no illusions that his clean energy products will join his company’s more successful product lines anytime soon.
“The government subsidy on windmills ends the 31st of December. My order book on windmill pedestals ends on the 31st of December.”
Texas is one of the top manufacturers of wind energy technology in the US. The state could lose thousands of jobs when the wind production tax credit lapses at the end of December. Miller says, as it stands, the wind power industry isn’t viable without government support.