Does The PTC Make Sense (Professional Version)?
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DESCRIPTIONAn analysis of the US Federal Production Tax Credit's merits. This is the more detailed professional version intended for people with energy experience. There is also an abbreviated Executive version on Slideshare for those just looking for highlights.
<ul><li>1.Does The PTCMake Sense? (Professional Version) Alliance For Wise Energy Decisions 8/21/12</li></ul><p>2. Make SURE to View This Presentationin the FULL SCREEN Mode!Click the FULL icon in the lower right hand corner. 3. Do NOT click on the Triangle below to run this presentation!Instead,use your keyboard arrow keys to navigate. This will allow youto proceed at your own pace. 4. Does The Production Tax Credit (PTC) Make Sense?This Professional Version is intended for Congressional Staffers and energy experts. We also have an abbreviated Executive Version.The wind energy Production Tax Credit (PTC) has now been in existence for some twenty (20) years.The Energy Policy Act of 1992 originally enacted the Production Tax Credit and the first lapse came in June 1999. The PTC was extended inDecember 1999 until December 31, 2001. Once again the PTC expired in December 2001 and was not enacted again until March 2002 whereit was then extended for another two years. At the end of 2003 the PTC expired for a third time until a one year extension was granted inOctober 2004. The PTC was extended through 2005 and also expanded the different types of renewable energies that would be includedunder the bill. The Energy Policy Act of 2005 (H.R. 6) modified the credit and extended it through the end of 2007. In December 2006, thePTC was extended for another year by the Tax Relief and Health Care Act of 2006 (H.R. 6111). The PTC was extended yet again by theAmerican Recovery and Reinvestment Act of 2009 (H.R. 1). The Wind PTC was extended an additional two years, expiring the end of 2012.Every time the plea is that just a few more years will be necessary to get wind energy on its feetOur underlying message is that our energy decisions should be made on the basis of sound SCIENCE not on what lobbyists say.Hopefully you have already been to the WindPowerFacts.Info website, which has a collection of good reports on wind energy.The future of this issue lies in whether or not citizens are properly educated about basic energy matters. After getting more up-to-speed,they need to do some Critical Thinking about this matter.After citizens get more informed and do some Critical Thinking they will be in a much better position to express their more informedwishes to their federal representatives.Anyone trying to educate their local citizenry and representatives, is welcome to use the material found here. If you have any questionsafter you go through this, we will be glad to respond to any emails you send to the PTCFacts.Info website.References and credits are on the three slides at the end. The disclaimer, etc. are on the last slide. If you like what you see, please pass iton to other open-minded people, plus your federal representatives. ENJOY!Alliance for Wise Energy Decisions 5. Outline of this Presentation 1 - Rationale for the PTC by its Advocates2 - Are Job Claims Accurate?3 - The Cost Per Job?4 - The NET Jobs picture.5 - Even More About Jobs.6 - The NET Economics picture?7 - What do Utility Companies Say?8 - Some Other Supporter Claims. CONCLUSIONS 6. DOES EXTENDING THE PTC MAKE SENSE?Part 1:Benefits Claimed by Lobbyists 7. The Claimed Benefits for wind energy subsidieshave radically evolvedover the last twenty years. 8. 20 Specious Claims: How the supposed Benets ofWind Energy have continued to evolve, as they are proven to be false. 9. For a Scientific Assessmentof Wind Energy Realities, see: EnergyPresentation.Info 10. The Wind Lobbyists Current Major Excuse for the PTC to be extendedare purported JOBs. 11. How do lobbyiststake advantageof good legislators?1 - By telling them what theywant to hear, and2 - by counting on the factthat few will take the timeto really check things out! 12. They alsoknow thatthere isno penaltyfor makingunscientificclaims. 13. First were told that the planetis facing imminent catastrophe then a lobbyist comes to ourlegislators with a solution!The spiel is that they can dosomething consequential to helpprevent this global disaster and the legislator will gain somepolitical points in the process. What a Deal! 14. Its Lobbyists vs Scienceand Science is Losing The main concern here is that our energy &environmental policies are not based on science.Instead these policies are being dictated bylobbyists (salespeople) who are representing those with financial interests, or political agendas. 15. Some Carl Sagan Science Quotes To Ponder 1 - Skeptical scrutiny is the means by which deep thoughts can be separatedfrom deep nonsense.2 - We live in a society exquisitely dependent on science and technology,in which hardly anyone knows anything about science and technology.3 - I am often amazed at how much more capability and enthusiasm for sciencethere is among elementary school youngsters than among college students.4 - We have arranged things so that almost no one understands science andtechnology. This is a prescription for disaster. We might get away with it forawhile, but sooner or later this combustible mixture of ignorance andpower is going to blow up in our faces. 16. In short, our position is that 1)we do have environmental and energy issues, and 2) these matters should be solved scientifically. 17. The Soundbite:Wind Energy = High Cost, Low BenefitsSee EnergyPresentation.Info for some specifics. 18. Part 1:Benefits Claimed by Lobbyists? THE TAKEAWAY Since there are no scientifically proven net Technical, or net Economic,or net Environmental benefits for wind energy the lobbyists are hanging their hat on JOB claims. 19. DOES EXTENDING THE PTC MAKE SENSE? Part 2:Are Job Claims Accurate? 20. Independent StudiesHave Concluded:Wind Job Claims are Exaggerated 21. Fact:Almost all US Wind Job Claimscome from One Source: AWEA (Wind Industry Lobbyists). 22. Fact:Industry Lobbyists have one(and only one) Objective:To Hype their Industry. 23. Fact:Technical Data (e.g. job counts)from such a Biased Sourceis NOT Very Dependable. 24. The Lobbyist Marketing PitchThe PTC is needed to ...save 37,000 jobs... 25. A Sample Federal Jobs ReportThe stats were generated by AWEA 26. A Sample Independent StudyGreen jobs studies make estimates using pooreconomic models, based on dubious assumptions 27. A Sample Independent Study 28. A Sample Independent StudyGreen jobs include: college professors teaching any environmental class,clerks at bicycle repair shops, antique dealer employees, Salvation Army workers, stores selling rare books and manuscripts, consignment shop workers, used record shop employees, garbage disposal workers, and even oil lobbyists. 29. A Sample Independent Study 30. A Sample Independent Study 31. Do Real World Facts Correlate with AWEA Claims? 32. Part 2:Are Job Claims Accurate? THE TAKEAWAY Job claims from wind industry lobbyists have very little credibility.Independent assessments have concluded that they are wildly exaggerated. 33. DOES EXTENDING THE PTC MAKE SENSE?Part 3: Cost Per Job? 34. Every Independent StudyHas Concludedthe Same Thing:The Cost Per Job is OUTRAGEOUS! 35. A Sample Independent Analysis $135,000 to $270,000 per wind job 36. The Congressional Figures$12.2 Billion / 37,000 jobs = $330,000 per wind job 37. A Sample Independent Study $578,000per green job 38. A Sample Independent Study$1,600,000per wind job 39. A Sample Independent Study$9,800,000per wind job 40. A Sample Independent Study $34,000,000per wind job 41. Part 3:Cost Per Wind Job? THE TAKEAWAY No matter how it is calculated,the cost per wind job is extraordinarily excessive. 42. DOES EXTENDING THE PTC MAKE SENSE? Part 4:What are the Net Jobs? 43. Almost AllIndependent StudiesHave Concludedthe Same Thing:Wind Energy is a NET Jobs Loser 44. Indisputable Jobs Fact No Jobs claim has any merit unless it accurately considers the NET impact. In their claims, there is zero evidence that AWEAhas burdened themselves with this obligation, e.g.: 45. Offshore Independent Study #1 46. Offshore Jobs Conclusions of Independent Experts #1: $1,080,000,000Conclusion: 5000 jobs LOST in one year alone (due to a single offshore wind project). 47. Offshore Independent Study #2 48. Offshore Jobs Conclusions of Independent Experts #2: Conclusion: Net is 30,000 jobs yearsLOST (again due to a single offshorewind project). 49. Offshore Independent Study #3 50. Offshore Jobs Conclusions of Independent Experts #3:Conclusion: Net 4000 jobs lost in one year alone (due to a single offshore wind project). 51. OK, Offshore Wind Clearly Resultsin Net Job Losses. What about Onshore Wind? 52. SAME THING!Lets Look at a Somewhat TypicalOnshore Wind Development:the 80 MW Pantego Wind Project,Proposed for Beaufort County, North Carolina... 53. Many wind projects are located on leased farmland.One likely consequence is that some of the farmerswho have leases, will scale back their operation, or stop farming entirely. This photo is one of many exampleswhere this appears to be exactly what happened.We will assume a low 10% of local leasing farmers will cut back on their operations. 54. Here are the latest Beaufort County Tourism Jobs data... 55. There are all sorts of claims made about tourism impacts of wind development including the fantasy that people will specifically come to see industrial machines.Would that be a claim if there was a new nuclear power plant built here? I think not.Anyway, the Scottish government funded the most comprehensive study ever done on the effects of wind development on tourism... 56. BTW the Scottish Government is a promoter of wind energy, so they had a vested interest here. In any case the researchers concluded that(even after taking into account new visitors to wind projects) that (not surprisingly)there would be a net decrease (fall) in tourism.Well use the mid-number of 4% as the average. 57. Beaufort County Annual Job ImpactDue To the Proposed Pantego Wind ProjectImportant: Unlike in the Offshore Wind examples, this community did nothave the money to fund a more comprehensive economics assessment.As a result we do not have the figures for additional jobs lost due to higherrates of wind electricity, or to the cost of businesses funding the PTC. 58. When the big picture is objectively examined, a rather typical Onshore Wind Project will be an annual NET JOBS LOSER! 59. Independent Green Jobs Study #1 60. Independent Green Jobs Study #2 61. Jobs Conclusions of Independent Expert #2: 62. Independent Green Jobs Study #3 63. Jobs Conclusions of Independent Experts #3: 64. Independent Green Jobs Study #4 65. Jobs Conclusions of Independent Expert #4: 66. Independent Green Jobs Study #5 67. Jobs Conclusions of Independent Expert #5: 68. Part 4:Net Jobs THE TAKEAWAY In the typical case,wind development & subsidy is a NET JOBS LOSER.Remember: NET is a critical job indicator. 69. DOES EXTENDING THE PTC MAKE SENSE? Part 5:Even More About Jobs 70. The fact isThat there is a lot more to the job claims,than is immediately obvious. 71. Another Perspective on Claimed Wind Jobs 72. Another Perspective on Claimed Wind JobsThere is nothing no program, no hobby, no vice, no crime that does not create jobs. For example, tsunamis, computer viruses and robbing convenience store clerksall create jobs. So since that claim applies to allit is an argument in favor of none! Instead of providing evidence of the merits of anenterprise, a jobs claim is a de facto admission that one has a specious case. energy attorney Chris Horner 73. Another Perspective on Claimed Wind JobsThe US has lost most of its jobs to other countries primarily due to economics: low cost labor.US businesses have one major economic benefit left to counter more job loss:low cost electricity.Why would we voluntarily give this upby reverting to more expensive electricity sources??? 74. Another Perspective on Claimed Wind Jobs David Brooksof the NY Times gets this right:green wind jobs arent the answer. 75. Another Perspective on Claimed Wind Jobs A top government official makesa very blunt statement.Tax creditsdont create wind jobs. 76. Another Perspective on Claimed Wind JobsIf Congress is determined to spend the $12.2 Billion that just a one year PTC extension would cost, an important question is:What would be the job (and other) benefits of spendingthat same amount on another energy source? According to the Congressional Budget Office if the same $12.2 Billion were given to the gas industry,over 9 times as many jobs would be created. 77. Another Perspective on Claimed Wind Jobs The United States can be a Leader in:1) Eighteenth century ideas like horse transportation and wind energy (buggy-whip manufacturing, blacksmith, and windmill jobs)OR2) State-of-the art, Scientifically Sound energy solutions (like geothermal energy or Small Modular Reactors) 78. Another Perspective on Claimed Wind JobsShould we have a tax credit to employ several thousand blacksmiths? 79. Another Perspective on Claimed Wind JobsShould we have a tax credit to employ thousands making buggy whips? 80. Another Perspective on Claimed Wind JobsLess Expensive Energy is a Proven Wayto create net jobs.Subsidizing expensive energy is a counterproductive strategy 81. Another Perspective on Claimed Wind JobsInexpensive Energy is Proven to create net jobs.Subsidizing expensive energy is a counterproductive strategy 82. Another Perspective on Claimed Wind Jobs 83. Another Perspective on Claimed Wind JobsWhen Wind Lobbyists were arguing in 2011to extend the 1603 credit, they were counting most of the same jobsthat theyre now attributing to the PTC.How can each subsidy be responsible for the same jobs??? 84. Part 5:Even More About Jobs THE TAKEAWAY The jobs argument is a public relations ploy to distract us from the realitythat wind energy is a very poor energy option. 85. DOES EXTENDING THE PTC MAKE SENSE? Part 6:Net Economic Impact? 86. Almost All Independent Studies Have Concluded the Same Thing:Wind Energy is a NET Economics Loser 87. Offshore Independent Study #1 88. Offshore Economic Conclusions of Independent Experts #1:$1,080,000,000Conclusion: over $1 Billion lost in one year alone! 89. Offshore Economic Conclusions of Independent Experts #1: Conclusion: More $ Hundreds of Millions lost! 90. Offshore Economic Conclusions of Independent Experts #1:In one county, property ownerswill LOSE$640,000,000in real estate value! 91. Offshore Independent Study #2 92. Offshore Economic Conclusions of Independent Experts #2: Conclusion: Net is $900 Million lost! 93. Offshore Independent Study #3Conclusion: There are no NET economic benefits! 94. Offshore Independent Study #4According to Beacon Hill Institute, Cape Winds industrial wind plant would result in: 95. OK, Offshore Wind Also Results in Net Economic Losses. What about Onshore Wind? 96. SAME THING!Lets Look at a Somewhat TypicalOnshore Wind Development:the 80 MW Pantego Wind Project,Proposed for Beaufort County, North Carolina... 97. Here are the latest Beaufort County Tourism Income data... 98. Here is a government study by four independent PhDs, all acknowledged bat experts.After years of s...</p>
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