Clean energy's New Year bonanza

The clean energy sector has enjoyed a great start to the year, with a key US wind tax credit being extended, acquisitions led by the likes of GE and Warren Buffett and shares on the rise. The market value of carbon, meanwhile, is expected to rebound in 2013.

The New Year began with a bang for the clean energy industry with US legislators extending the Production Tax Credit, or PTC, for wind on the very first day of 2013. The fine print of the one-year extension revealed another upside: projects need not be completed by December 31 2013 but can be "under construction" to be eligible for the $US22/MWh credit. This effectively extends the benefit to two years or even two-and-a-half years and could lead to the addition of 3GW of new wind capacity in 2013 and as much as 8GW in 2014, according to Bloomberg New Energy Finance projections.

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