New York Project Will Receive Production Tax CreditsSubmitted by Rupak Thapaliya on Fri, 2009-04-17 10:56
The additional generation at Raquette River project in New York will now be eligible to receive tax credits under EPAct 2005.Yesterday FERC issued a letter certifying that the four developments in the project owned by Erie Boulevard had generated 24912 kWh more than the historic annual generation of 70,271 kWh.A license amendment issued in late 2006 had allowed the project to increase the capacity by 6 MW. The amendment had also changed the project from a peaking mode to run-of-river mode. The EPAct 2005 allows for hydropower facilities to receive tax credits if a project increases generation through efficiency improvements or capacity additions. The Emergency Economic Stabilization Act of 2008 (the "bailout package") extended that provision for until the end of 2011, which otherwise would have expired at the end of 2008.