The wind industry is predicting massive layoffs and stalled or abandoned projects after a deal to renew a tax credit for wind production failed Thursday in Washington.
The move is expected to have major ramifications in states such as Illinois, where 13,892 megawatts of wind projects-enough to power 3.3 million homes per year-wait to be connected to the electric grid.
Industry consultants say new capacity is likely to return to lows this country hasn’t experienced since 2004. Contributing to the bleak outlook for 2013: Competition from cheap natural gas and anemic demand for power as the economic recovery struggles to pick up steam.
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