Vestas CEO: U.S. wind market to take 80% dive

By Erik Siemers

Business Journal staff writer

Vestas CEO said over the weekend that he sees the U.S. wind market shrinking by 80 percent next year.

The head of Denmark-based Vestas, the world's largest wind turbine manufacturer, said the U.S. market for wind turbines is expected to fall by 80 percent in 2013 after the federal Production Tax Credit expires.

Reuters reports that CEO Ditlev Engel said the tax credit, which is critical for financing wind projects in the U.S., is unlikely to get extended during an election year, and has led to a rush of activity in the U.S. this year ahead of its expiration.

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