You Don’t Need a Weatherman . . .
In “U.S. Offshore Wind: The Next Renewable Energy Boom,” law firm Shearman & Sterling discusses tax incentives and policy developments associated with US offshore wind power — an enterprise described as offering “the prospect of reviving the entire US maritime industry.”
The memo points out that developments in this industry are motivated in large part by “the need for utilities to meet the renewable energy portfolio standards which are now being set by many states.” Further, the American Recovery and Reinvestment Act of 2009 (“the Stimulus”) bolstered federal incentives for projects in renewable energy, including tax credits and cash grants. The Shearman & Sterling authors note that there are some 50 offshore wind power projects currently under development in US waters.
To find more law firm memos discussing energy, the environment, or public policy, select these or other practice areas as you search our Law Firm Memos page. To read more about offshore wind power, check out this posting in our our sister blog, The Green Mien.