Spain’s EDP Renovaveis SA (EDW.DE), the third-largest wind power developer in the U.S., expets to cut its investments by about half in 2011, according to a Dow Jones story.
The company’s U.S. subsidiary, Horizon Wind Energy, spent about $700 million developing U.S. wind farms in 2010, but will reduce that figure in 2011 to around $300 million, due largely to the uncertainty of federal energy policy.
EDP’s move reflects the industry as a whole, which is expecting significant near-term downturn as federal incentives expire and Washington flounders in its attempts to create long-term policy. NextEra energy, the largest U.S. wind power developer announced earlier this year that it, too, is scaling back ambitions for 2011.
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