The US onshore wind turbine repowering market will rebound this year as lucrative long-term federal tax credits provide a strong economic incentive for owners to upgrade certain older assets.
Energy consulting firm Wood Mackenzie forecasts 1GW of activity in 2024 and 2.8GW next year, four times as much as 2023. Activity will then average 1.3GW annually through 2029.
“We can maximise existing land, permits, interconnection capacity, and operations to provide enhanced value to customers and shareholders,” John Ketchum, CEO of NextEra Energy, the country’s largest wind capacity owner, said on a recent earnings call.
