Congress Deals Major Blow to Wind Power Industry

The wind power industry is predicting massive layoffs and stalled or abandoned projects after a deal to renew a tax credit 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. Many of those projects will be abandoned or significantly delayed without federal subsidies.

The state is home to more than 150 companies that support the wind industry. At least 67 of those companies make turbines or components for wind farms. Chicago is the U.S. headquarters to more than a dozen major wind companies who wanted to take advantage of powerful Midwestern winds.

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