He added that selling Clipper was not a difficult decision because the alternative energy business has stalled. “We’ve gone into this business with the thought that there was going be a renewable energy mandate in this country and there has not been one,” Hayes said.
That’s a reversal from comments to analysts last year that United Technologies’ $382 million purchase of Clipper Windpower in 2010 would help it capitalize on a global market it valued at $60 billion.
Alternative energy has stagnated with booming natural gas exploration. The nation’s supplies are bulging and natural gas is cheap. By comparison wind power is less economical than many thought it would be two years ago, he said.