Investment into geothermal development to Turkey to double until 2020
With an additional 880 MW of geothermal power capacity in development, Turkey's Geothermal Electricity Power Plant Investors Association (JESDER) expects investments into development to double to $7 billion by 2020.
In an article published by Turkish news agency Anadolu, partner to IGC Turkey ThinkGeoEnergy’s geothermal conference in Turkey reports today that investment into the geothermal sector in Turkey is to double to $7 billion by 2020, from current level of $3.2 billion.
In an interview with Ufuk Senturk, the President of Turkey’s Geothermal Electricity Power Plant Investors Association (JESDER) told Anadolu Agency that continued “governmental support is a must for geothermal sector development.”
With an installed geothermal power generation capacity of 30 MW in 2008, the Turkish sector has grown to a current installed capacity of 870 MW, representing around 19% of the total potential of the country estimated at 4,500 MW.
Today, Turkey is the seventh largest country when it comes to installed geothermal power generation capacity and has over the past five years increased its capacity by 50% each year.
According to Senturk, the contribution from geothermal power, as a national, local and environmentally-friendly energy source, needs to increase for the economy and such development should be backed by governmental support.
JESDER sees a need to particularly support projects tapping into resources with temperatures of below 140 degrees Celsius, only then will they be able to contribute to the local and national economy.
Currently, drilling costs lie at around $3 million/ well, or around $300 per meter with higher costs the deeper one drills. Drilling to a depth of 3,000 meters would require around $1,000 per meter, so Senturk. Together with other expenditure, the cost of drilling a 4,000-meter deep well could reach $6 million, he said.
“The amount of investment in geothermal energy today is $3.2 billion. When the 1,750 MW of geothermal power plant projects licensed and scheduled for 2020 are finalized, this investment amount will reach $7 billion,” Ozturk noted.
JESDER asks for a continuation of the current feed-in-tariff of $0.105/ kWh for another five years after the current deadline of 2020.
The country has pledged to develop 30 percent of its total installed capacity from renewable sources by 2023. The objective is to add 34 GW of hydropower, 20 GW of wind energy, 5 GW of solar energy, 1 GW of biomass and 1 GW of geothermal power, so Anadolu.
Source: Anadolu Agency