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Íslandsbanki releases 4th annual US Geothermal Energy Market Report

Íslandsbanki releases 4th annual US Geothermal Energy Market Report Íslandsbanki US Geothermal Energy Market Report 2010, snapshot
Alexander Richter 26 Oct 2010

Íslandsbanki releases its 4th annual US Geothermal Energy Market Report, this year with a special feature on the Canadian Geothermal Energy Market.

At the Geothermal Energy Expo 2010 and GRC Annual Meeting, Íslandsbanki just issued its fourth annual U.S. Geothermal Energy Market Report. This year’s report includes a special feature on the Canadian geothermal energy industry.

The report highlights the continuing growth of the U.S. geothermal energy sector, as well as the challenges ahead for the industry.

The key findings of the report include the increased number of projects, with today 152 geothermal power projects in the United States with a capacity potential of up to 7,050 MW. The report highlights the increase in demand for drilling rig and drilling finance. With a financial demand of US$13 billion for drilling in the next 4 years alone, the industry faces not only a challenge to attract the necessary capital, but will also see a strong competition for qualified staff and technologies.

The stimulus legislation definitely has helped spur interest in the sector. The investment tax credits and cash grants, as well as the loan guarantees and research and development allocations show a positive impact, but cut backs to the loan guarantee program funds and pending legislative efforts are reason for concern.

Íslandsbanki is – like in recent years – represented at this largest gathering of industry players from the U.S. and internationally hosting 160 exhibitors and attracting more than 3,000 visitors. Growing from year to year, this year‘s event is the biggest ever attracting an increasingly international crowd.

The report can be downloaded at: www.islandsbanki.is/energy

Disclaimer: I am an employee of Íslandsbanki and one of the authors of the report.