Report shows increasing growth of geothermal development internationally
A new report by GEA shows an increasing geothermal energy market, with new development representing up to $9 billion in investment into new geothermal power projects.
In a new report released by the U.S. Geothermal Energy Association (GEA) ahead of its GeoExpo+ in Sacramento starting in a week, it is shown that the geothermal energy sector has seen sustained strong growth throughout this year.
According to GEA, projects now under development when completed would increase capacity outside the U.S. by 25% according to GEA.
The 2016 International Market Update Report (pdf), builds upon the information released in March by GEA in its US and Global Annual Power Production Report. The new report finds “Between March and September 2016, a total of 44 new geothermal power projects began development throughout 23 countries, adding 1,562.5 MW of developing capacity.” This brings the international total of new geothermal power now actively under development to 2,277.5 MW in 23 countries from 72 new projects.
“Developing nations in Central America, the Caribbean, Southeast Asia, and the South Pacific are accelerating their geothermal development through more attractive fiscal incentives and geothermal-specific legislation,” according to the GEA report. “The combination of international financial institutions supporting risk-reduction efforts and national policies designed to encourage geothermal development and recognize its value, like geothermal feed-in tariffs, appear to be working to spur geothermal growth,” according to Karl Gawell, GEA’s Executive Director.
“Several new countries like Croatia, Iran, and Malaysia are penetrating into the geothermal market with pilot projects in the works over the next five years. These countries understand that adding geothermal power to their grid can reduce their dependence on finite energy resources, reduce future economic and geopolitical uncertainty, and benefit the overall health of their environment and the people who inhabit it,” noted Anthony Rocco author of the GEA Update.
According to GEA the projects under development represent an investment of roughly $9 billion in new geothermal power. The report includes in its estimate only projects outside the U.S. where a private company, government agency, or contractors associated with the site have announced a power capacity figure. As such, it presents a conservative estimate. Notably, 70 countries have identified geothermal power potential with 26 countries producing power from their geothermal resources now that would increase to 30 when the projects identified come on-line.
Copies of the GEA International Market Update are available at: http://geo-energy.org/reports.aspx
October 23-25 GEA, together with the Geothermal Resources Council (GRC) will be hosting the largest annual gathering of geothermal companies and experts in Sacramento, CA. GEA’s Trade Show Hall will feature roughly 100 diverse exhibitors spanning the range of geothermal interests – from developers and drillers to environmental services firms and government agencies. New technologies and emerging opportunities in the industry will be on display.
A new exciting feature of the GEA GEOEXPO+ is the industry-tailored Marketing Forum and the organized by the Geothermal Energy Association (GEA). Sessions, led by key players like the IADB, KfW Development Bank and Global Geothermal Alliance, cover everything from development operations in nations with high geothermal potential to Agency Briefing Sessions with the US DOE GTO, USAID, IADB, USTDA, Ex-Im Bank, World Bank-ESMAP, and OPIC. Mark your calendars for the Exhibitors Leading Innovation Session and the topical USEA-East Africa Geothermal Partnership Event.
Included in your GEA GEOEXPO+ pass this year is the first ever Geothermal Agency Match Making Event coordinated by the GEA. In this unique opportunity, company representatives meet one-on-one with representatives from IADB, USTDA, OPIC, Ex-Im Bank and ITA. Meetings will be arranged prior to the event. RSVP to email@example.com by Wednesday, October 19th.