Tuesday, November 28, 2006

The Heat is On.

Geothermal energy is the latest industry to line up at the trough created by the renewable energy mandate. According to a UPI article, the domestic geothermal energy market in the US, currently about $1.7 billion, is projected to rise to more than $14 billion.

Officials at a bank in Iceland claim to be in discussions with a "California company" about building a $150-$200 million geothermal plant with a 50 MW capacity.

According to UPI:
Proponents say geothermal power is the most reliable and environmentally friendly form of energy. The Geothermal Energy Association and the Department of Energy want to see the cost reduced to less than 5 cents per kilowatt-hour. The current U.S. capacity is 2,800 megawatts and another goal is to increase the capacity.

The article also notes:
The American West is seen by some, including Magnusson, as the new frontier in geothermal energy. Projects are planned in Nevada, California, Oregon, Alaska, Arizona, New Mexico, Utah and Hawaii.

New funding for U.S. geothermal energy [UPI]