Global geothermal market posts gains, study shows
23 April 2014
A newly released report from the Geothermal Energy Association reveals the international power market is booming, with a sustained growth rate of 4% to 5%.
Following are some highlights from the report:
International geothermal market growth was up, while stateside growth held steady; 85 MW of the total global 530 MW of new geothermal capacity in 2013 was in the U.S. However, U.S. growth was flat because of policy barriers, gridlock at the federal level, low natural gas prices and inadequate transmission infrastructure. In 2013, 25 pieces of legislation in 13 U.S. states were enacted specifically to address geothermal power and heating systems, creating a foundation for the environment needed to foster geothermal growth in these states.
“While there was a modest downturn in capacity additions, the Industry Update also underscores the tremendous untapped potential for geothermal energy,” said Karl Gawell, GEA executive director. According to the report, the geothermal industry was working on 977MW of new capacity (Planned Capacity Additions or PCA’s) at sites that hold over 3,092MW of power potential in eight western states, the GEA report indicates.
U.S. additions in Utah, Nevada, California, and New Mexico kept the industry on the map domestically in 2013, and future growth looks promising. “The geothermal resource base is still largely untapped,” noted Ben Matek, GEA’s Industry Analyst. “With new initiatives in Nevada, California and Oregon moving to recognize the values of geothermal power, we are optimistic that state policies could spark another period of growth in geothermal power over the next decade.”