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Central America and the Caribbean Geothermal energy stands to play a key role in the economic growth of Central America and Caribbean countries. In Central America rapid economic growth, increasing dependence on imported fossil fuels, and a push to overcome regional fragmentation through the SIEPAC (Sistema de Interconexion Electrica para America Central) transmission interconnection38 have created the need for the development of the region’s renewable resources. The majority of countries in Central America have developed a portion of their geothermal resources for utility scale power production. El Salvador and Costa Rica derive 24 percent (204 MW) and 12 percent (163 MW) of their electricity production from geothermal energy respectively. Nicaragua (87 MW) and Guatemala (49.5 MW) also generate a portion of their electricity from geothermal energy. The potential for further development of Central America’s geothermal resources remains significant, and the geothermal potential of the region has been estimated between 3,000 MW and 13,000 MW at 50 identified geothermal sites.39 Additionally, geothermal energy in Central America is competitive with the region’s primary forms of electricity generation; hydropower and thermal generation from fossil fuels. Caribbean Islands Many countries in the Caribbean are projected to experience significant growth accompanied by an increase in demand for electricity. According to the World Bank, demand for electricity in a key number of Caribbean countries is expected to grow at approximately 3.6 percent through 2028. In addition to the increasing electricity demand, utilities in Caribbean countries face high operating costs, which contribute to some of the world’s highest electricity prices. Also, the majority of electricity generation in the region is provided by diesel and heavy fuel oil.40 Geothermal energy has the potential to help meet the Caribbean’s rising electricity demand, mitigate its high electricity prices, and make it less dependent on fossil fuel generation. Dominica and Nevis provide an example of how geothermal energy can help improve their energy situations. Geothermal resource estimates for both islands (100 MW and 300 MW respectively) are large enough to indicate that geothermal energy could meet electricity demand on both islands. Most importantly, the cost of geothermal electricity would be a significant improvement over costs associated with current fossil fuel generation. According to the World Bank, the lowest-cost fossil fuel option is 20.4 US$ cents/kWh, whereas the cost of geothermal is estimated at 5.5 US$ cents/kWh. As such, the potential net benefit of switching from diesel fueled to geothermal generation would be approximately 15 US$ cents/kWh. While electricity demand on Dominica and Nevis is not currently large enough require large additions of geothermal capacity, the potential economic benefit to each of the islands economies is obvious.41 Table 1: Comparison of Diesel and Geothermal Generation in Dominica and Nevis Diesel 5 80 20.4 Geothermal 20 80 5.5 Source: World Bank Governments and private companies are showing interest in the development of the Caribbean’s geothermal resources. In the latter half of 2011, Dominica granted permits to Icelandic firms Iceland GeoSurvey and Iceland Drilling to conduct geothermal exploration and drilling for geothermal resources there. Financial backing of the exploration project was provided by the Dominican government as well Technology Capacity (MW) Capacity Factor (%) Cost (US$ cents/kWh) Net Benefit: 14.9 9PDF Image | Geothermal International Market Report
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