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U.S. GEOTHERMAL ENERGY OPPORTUNITIES & CHALLENGES OPPORTUNITIES • Clear demand for renewable energy will go unabated for the foreseeable future – this is not only a fashionable, but a structural change. • Political and social support for geothermal energy is just now being recognized as an important part of the renewable energy mix. • Thereisaclearneedfordependable,base-loadelectricityandgeothermalisbestpositionedtodeliver. • While the first generation in the geothermal energy space was ahead of its time in many ways, the new generation has a group of sophisticated, well capitalized players who see the value creation opportunities and are more disciplined about moving forward. • The resource base, as it is estimated today, has yet to be fully understood or analyzed – but the overall resource landscape looks strong. • New technology, like Enhanced Geothermal Systems (EGS), will add further efficiencies and competitiveness to the industry in the years to come. • Theindustryisveryfragmentedbuthasmanyopportunitiesfordevelopingstrongcompanies. • Resource estimates for EGS show huge geothermal energy opportunities all over the U.S., meaning that in the future development can take place all over the US, rather than like today, where all of the development happens in the Western States. CHALLENGES • With the rapid development of the industry, there is an immediate need for additional expertise (from resource development to business management), support services (drilling capacity, data/information, technology, power generation equipment, etc.) and focused capital. • There is still some fragmentation in the sector - to appropriately fund and develop the resource, consolidation will be required. • Additional'patientcapital’isrequiredfrommultiplesources. • Partnerships between project developers, sponsors, utilities and end users should be strengthened to ensure the industry is built on a strong and stable foundation. • Pressure will remain to ramp up projects at a rapid pace, requiring commitments from multiple players including the public sector. • The geothermal industry competes with the oil industry for highly skilled staff. Current geothermal experts are coming of age. • Further education is necessary to increase the industry talent pool, but more importantly incentives for people to join the industry are required. Overall project risks are higher with inexperienced scientists leading projects. • Availability of rigs: the industry needs to be more competitive in securing access to the drilling equipment required to develop potential resources in the U.S.. For current projects alone the number of rigs needs to double. To exploit the overall potential even more rigs are needed to maintain the speed. • Polical support needs to increase. Geothermal is the only real renewable base-load electricity option, yet does not get enough political support, e.g. through favorable incentives, to help in moving this sector forward. The short time frame of the Federal Production Tax Credit is one example of an incentive that is not taking into consideration factors of great influence on geothermal energy. Furthermore incentives for geothermal exploration are needed, which could help to cover at least parts of the drilling risk for geothermal. September 2007 – Glitnir Geothermal Research 33PDF Image | GEOTHERMAL ENERGY MARKET REPORT
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