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ANNEX I: GEOTHERMAL RISK MITIGATION PROGRAM (MIRIG; IDB AND IBRD) Problem Statement Chile today has an installed capacity of 17.6 GW, of which approximately 74% corresponds to the Central Interconnected System (SIC) and 25% to the Norte Grande Interconnected System (SING). The remaining 1% corresponds to the intermediate systems of Aysen and Magallanes. Electricity Consumption in Chile is projected to grow at a 5.5%-6.5% rate annually until 2020.12 These projections indicate that by 2020 Chile will need an additional 7-8 GW of installed capacity. Given that Chile is a net importer of energy resources, dependent on fossil fuels, whose cost have been continuously rising over the past years, the GoC has been promoting the development of non-conventional renewable energy (NCRE) to diversify its energy sources in a sustainable way, contributing to a diversified, clean and safe energy matrix. Hydropower expansion could meet an important percentage of the expected demand, but one important project has been put on hold because of environmental concerns. The GoC recently approved legislation to increase the percentage of NCRE up to 20% of all new contracts by 2025, which demonstrates the ambitious path being followed by the GoC. The production of electricity from geothermal resources13 is a mature, proven generation technology for which Chile has enormous potential. Geothermal energy could be an alternative source of renewable and low-carbon energy to produce a relatively stable supply of electricity. It does not depend on weather conditions, and can provide a supply of low-cost baseload power, thereby complementing other sources whose supply is intermittent. According to the most recent data,14 by the end of 2011, 10,700 megawatts (MWe) of geothermal electricity generation capacity were in operation around the world.15 Global geothermal electricity generation is projected to grow from 68TWh in 2010 to 315TWh in 2035 assuming that new policies take place, and to 217TWh in 2035 assuming current policies.16 Chile is located in the Pacific Ring of Fire, a belt of volcanoes and earthquake epicenters, where a high potential for thermal energy development is estimated. Chile is one of the countries with the highest potential for geothermal energy development in Latin America. Nevertheless, there is no robust estimation for the potential of geothermal development, and relatively little data is available. The growing economy and electricity demand, jointly with potential geothermal prices below market prices, suggest an opportunity for geothermal development. Although geothermal developers have been increasingly arriving to Chile since 2008, the market remains untapped. The private sector requires additional incentives to promote this clean source of energy. Thus, policy solutions are necessary to unlock the market before the private sector interest wanes. 12 http://bit.ly/PAEE20 13 Energy generated by the use of natural heat from the inside of the Earth, which moves from the interior of the crust toward the surface levels, transported through rock and / or fluids. 14 Santoyo-Gutiérrez and Torres-Alvarado, 2010. Escenario futuro de explotación de la energía geotérmica: Hacia un desarrollo sustentable. Revista Digital Universitaria, UNAM. http://bit.ly/futGEOT. 15 http://bit.ly/IFC-Geothermal, p.4, 2013 16 http://bit.ly/IEA-WEO2012, p.216, 2012 Page |18PDF Image | CLEAN TECHNOLOGY FUND INVESTMENT PLAN FOR CHILE
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