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x The triggering events and payment claim of a risk mitigation instrument were defined and processed in a transparent manner. x Risks in the early stages of geothermal development are high and the initial success rate of exploration is particularly low. x Related to the point above, for a risk-sharing instrument to be effective, a critical number of drillings are needed and hence the fund should be capitalized adequately to support the number of drillings. In Central America, given the relatively small size of the countries, there is an advantage to consider a regional geofund to pool the geological risks on the one hand, and to provide a platform for introducing geothermal power into the already developing regional power market. However, the dissimilarity in the risk profile of each country is such that it may be difficult to obtain agreement from the different governments of the region for such an initiative. A regional champion would be invaluable in pushing this agenda and getting the fund up and running. 87. A second mechanism has been by providing incentives to an independent power producer (IPP) to develop geothermal projects. The IPP bears the entire resource risk and upfront costs involved and is assured by a favorable tariff (through a feed-in-tariff or direct negotiation) and/or other incentives to compensate the risks taken in the early stage of development. The country would need to offer a convincing package of incentives and subsidies, or even refunds from a risk mitigation fund, in order to attract private investors to absorb part of the risk. The risk perception of the private company will be higher because they usually only develop one geothermal field at a time. In contrast, the government owns many geothermal fields simultaneously and the pooled risk across multiple sites can be substantially lower. High perceived risk by the private sector could result in higher generation costs. 88. Geothermal development in the US has been primarily led by private companies with significant incentives provided by the Government. Incentives have included higher prices for renewable energy by basing the valuation of these resources at the ‘avoided cost’ to a utility for a ten-year period established under the Public Utility Regulatory Practices Act (PURPA), federal loan guarantees, data purchase programs (in which companies could sell the drilling information to the Federal Government (e.g. data on geology, temperature, and other factors), who in turn released the information into the public domain where it could be used by other companies) and government-sponsored research. These incentives stimulated the drilling of more than 50 prospects by private entities in the years 1979–1985. The situation in the 1990s changed substantially with the abundance of natural gas which allowed the development of numerous highly efficient combined cycle units. The decline of oil prices led to a decrease in the avoided cost of using geothermal, which in turn reduced geothermal incentives, and exploration of new fields essentially stopped. Federal incentives ended as well. With the concerns about greenhouse gas emissions and rising oil prices after 2002, federal and state programs have been revisited and a number of new incentives had been put in place, including mandatory set-aside requirements for new electric power generation, federal cost-sharing programs, tax credits, accelerated write- off of drilling costs, federal and state tax credits for sale of electricity, accelerated geothermal lease sales by federal and state agencies via public auctions, research grants, and a loan guaranty program by the Government. As a result, over 45 new geothermal exploration, drilling and development projects were announced between 2006 and 2010. The US experience speaks strongly about the importance of continuous government support in geothermal development; 37PDF Image | Drilling Down on Geothermal Potential Central America
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