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Chapter 5. Conclusions and Recommendations 108. There exist great opportunities to increase geothermal generation in Central America given the abundant geothermal resource potentials and the needs of the countries in the region to utilize domestic resources to meet increased future demand of electricity. To translate these opportunities into reality is possible but faces several challenges, including high upfront risks. 109. Global experience shows that there are a number of ways to overcome the barriers to geothermal development within the context of Central America’s power sector structure and business environment. What seems clear from both regional and international experience is that there is a need for mechanisms to overcome the upfront risks associated with resource exploration and confirmation, such as through upfront studies, geological prospecting, and test- drilling. In practice, such activities have been supported by the government or through public- private risk-sharing mechanisms. Interestingly, there is no proven record, to date, of an entirely private sector concession-based system for geothermal development as is common with other energy and natural resources. 110. What appear to be needed are additional mechanisms to overcome the upfront risks associated with resource exploration and confirmation that are particular to geothermal development. They could range from public sector bearing 100 percent upfront risks to public- private sharing risks to private sector driven concessions25. Additionally, several of the countries could foster the development of geothermal resources by taking explicit steps, including: x Establishing the legal foundations for supporting geothermal development, such as explicit tax incentives (including tax credits which have been highly effective in the US), and procedures to enable public-private partnerships; x Establishing an enabling legal and regulatory environment for geothermal, such as the geothermal law of Nicaragua; x Conducting in-depth studies to document the resource potential, making it publicly available to potential developers; x Reviewing environmental legislation, recognizing the small footprint of geothermal development, and streamlining the steps required to obtain environmental licenses; x Including explicitly geothermal projects in power expansion plans. 111. At the regional level, regional power planning and regional risk sharing mechanisms for Central America are recommended. Given the relatively small size of the countries involved, 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. This should be preceded by a more realistic assessment of geothermal costs and development prospects at the regional level, which would also help to prioritize geothermal 25 However, the possibility of 100 percent government financing is limited. Central American countries have structurally low tax revenues compared with other regions. In addition, their fiscal position has deteriorated and public debt levels have increased in recent years due to the countercyclical spending measures during the 2008 global economic crisis. This leaves relatively little budgetary space for large scale infrastructure investments. 44PDF Image | Drilling Down on Geothermal Potential Central America
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