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US has the highest geothermal installed capacity in the world, which peaked at around 3,000 MW in the late 1980s. The resource was detected in the 1920s but it was not until 1960 that the first plant began operating at the Geysers field in California. This one field reached a peak of 2,000 MW. 87. The Federal and State governments have had a significant role in reducing risk. In the 1970s research regarding different development technologies was sponsored by different agencies, including the drilling of several exploratory wells. However, the most dramatic effects in the development of geothermal came about in 1979 with the passing of the Public Utility Regulatory Practices Act (PURPA) in response to the energy price increases of the 1970s and as part of a process to reduce dependence on imported oil. PURPA established significantly higher prices for renewable energy by basing the valuation of these resources at the ‘avoided cost’ to a utility for a ten-year period. This can be seen as a kind of feed-in tariff for the resource. In any case it stimulated the drilling of geothermal wells in green-field areas as well as in previously discovered fields. 88. The passing of PURPA stimulated the drilling of more than 50 prospects by private entities in the years 1979–1985. This resulted in the discovery of major geothermal fields in California, Hawaii, Utah, Nevada, and Alaska. In addition to the price stimulation effects, other risk mitigation measures were put into place in the 1980s, including: x Guarantees by the Federal Government of up to 80 percent of the value of the loans taken by companies for well-field development and power plant construction, thus increasing the ability of developers to raise money via commercial loans and to reduce borrowing costs; x Reservoir insurance which would insure a developer against failure of the resource to satisfy requirements; because of the steep cost of premiums this concept failed to take off commercially; x A data-purchase program 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; x Research sponsored by the Department of Energy (DOE) at several universities, together with demonstration projects. 89. One of the most decisive developments for new geothermal plant in the mid-80s was the binary cycle generation process, which allowed the use of fluids previously considered too low temperature for efficient power generation. This mitigated risk enormously by allowing the commercial use of reservoirs which would otherwise have been abandoned. 90. 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. 91. 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 89PDF Image | Drilling Down on Geothermal Potential Central America
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