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Lessons from other jurisdictions Other jurisdictions demonstrate a range of approaches for approaching incentive policy development, depending on the maturity of the industry and the quality of the resource. In jurisdictions where resources are lower quality or the industry is new, government policies can be designed to encourage development and reduce the considerable risk from exploration and drilling. Incentives can also be used to enable the fullest use of the resource. Some examples of fiscal incentives include: • Drilling grants – Government grants for companies to drill exploratory wells to delineate geothermal energy resources • Research grants – Grants to delineate the resource or develop a new technology • Renewable energy targets (also called Renewable Portfolio Standards) – Governments set a mandated proportion of electricity generated from renewable sources and encourage utilities to sign purchase power agreements for geothermal power • Insurance policy – Tax breaks or another form of reimbursement for unsuccessful wells • Flow-through credit scheme – Tax incentives for investors’ contribution to geothermal developments • Feed-in tariff – Guaranteed purchase price for the output energy generated by geothermal • Production incentive – Top-up to market rates for output energy • Low or no royalty rates • Royalty holidays or phased royalties • Low or no fees for land access and/or permits • Loan guarantees – Government guarantees to investors that a loan will be repaid if the company defaults on it • Carbon credit systems – Can induce investment in geothermal technologies as a greenhouse gas reducing technology • Public-private partnerships – Cost sharing in public-private partnerships can defray risk Some examples of non-fiscal incentive policies include: • Public education (e.g., information on websites and other government-produced publications) • Education and training (e.g., certificate or degree programs specializing in geothermal energy development) • Infrastructure (e.g., roads, transmission lines) • Technology research and development – Government-supported research to demonstrate new technologies and encourage technology transfer from other industries for geothermal energy development Many governments apply a variety of fiscal and non-fiscal incentives to advance geothermal energy development. Although outside the scope of this report, further analysis of the impacts of policies and incentives that target geothermal is needed so that governments can choose appropriate mechanisms to reduce barriers and foster geothermal development. Government policy in other jurisdictions in the world has reflected the type of geothermal resource, the technology employed, the size of the project, the economics of the geothermal industry, the end use of the power or heat, and the desire of governments to see it developed. This has been echoed by the jurisdictional review and interviews conducted for this report. In all cases, key activities to develop a policy framework include defining the resource, establishing The Pembina Institute 46 Building a regulatory framework for geothermal development in the NWTPDF Image | geothermal energy development in the NWT
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