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identified as one of the more problematic provisions in the Draft Law which were limited to 100 km2 for exploration and20km2forexploitation. GEAalsorecommendedthat the requirement that steam be sold to the State at an establishedpricebeeliminated. Thecomplexand restrictive regulations may put Nicaragua in a less competitive position vis-à-vis other countries and dissuade foreign investment. To date, Nicaragua’s approach to geothermal development has been to grant exploitation permits to private companies onanegotiatedbasis. Oncetheresourcehasbeen identified, the GON will put the project out to bid, offering a preference to the company that conducted the initial resourceassessment. The GON cannot offer any pricing incentives; geothermal prices must be competitive with those of thermal and other powerprojects. Itisestimatedthatgeothermalcanbe priced at 6.5¢/kWh at El Hoyo-Monte Galán while Enron is offering to sell residual oil to offshore barge plants for power generation at 5.5¢/kWh. TheTaxLaw(LeydeJusticiaTributaria) TheTaxLawexemptsallequipmentandmachinery earmarked for electricity generation for public use. Companies are also exempt from taxes until they recover their investments. General Law of Environmental and Natural Resources No. 217-96 The Law assigns geothermal concession under the frameworkoflawswhichregulatenaturalresources, fundamentally, handles geothermal as a mining resource. Geothermal Sites / Projects Nicaragua has an estimated 2,000-4,000 MWe of geothermal power potential. The GON has as a priority the development of geothermal power and sees its role as facilitator rather than developer oroperator. TheGON’sgoalistohave200-300MWeof geothermal installed capacity by 2001. On October 11, 1994, the GON presented a plan to the U.S. todevelop500MWeofgeothermalcapacityoverthenext 12 years; the plan was discussed at the Summit of the Americas (Lawrence, 1998). Nicaragua annually spends US$44 million to import oil for electricgeneration. Theinstallationofgeothermalpower plantsfor baseloadcouldrapidlydisplacethermalplants andhelpthecountry’stradebalance. Thedevelopmentof Nicaragua’s geothermal resources would not only solve the energy crisis of the country, but would make it an exporter of energy to the rest of Central America through SIEPAC. Geothermal Resources in Latin America & the Caribbean 76PDF Image | Geothermal Resources in the Caribbean and Latin America
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