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Recent technological advances have facilitated the expansion of the geothermal power industry to new areas. Traditionally, the expansion of geothermal power production was limited by geography, because deposits of high-temperature groundwater are required to produce geothermal electricity. However, new technologies like “binary” geothermal technology can use lower temperatures to generate electricity, which has allowed plants to be built in areas where geothermal development was previously unfeasible. In addition, enhanced geothermal systems (EGSs), although more costly, represent an emerging technology allowing use of geothermal energy resources not otherwise accessible.104 Government incentives and regulations have also played a role in the development of geothermal energy. Under the American Recovery and Reinvestment Act (ARRA or the Stimulus Bill), the Department of Energy’s Geothermal Technologies Office made 148 awards for a total of $368.2 million, including cash grants, tax credits, and funding for research and development. These awards provided an unprecedented level of fiscal stimulus for the industry and are likely to lead to new private sector investment.105 In addition, as discussed in chapter 2, more stringent renewable energy requirements and new laws and regulations at the state level are also expected to promote new investment in renewable energy and renewable energy services, including geothermal energy.106 Other factors affect the development of geothermal energy projects in different ways. For instance, the lack of access to transmission lines is an important factor limiting the growth potential of geothermal power plants, as most geothermal resources are not near existing transmission infrastructure.107 In addition, geothermal power projects take significantly longer to complete than many other renewable energy projects, such as wind or solar farms (it can take 4–8 years to complete a geothermal power project). This time factor adds to project risk. The price of electricity and alternative fuels like natural gas can also affect the competitiveness of geothermal power producers. For instance, the recent trend towards low natural gas prices may constrain the ability of geothermal power plants to be competitive once the plant becomes operational. By contrast, rising electricity prices make renewable sources of energy more attractive to consumers and more profitable for geothermal power companies.108 U.S. Industry Trends Geothermal energy production has traditionally been concentrated geographically. However, advances in technology are allowing geothermal energy production to expand to new states. For example, although California and Nevada currently account for about 97 percent of U.S. geothermal installed capacity,109 Hawaii, Utah, Idaho, Alaska, Oregon, and Wyoming have also established operational geothermal energy plants.110 The industry’s geographical reach is widening as new methods such as binary geothermal technology, which uses lower temperatures to generate electricity, allow plants to be built in places where it was previously unfeasible.111 In fact, in 2012 there were 130 confirmed projects at various stages of development spread out over 15 U.S. states, of which three- quarters were greenfield projects rather than expansions of existing ones. This is an 104 EIA, “U.S. Has Large Geothermal Resources,” November 18, 2011. 105 Geothermal Technologies Office, “American Recovery and Reinvestment Act.” 106 EIA, Annual Energy Outlook, 2012, 11. 107 EIA, “U.S. Has Large Geothermal Resources,” November 18, 2011. 108 Ibid. 109 GEA, Annual U.S. Geothermal Power Production, April 2012. 110 Ibid. 111 Ibid. 5-28PDF Image | Renewable Energy and Related Services: Recent Developments
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