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Appendix A: Geothermal Electricity Financial Analysis for Granite Mountain Hot Springs and Buckland Prepared by Brian Yanity, NANA Pacific Based the assumptions listed below, a pre-feasibility financial analysis of a 400- kW geothermal power plant at Granite Mountain Hot Springs, and points closer to Buckland, was conducted using the software program RETScreen. The economic model is based on the 400-kW Chena Hot Springs geothermal power plant near Fairbanks, which at the end of 2006 had a total installation cost of about $2,000,000. This figure included the cost of the geothermal power generation equipment, as well as the feasibility study, development and engineering costs. Assuming three-fold increase in cost of developing an unknown resource in a remote area as compared to Chena Hot Springs, the total installation cost of a 400-kW geothermal power plant at Granite Mountain Hot Springs is estimated to be $6,000,000. This figure includes the cost of the power plant as well as feasibility, development and engineering costs, but does not include the cost of a transmission line to Buckland, or a substation connecting to the City of Buckland’s electrical distribution system. According to the FY2006 PCE report, City of Buckland’s 650-kW capacity diesel power plant generates about 1500 MWh annually. Assuming this level of power demand does not increase, a 400-kW geothermal power plant with an annual electricity production of 1507 MWh of electricity would serve Buckland’s needs at an annual capacity factor of 43%. With a benefit-cost (B-C) ratio of only 0.46, as calculated by the RETScreen software, a geothermal power plant located at Granite Mountain Hot Springs appears to be an un-economic source of electricity for Buckland. The majority of the project’s cost is the 40-mile long a transmission line needed to connect the site at Granite Mountain Hot Springs to the community of Buckland. The length of the transmission line is chief reason why the project would not be economical, although the project’s economic feasibility could be improved somewhat if Buckland’s annual electricity demand increased significantly compared to 1500 MWh (the 2006 level). According to the RETScreen financial analysis, if the Granite Mountain Hot Springs geothermal power plant produced 3189 MWh of electricity annually (increasing the plant’s capacity factor to 91%), the B-C ratio would increase to 1.00. The economics of a geothermal project at Granite Mountain Hot Springs may also improve if communities in addition to Buckland connected to the system, but due to the great distances of electric transmission lines needed this is not likely. However, if a previously unknown sub-surface geothermal energy resource is discovered a much closer distance to Buckland, the economics improve significantly (all other costs remaining the same), as can be seen below in Table 1. At a distance of 9 miles, RETScreen calculates a B/C ratio of 1.00. 22PDF Image | US Department of Energy Tribal Energy Program
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