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The Values of Geothermal Energy October 2013 Lastly, state Renewable Portfolio Standards (RPS), require electric utilities and other electric service providers to derive a certain percentage of their retail sales, consumption, or some other metric, from eligible renewable energy resources. These standards should increase demand for geothermal power and other renewables. However, not all state RPS requirements treat all renewables equally. For example in California, the bidding process adjusts prices for the "time of day" which devalues technologies that would otherwise provide power as baseload and does not value capacity or integration costs, which historically were given value in the procurement process. Firm Power: Geothermal the Clean, Cost Effective, Baseload Resource Even though growth in annual demand for electricity is slowing (currently about .7% a year growth rate), EIA still expects electricity demand to grow by 24% from 2011 to 2040.2 Baseload will be a substantial part of this growth within any balancing area’s power supply. A typical power producer keeps 35-40% of maximum load throughout the year as baseload. Geothermal power is a reliable and economical option to provide baseload power for the growing U.S. power system. Replacing Baseload Coal Geothermal power is a firm power source because it runs 24 hours a day regardless of extraneous conditions. Geothermal plants, when built and managed responsibly, can last up to half a century or more. Power plants built in the 1970’s, such as at The Geysers in California, still operate today extracting geothermal steams and brines to generate electricity. Additionally, geothermal power is a technically and commercially proven technology, unlike many other renewable energy technologies that are still relatively new and that involve a significant degree of technological risk. Geothermal plants are scalable to over 50 MW with a fraction of the land and environmental impact of other technologies. Over 40% of the U.S. electric power generation comes from burning coal.3 With their relatively low fuel cost and predictable output, coal-fired plants have historically been used as one of the primary sources of baseload power. Most of the coal-fired plants in the U.S. were built over 30 years ago; the average lifespan of such a plant is 40 years. Because of this fact, as well as the changing economic and regulatory environment, it has been estimated that 59 – 77 GW of existing coal plants will be retired by 2016.4 The impending void created by these retirements presents an opportunity to replace some of these emission-heavy plants with more environmentally-friendly options. Among energy sources which are suitable for baseload production, geothermal power has the smallest carbon footprint. Geothermal power has negligible CO2 emissions (59-396 lbs/MWh) when compared with coal (2200 lbs/MWh) or natural gas (861 lbs/MWh)5. Burning biomass materials actually releases even more CO2 into the atmosphere than fossil fuels. Since much of this CO2 would be released eventually anyway, it is difficult to assess biomass’ net carbon footprint. In contrast to the ambiguity surrounding biomass emissions, geothermal power offers an undeniable carbon-mitigation advantage compared to traditional fossil fuels. In addition, geothermal power offers a degree of economic advantage compared to other baseload options once the full lifecycle costs of a plant is taken into account. Unlike biomass and fossil sources, 2 U.S. EIA 2013d 3 U.S. EIA 2013c 4 Celibi et al. 2012 5 U.S. EPA 2011 8PDF Image | Values of Geothermal Energy October 2013
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