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The Values of Geothermal Energy October 2013 there is minimal ongoing fuel cost associated with geothermal power. This lack of a fuel cost helps to balance the relatively high initial capital investment. A recent report issued by the U.S. Energy Information Administration (EIA) formulates the levelized cost per megawatthour for various energy sources. The estimated average levelized cost for geothermal power ($89.60/MWh) comes in significantly lower than coal (conventional or advanced), nuclear, or biomass.6 A Substitute for Natural Gas Natural gas is likely to provide a substantial amount of firm power in the future and be a significant alternative to other fossil fuels. However, geothermal power should be taken seriously as a viable, cost effective, and cleaner alternative to natural gas when power purchasers are considering multiple procurement contracts. Given the 30 to 60 year lifetime of most new power plants, choices made today will influence the ability to meet U.S. climate goals in the future. In addition, while natural gas can be seen as an economic alternative to geothermal power, the external and ancillary costs associated with extracting and burning natural gas to generate electricity are often forgotten. To elaborate, the expectation is often that dispatchers will rely on natural gas-fired units for load and resource following. These units will help cushion against the variability caused by VER as a non-firm, power source. In reality, load following using gas-fired generation is more costly. Geothermal power can provide these services as a least cost option. A report from Aspen Environmental Group listed several reasons:7 Since gas moves slowly, deliveries are scheduled in advance. As a result, gas scheduling to support load following is inconsistent with current practices making securing gas for load following more difficult and costly. A utility’s gas fleet is not capable of providing ancillary services that will be most desired with high penetration levels of VER. For example, PG&E noted that more than 50% of the existing [presumably gas-fired] fleet requires 5 or more hours to start. For these resources to be effective at supporting VER they would have to continually be placed in service hours before they are needed. The existing gas supply infrastructure for power generation works because ramp is predictable and VER penetration levels are low. When larger, more frequent and sudden ramps become commonplace it will be harder to accommodate for changes without notice to gas suppliers making gas plants less economical. Owners of both gas-fired base-load and peaking units often do not hold gas transportation rights. Peaking generation units are understandably reluctant to commit to annual charges in reserve capacity all the time that they expected to be used in only a handful of hours during the year. Even if generators do commit, state end-use priority rules and cost allocation policy make delivery of gas to electricity generators lower priority than deliveries to other customers. Gas requirements for ramping patterns to support VER are inconsistent with gas utility and pipeline tariff provisions requiring ratable hourly takes. Operating gas-fired peaking units for reliability purposes requires specific natural gas transportation capacity arrangements. Unfortunately, these specific transportation capacity arrangements are quite different from gas peaking units that are only operated during the 6 U.S. EIA 2013b 7 Linvill et al. 2013 9PDF Image | Values of Geothermal Energy October 2013
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