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The Values of Geothermal Energy October 2013 summer. The latter can use spare gas transport capacity because summer is an off-peak season for gas transportation capacity. Geothermal power provides stable electricity prices as opposed to natural gas which can causes prices to fluctuate. The price of electricity from natural gas spiked three times over the last decade in 2003, 2006, and 2008. Stable electricity prices are a result of a diverse portfolio of energy resource technologies. Geothermal power adds to stable electricity prices since it’s disconnected from fuel costs. Power plants are locked into long term fixed contracts where “fuel costs” are paid upfront during the plant’s construction in the form of high capital costs.8 The Union of Concerned Scientists describes in their latest report that the transition from a coal to a natural-gas-dominated electricity system would not be sufficient to meet U.S. climate goals. A natural- gas-centered power system still carries significant economic, environmental, and public health risks such as its impact on climate change as well as environmental consequences from extraction. Even if direct smokestack pollutants could be controlled or reduced with carbon capture storage technologies, they are not the only global warming emissions associated with natural gas. The extraction of the fuel from wells, and its distribution in pipelines, results in the leakage of methane—a primary component of natural gas that is 25 times stronger than carbon dioxide at trapping heat over a 100-year period. While there is still uncertainty about the precise quantity of these so-called fugitive methane emissions, preliminary studies and field measurements range from 1 to 9 percent of total natural gas production. 9 Flexible Power: Geothermal Power’s Ability to Adapt to Variability The changing power markets have ignored or undervalued geothermal power and its ability to be both a firm and flexible resource that can address the challenges faced by the further integration of VER into a changing power market. Geothermal power can supplement variable resources to counteract and balance some of the changes needed to transition to a clean energy economy by acting as a firm and flexible power source. The Need for a Flexible Power System Electricity market participants are concerned that the increased presence of renewable VER without flexibility means current resources will not be sufficient to meet the reliability needs of the U.S. power systems. For example, the California Independent System Operator (CAISO) expects 12,079 MW of flexible resources to be retired by 2020 and the risk of power shortages is unacceptably high without flexibility.10 CAISO expects that with the addition of new, non-firm renewable resources coupled with the retirement of existing plants, there will be a much greater need for flexible power resources. Specifically, the following three issues will increase the need for flexible power system: The once-through-cooling (OTC) policy will reduce the number of flexible resources available because of power plant retirements. Variable resource additions will quickly displace flexible capacity in meeting resource adequacy obligations. Flexible resources will retire prematurely due to revenue insufficiency unless there are enhancements to the resource adequacy program. 8 U.S. EIA 2013f 9 UCS 2013 10 CAISO 2012 10PDF Image | Values of Geothermal Energy October 2013
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