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The Values of Geothermal Energy October 2013 Conclusion Geothermal power is a reliable, economical, and clean option to provide baseload power for the growing U.S. power system. Retirement of emission-heavy coal plants will provide opportunities for more environmentally- friendly geothermal power plants. Among energy sources which are suitable for baseload production, geothermal power represents arguably the smallest carbon footprint. Geothermal power has significantly lower CO2 emissions than coal or natural gas. The U.S. Energy Information Administration (EIA) formulates the levelized cost per kilowatthour 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.29 Baseload or Load Following using gas-fired generation is more costly than geothermal power when factoring in ancillary costs of natural gas electrical generation.30 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 from methane’s impact on climate change as well as environmental consequences from natural gas extraction.31 Despite previous misconceptions geothermal power has the ability to operate in a flexible mode that can quickly adapt to uncertainties in the U.S. power system. Geothermal power offers flexible solutions to provide a range of services including, but not limited to, baseload, regulation, load following or energy imbalance, spinning reserve, non-spinning reserve, and replacement or supplemental reserve. Geothermal power plants can ramp up and down very quickly, multiple times per day to a minimum of 10% of nominal power and up to 100% of nominal output power. The normal ramp rate for a geothermal ORC turbine is 15% of nominal power per minute.32 As VER achieve higher levels of penetration in the Western electricity market, market participants and regulatory agencies are realizing the importance of quantifying integration and transmission costs associated with them. Failure to include these costs and the value of ancillary services results in an imprecise price-per-MWh comparison between energy technologies. Well- established inaccurate procurement comparisons increase ratepayer costs on a power system built for older, baseload energy technologies.33 Geothermal power uses already existing transmission capacity efficiently because of its high capacity factors averaging 92%. Meanwhile, VER capacity factors average 20-34%. Therefore, a 100 MW VER needs to consume 100 MW of transmission even though the VER may seldom use the full capacity of that line. As a result, existing transmission capacity becomes unavailable to other generators. Geothermal power on the other hand will almost fully use the transmission capacity that it reserves from that same line. Geothermal power has a number of other attributes which make it an economical and attractive resource for electrical generation including: 29 U.S. EIA 2013b 30 Linvill et al. 2013 31 UCS 2013 32 Linvill et al. 2013 33 Thomsen 2013 16PDF Image | Values of Geothermal Energy October 2013
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