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Key Factors That Enabled Geothermal Development in Iceland The success of geothermal development in Iceland can be attributed to the active role played by the government, which both absorbed the resource risk faced by geothermal developers and built plants. The government helped Iceland transition from a country that used geothermal resources for district heating to one that is a leader in developing geothermal power plants. Now that the geothermal power industry is well developed, the private sector has become more active and the government provides the sector with more limited support. The government’s role and other factors key to the successful development of Iceland’s resources are described in more detail below: • Iceland developed a public insurance scheme for geothermal risk—Iceland developed a public insurance scheme, the National Energy Fund, for geothermal drilling. This fund would reimburse up to 80 percent of the cost of approved drillings that were unsuccessful and also provide grant support for exploratory activities. This fund played a key role in the early development of Iceland’s geothermal development when the industry was less experienced and less information on the geothermal resources was available.63 • The government played an active role in the development of geothermal resources—The government has supported the development of geothermal resources and government- owned entities have also developed many of Iceland’s geothermal resources. The government did so by establishing governmental agencies that have explored Iceland’s geothermal resources and by subsidizing geothermal resource development. The State Electricity Authority was established to explore Iceland’s geothermal resources and find ways that these resources could be used for profitable projects. It was replaced by the National Energy Authority and by the newly formed Iceland GeoSurvey, which carries out geothermal research. In addition, the government established the National Energy Fund, which subsidizes drilling. 6.4 41 Another important way that the government supported geothermal development is that many of the early geothermal projects in Iceland were developed by government-owned agencies. The first geothermal power projects in Iceland were developed by regional district heating companies and national bodies.64 • Iceland had experience developing geothermal resources for district heating before constructing geothermal power plants—Iceland began its efforts to develop geothermal resources in 1907, but did not construct its first 3 MW plant until 1969. The areas where geothermal power plants were first built, such as the Reykjanes geothermal field, had geothermal resources that had already been explored and which provided district heating. As a result of developing geothermal resources to provide district heating, Iceland was able to build the capacity of its institutions and also gain important knowledge about its geothermal resources before building its first geothermal power plant.65PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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