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10.2 Status of Geothermal Development in the Eastern Caribbean Countries Geothermal has the potential to meet baseload demand for electricity of the five Eastern Caribbean countries in our study. These countries could significantly lower their electricity tariffs with the use of geothermal energy. The countries in our study are at different stages of geothermal development. We present the region’s geothermal potential (Section 10.2.1) and the region’s progress towards developing its geothermal resources (Section 10.2.2). 10.2.1 Geothermal potential in the Eastern Caribbean countries The five countries in this study all have significant geothermal potential. Their estimated geothermal potential would meet domestic baseload demand. Some countries could generate enough electricity to be able to export electricity to neighboring countries via undersea connection cables. The countries are planning to build power plants that range from 10 MW to 30 MW and have sufficient estimated potential to run plants this size. However, not all countries have proven their resource. While Dominica has concluded production drilling and proven the quality and size of the resource, the rest of the countries have not. Dominica has the largest estimated geothermal resources. Exploratory work confirmed 120 MW137 of geothermal potential, which is enough to meet its baseload demand of about 10 MW138 and export electricity to the neighboring countries of Martinique and Guadeloupe. In Nevis, the NIA has communicated that the island would have an estimated potential of at least 50–60 MW for local supply and export.139 Other estimates suggest much higher potential based on slim-hole wells drilled in 2008.140 The estimated potential is more than enough to meet the country’s projected baseload demand in 2023 and export electricity.141 By July 2015, Saint Vincent and the Grenadines had completed surface exploration studies that estimated 60 MW potential.142 Neither of the other two countries (Grenada and Saint Lucia) have finished surface explorations. However, the surface exploratory work undertaken so far suggests that each country has enough geothermal potential to meet local demand. If the countries studied are able to exploit their estimated geothermal potential to meet their baseload demand for electricity, they could significantly reduce their electricity tariffs. Geothermal power is clean and, because it is not intermittent, can be used to meet baseload demand. Geothermal power generation is cheaper and has less volatile prices than generation from fuel oil. The average estimated levelized cost for a 10–20 MW geothermal plant is between US$0.08 and US$0.15 per kWh143—much less than the average electricity tariffs in the Eastern Caribbean of US$0.34 per kWh in 2014.144 The price of electricity generated from geothermal sources is also less volatile than electricity generated from fuel oil. There are no fuel costs for geothermal plants, and about 85 percent of the total cost is capital costs. In addition, a geothermal plant’s operation and maintenance costs are small compared to the initial capital expenditures and do not vary significantly from year to year.145 137. Lucien Blackmoore, “Global Geothermal Development Plan Roundtable: Dominica Geothermal Resource Development Programme” (November 11, 2013, The Hague, Netherlands). 138. Based on 60 percent of peak demand. 139. Nevis Island Administration, “NIA, NEVLEC and NREI Sign Geothermal Power Purchase Agreement,” November 26, 2015, accessed December 4, 2015, http://www.nia.gov.kn/index.php/news-4/news-articles-3/2538-nia-nevlec-and-nrei-sign-geothermal-power-purchase-agreement. 140. Jonathan Kelly and Anelda Maynard-Date, “Geothermal Explorations and Development in Nevis” (Central America Geothermal Workshop in Santa Tecla, El Salvador, October 30, 2009). Other estimates suggest 300–500 MW. 141. Nexant, Caribbean Regional Electricity Generation, Interconnection, and Fuels Supply Strategy (March 2010), 1-38, accessed April 27, 2015, http://www.caricom.org/jsp/community_organs/energy_programme/electricity_gifs_strategy_final_report_summary.pdf. 142. “Private Sector Briefed on St. Vincent’s Geothermal Project,” I-Witness News, July 30, 2015, accessed December 2, 2015, http:// www.iwnsvg.com/2015/07/30/private-sector-briefed-on-st-vincents-geothermal-project/; “St. Vincent & the Grenadines Outline Progress on Geothermal Work,” ThinkGeoEnergy, July 16, 2015, accessed December 2, 2015, http://www.thinkgeoenergy.com/st- vincent-the-grenadines-outline-progress-on-geothermal-work. 143. Financial model that accompanies this report, based on information from: Magnus Gehringer and Victor Loksha, Geothermal Handbook: Planning and Financing Power Generation (Washington, DC: The International Bank for Reconstruction and Development, Technical Report 002/12, June 2012), accessed October 22, 2014, http://www.esmap.org/sites/esmap.org/files/ DocumentLibrary/FINAL_Geothermal%20Handbook_TR002-12_Reduced.pdf; IDB, “Sustainable Energy Facility (SEF) for the Eastern Caribbean: Loan Proposal RG-L1071, RG-G1009, and RG-G1004” (2015), accessed December 2, 2015, http://www.iadb.org/ en/projects/project-description-title,1303.html?id=RG-L1071. 144. CARILEC, 2014 Average Tariffs in EC Countries (2015); GRENLEC, 2014 Annual Report; DOMLEC, 2014 Annual Report. 145. Based on annual operation and maintenance costs of US$125,000, total capital costs of US$48.5 million, and a 10 percent interest rate. 78PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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