Code & Media
The Canadian Geothermal Code for Public Reporting has seen an increased interest through financial institutions, media and the development community internationally.
Therefore the following details answer some questions that media representatives might have about the code.
Download: Overview on the Canadian Geothermal Code for Public Reporting (Presentation to CanGEA’s annual “Calgary Geothermal Power Forum” from December 2010)
Objectives and Scope
The Canadian Geothermal Code for Public Reporting provides a minimum set of requirements for the public reporting of Exploration Results, Geothermal Resources, and Geothermal Reserves.
It increases investor confidence in the industry through standardized reporting of geothermal information and is to help investors overcome the fear of the unknown.
The key “High Level” Objectives (set by the CGCC):
- Provide a reporting basis that would be satisfactory to investors, shareholders, and capital markets similar to National Instruments 51-101 and 43-101 for the Canadian Securities Exchanges.
- To develop a Code that would be applicable to geothermal plays both in Canada and Internationally.
The main scope of the Code is:
- Intended for ALL publicly-listed geothermal producers (on TSX and TSX-V) and private companies.
- Focus on geothermal electricity generation (but applicable to direct use geothermal).
- Relevant to all geothermal plays, “Conventional” and EGS, either domestic or international.
What the code IS:
- A minimum set of requirements (and eventually mandatory set) for the public reporting of geothermal information.
- A break on over-promotion of geothermal assets (common transparent language).
- A structure for stakeholders (banks, utilities, governments, communities) to benchmark geothermal projects and companies.
What the code IS NOT:
- A step-by-step guide to evaluate geothermal assets (Lexicon in development by the CGCC, target launch in 2011).
- A “ranking system” for companies and projects – evaluation is based on the individual investor.
What the Code means to industry?
- Easier access to capital with understandable reporting terminology
- Easier access to utilities and thus PPA’s because of common understanding in resource capabilities
- Establish value for undeveloped assets – similar to Oil & Gas and Mining (consideration of what’s “in the ground”)
- Develop the TSX and TSX-V into the world’s premier geothermal exchange – similar to Oil & Gas and Mining
Media coverage:
- Renewable Energy World (February 2011): Transparency and Government Support will spur geothermal market growth (link: http://www.renewableenergyworld.com/rea/news/article/2011/02/transparency-and-government-support-will-spur-geothermal-market-growth?cmpid=rss)
Contact
For inquiries about the Canadian Geothermal Code for Public Reporting, please contact .(JavaScript must be enabled to view this email address)
