News
Mar 09, 2010ThermaSource, Inc., Signs Drilling Contract with Polaris Energy Nicaragua
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Mar 08, 2010Ontario Calls on Federal Government for Climate Change Leadership
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Mar 08, 2010Federal green strategy goes from bad to worse
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Mar 07, 2010BC Reopens Submissions for Geothermal Tenure Requests
For Immediate Release
Calgary, AB – March 7, 2010 – British Columbia’s Ministry of Energy, Mines and Petroleum Resources recently announced they will once again be accepting submissions for Geothermal Tenure requests. Previously the Ministry had been closed to such requests and had not issued a tenure permit since 2004.
This move signals a renewed committment to advancing the development of BC’s geothermal resources. Working with CanGEA and industry, the Ministry is striving to revise current legislation and streamline the geothermal tenure process. These actions should have a noticeable impact on the availability of land and the timely issuance of permits for the Province’s high quality geothermal resources.
Proponents are invited to submit their requests to the Ministry prior to April 1, 2010.
Together, CanGEA and its members can impart far more change than any single company. Join CanGEA and help us put Canada’s geothermal resources to work!
For more information on the tenure request process, please visit BC Ministry of Energy, Mines and Petroleum Resources
David Gowland
Policy Director
Canadian Geothermal Energy Association
BC Announces $100M for Clean Energy Initiative
For Immediate Release
Calgary, AB – March 6, 2010 – The Canadian Geothermal Energy Association (CanGEA) is pleased to see BC follow through on their commitment to clean energy with the release of the Province’s 2010 Budget. An additional $100 million will be earmarked for Clean Energy initiatives such as new forms of electricity generation, including wind, solar, geothermal, tidal, wave, and run-of-river applications. The specific mention of geothermal energy is a clear sign of the Province’s interest in this clean, renewable energy source.
However, of the $47 million that has already been committed to clean energy projects, no funds have been contributed to geothermal power projects. With such a high quality geothermal resource in the Province, BC is losing out on the vast benefits of geothermal power – including its ability to replace base-load energy sources and support the Province’s goal of 100% renewable power generation.
Furthermore, the geothermal industry in BC continues to fight an uphill battle as incentives for the Oil & Gas and Mining industries put geothermal energy development at a disadvantage. These incentives include;
• The extension of the Mining Flow-through Share Tax Credit Program
• Oil & Gas Stimulus Package and Royalty Relief Program for natural gas producers
• $51M for Oil & Gas Rural Road Improvement Program
To level the playing field similar incentives must be extended to the geothermal industry.
While CanGEA welcomes the Clean Energy Initiative, there remains much work to be done to advance the development of geothermal energy resources within the province.
David Gowland
Policy Director
Canadian Geothermal Energy Association
Mar 04, 2010
2010 Federal Budget Leaves Much to be Desired
The 2010 Federal Budget has failed to commit additional resources to the geothermal industry. Of particular note is the lack of a successor to widely successful EcoEnergy for Renewable Power program which provided incentives for renewable power generation. This program is now fully subscribed and no new funding has been announced in today’s budget. Furthermore, the Federal Government has failed to include funding for geosciences exploration and mapping, as well as support for geothermal drilling and access to capital through loan guarantees. Amongst these omissions there were however some glimmers of hope for the industry, including;
- A commitment to improve regulatory review process for major energy projects
- Accelerated Capital Cost Allowance for Clean Energy Generation equipment (including geothermal)
- Canadian Renewable and Conservation Expenses, which can be fully deductable or transferred to investors using flow-through shares
Undeterred by today’s disappointing 2010 Budget, CanGEA will continue to work with Government bodies to improve policies and accelerate the development of Canada’s geothermal industry
For more information on the 2010 Federal Budget click here
Together, CanGEA and its members can impart far more change than any single company. Join CanGEA and help us put Canada’s geothermal resources to work!
Mar 04, 2010
CanGEA Geothermal Reporting Code Investment Seminar - Groundbreaking Success
March 4, 2010
The Canadian Geothermal Energy Association (CanGEA) would like to thank the speakers and attendees who participated in the Geothermal Code Investment Seminar and Reception, March 3rd, 2010, in Toronto, Ontario making this event a tremendous success.
The day began with CanGEA and some of its members joining Ungad Chadda, Senior Vice President, Toronto Stock Exchange to open the market celebrating the launch of the Canadian Geothermal Code for Public Reporting.
After a short break The Geothermal Code Investment Seminar and Reception commenced which brought together investors, financiers and key stakeholders in the geothermal power industry, offering attendees a clear perspective of how the code will affect businesses in the geothermal community by implementing concise guidelines and infusing clarity to the process of public reporting of geothermal resources and reserves.
The seminar provided attendees with a complete overview of the Geothermal Code aimed at improving investor confidence in the geothermal energy industry. Speakers addressed the technical and financial implications of code presenting attendees with a clear vision on how the code will enhance the geothermal industry and companies listed on the Canadian exchanges.
Notable attendees included: Magma Energy Corp., Sierra Geothermal Power Corp., Borealis GeoPower Inc., Caldera Geothermal, Enbridge Inc., Mannvit Engineering, Nexen, Borden Ladner Gervais LLP, and more.
CanGEA would also like to thank our sponsors Think GeoEnergy and CNW Group.
About CanGEA
CanGEA is a national industry association that works on behalf of our members to promote publicly listed companies on the Canadian exchanges as well as to facilitate the responsible and sustainable growth of high temperature geothermal energy in Canada, which, we believe, can provide competitive, emissions free, renewable, base-load energy to Canadians and export markets.
For more information, please contact
The Canadian Geothermal Energy Association
Nicole Robson
Marketing and Membership Director
.(JavaScript must be enabled to view this email address)
Nevada Geothermal Power Progress Report on Blue Mountain Resource and Faulkner 1 Debt Financing
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Mar 03, 2010Canadian Geothermal Energy Association Opens the Market
Alison Thompson, Chair and Founder, CanGEA & VP corporate Relations, Magma Energy and several CanGEA members including; Brian Toohey, Nexen, Lee Deibert, Meridian Environmental Inc, Gary Thompson, Sierra Geothermal Power Corp., Arnar Hjartarson, Mannvit Engineering, Dan Yang, Borealis GeoPower, John McIlveen, Jacob Securities Inc., Ian Tharp, Dundee Capital Markets, Tom Ryley, Beacon Head Energy Ltd., Peter Keeshan, Enbridge and Phillipe Tardif, Borden Ladner Gervais LLP joined Ungad Chadda, Senior Vice President, Toronto Stock Exchange, TMX Group to open the markets to celebrate the launch of the Canadian Geothermal Code for Public Reporting. The Code provides a minimum set of requirements for the public reporting of Exploration Results, Geothermal Resources and Geothermal Reserves. The Code will endeavour to provide a basis for transparency, consistency and confidence in the public reporting of geothermal information.
For more information about the code click here
Agent Of Change
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