News
Jun 27, 2008Economist.com: The Future of Energy - Beneath your Feet
In the following article the economist.com talks about the potential energy generation capabilities from engineered geothermal systems, formerly known as hot-dry-rock systems. The article references the M.I.T. EGS study which CanGEA treasurer Michal Moore co-authored. The article also details some of the challenges EGS systems face such as impermeable rock in high heat area like granite.
In principle, much more could be done. The recoverable heat in rock under the United States is the equivalent of 2,000 years-worth of the country’s current energy consumption, according to a report he and his colleagues published two years ago. A similar assessment of Europe’s heat resources from the Earth suggests that they could be used to generate as much electricity as all of the continent’s nuclear power stations produce now.
http://www.economist.com/specialreports/displaystory.cfm?story_id=11565660
Jun 19, 2008
The TSX Venture 50: Canada’s Top Emerging Public Companies
For the third year in a row the TSX Venture Exchange will celebrate Canada’s top 50 emerging public companies with the announcement of the TSX Venture 50. Tonight the TSX Venture Exchange will showcase the outstanding companies in their respective fields. The TSX Venture 50 includes the top 10 companies in 5 major industries: Mining, Oil & Gas, Technology/Life Sciences, Cleantech and Diversified Industries. The ranking and placement was based on a formula that took into account one-year revenue, return on investment, market cap growth and trading volume. CanGEA platinum member Sierra Geothermal Power Corp (SRA) was named in the TSX Venture 50 under the Cleantech category. CanGEA bronze member Nevada Geothermal Power Inc (NGP) was also named in the Cleantech category.
To read the full release: TSX Venture 50
Sierra Geothermal Power Corp’s President and CEO Gary Thompson is a member of CanGEA’s Board of Directors, serving as the Vice Chairman. Sierra’s press release following this great achievement and honour can be found below.
Vancouver, British Columbia - Sierra Geothermal Power Corp. (SGP) (TSX-V: SRA), a renewable energy company focused on the exploration and development of geothermal resources, has been chosen by the TSX Venture Exchange as one of the top emerging public companies in the clean tech sector in the third annual TSX Venture 50.
SGP was ranked eighth of the top 10 performers in the clean tech industry and was recognized as a company that is setting the bar in the sector.
“It is a great honour to be listed as one of Canada’s top emerging companies in 2007,” said Gary R. Thompson, President and CEO. “I want to congratulate our board members, management team and employees, and thank our investors for their part in this remarkable achievement.”
To read Sierra Geothermal Power Corp’s Release: SGP in the TSX Venture 50
Jun 19, 2008
U.S. DOE seeks to invest up to US$90m in advanced geothermal technology and research
Today, the U.S. Department of Energy announced a funding opportunity of up to $90 million over the next 4-years to advance geothermal research, development and demonstration. The Department of Energy has $10.5 million available for immediate reward with the remainder being subject to change or Congress appropriations. The funding opportunity addresses the need for a better understanding of enhanced geothermal systems (EGS), the funding hopefully will help EGS reach commercial readiness.
The funding is open to industry and academia and is rewarded on a competitive basis. In 2008 up to $10.5 million is available, with $30-50 million available in 2009 and 2010 respectively. The Department of Energy anticipates making up to 26 awards this year.
The M.I.T. report entitled The Future of Geothermal Energy co-authored by CanGEA Board Member Michal Moore has increased public awareness of EGS and its enormous generation capabilities.
To read Environmental-Expert.com’s news release: U.S. DOE seeks to invest up to US$90m in advanced geothermal technology and research
Jun 18, 2008
SMU holds conference on geothermal energy
South Methodist University is holding its 3rd annual conference on industry utilization of geothermal energy. A by-product of drilling operations is hot water, which could be harnessed to generate electricity. The electricity could used to run well head pumps or potentially be sold to the grid. This application of geothermal energy is often referred to as co-produced fluids. PegasusNews.com based out of Dallas, Texas talks about this concept and the conference in the following article. CanGEA Executive Director and Chairman Alison Thompson and Education and Outreach Director Craig Dunn are in attendance at this conference.
Turns out one of the by-products of many drilling operations (in Texas and elsewhere) is plain ol’ hot water, which - through the use of existing binary pump technology - could be harnessed and used to generate electricity, both to run the well head pumps and (if linked in sufficient quantity with other such pumps) send surplus power back into the grid. That equates to additional energy to outside users - just from the hot water that has heretofore been considered a nuisance by rig operators.
To read the full article: SMU holds conference on geothermal energy
Jun 16, 2008
BC Hydro’s Clean Power Call Request
British Columbia’s BC Hydro announced that they have officially issued a clean power call for B.C. clean energy producers. BC Hydro is asking power producers to submit proposals that collectively will add up to 5,000 gigawatt hours (GWh) of clean or renewable energy per year, enough to power up to 500,000 homes. This is a great opportunity for geothermal as well as other clean renewable energy sources to be realized in B.C.
To read the full article: BC Hydro’s Clean Power Call Request
Jun 13, 2008
Iceland Orders Five Geothermal Power Generation Plants
Iceland continued its world leadership in geothermal power generation by ordering five more geothermal power plants. Iceland purchased five 45 MW geothermal plants that will produce 225 MW of clean, renewable electricity in total. The new power plans will be built in a field outside of Reykjavik. Iceland generates nearly all of its power through renewable resources.
Reykjavik Energy (Orkuveita Reykjavikur) of Iceland has issued a turnkey order to Mitsubishi Heavy Industries, Ltd. (MHI), in a consortium with Balcke-Dürr GmbH, to build five 45 MW (megawatt) geothermal power plants, 225 MW in total, in the suburbs of Reykjavik. Deliveries of the plants will begin in October 2010 and be completed by February 2012. MHI has previously received several orders for geothermal plants for Iceland and the latest order brings the total number of the plants to the country to 15.
To read the full article: Iceland Orders Five Geothermal Power Plants