News
May 10, 2010Nevada Geothermal Power Inc. - Record Power Production at Faulkner 1 and Financing Update
Nevada Geothermal Power Inc. (TSX.V: NGP, OTCBB: NGLPF) is pleased to provide the following update on its activities.
Blue Mountain, Faulkner 1 Geothermal Plant Output: The Faulkner 1 geothermal plant has been operating continuously since its restart on March 5th. For the period of April 1st to 30th, with cable repairs completed, output averaged approximately 37 MW (net) and plant availability was greater than 98%. Gross revenue generated for the month was approximately US$2.0 million.
The plant has achieved record electric power production over the past week, with peak outputs exceeding 53MW (gross) and with 41MW (net),, enough power to supply 40,000 homes, being delivered to the grid. The increased production was enabled by operational adjustments at the plant.
Construction work (pump installation, pipeline construction, and power line) is underway to connect production well 44-14 which is expected to raise potential plant output by a further 5-7 MW.
Following completion of the wellfield work in mid-June, NGP will be in a position to apply for a further ITC/cash grant to recover approximately $7M in costs.
Debt Financing Update: Work continues in earnest by the Company, its lender John Hancock, and the Department of Energy (DOE) on a senior debt financing of up to US$98M under the DOE's Commercial Technology Loan Guarantee Program.
Other Development Projects: The Company is preparing for production drilling in 2010, final feasibility studies in 2011, and for plant completion by the end of 2013 for the Pumpernickel and Crump Geyser Development Projects to position them for ITC/Cash Grants. At Pumpernickel, prerequisite technical surveys have been completed and three production/injection wells are sited and fully permitted. At Crump Geyser, an aeromagnetic survey has recently been flown to define target structures. Permit applications have been filed for temperature gradient, reservoir confirmation and production wells. Initial well permits are expected shortly
About Nevada Geothermal Power Inc.:
Nevada Geothermal Power Inc. is an emerging renewable energy producer and developer focused on producing clean, efficient and sustainable geothermal electric power from high temperature geothermal resources, in the United States. NGP currently owns a 100% leasehold interest in four properties: Blue Mountain, Pumpernickel, and Black Warrior, in Nevada, and Crump Geyser, in Oregon. These properties are at different levels of exploration and development. NGP estimates a potential of between 150 MW and 300 MW from its current leaseholds.
Nevada Geothermal Power Inc.
Brian D. Fairbank, P. Eng.
President & CEO
http://www.nevadageothermal.com
Investor Inquiries:
Paul Mitchell
Nevada Geothermal Power Inc.
Telephone: 604-688-1553 X118
Direct Line: 604-638-8784
Toll Free: 866-688-0808 X118
Email: .(JavaScript must be enabled to view this email address)
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect our current belief and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. We undertake no obligation to update or advise in the event of any change, addition, or alteration to the information catered in this Press Release including such forward-looking statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
May 06, 2010
CANGEA REFLECTS ON AUSTRALIAN GEOTHERMAL INDUSTRY SUPPORT
AUSTRALIAN GEOTHERMAL INDUSTRY ENCOURAGED BY TAX WIN
The Canadian Geothermal Energy Association (CanGEA) congratulates the Australian government in their support for the Australian geothermal energy industry. Announced Sunday, the government of Australia has committed $1.1 billion (A$) to the Australian geothermal energy industry in the form of tax credits and rebates. Effectively, the program will enable geothermal developers in Australia to write-down the capital intensive exploration costs of geothermal development. While envious of the Australian industry advantage, CanGEA notes that this latest announcement may help put greater pressure on the Canadian government to support the industry.
"[The tax break is] what we asked for and we are very pleased," said Susan Jeanes, Head of the Australian Geothermal Energy Association in a statement. The Canadian Geothermal Energy Industry has repeatedly requested similar support from the Canadian federal government but has yet to see any financial support at this level. Like other renewable energy alternatives, the geothermal industry was disappointed by the federal government’s 2010 Budget which scrapped the EcoEnergy for Renewable Power Program. Although this disappointment is nothing new for the geothermal industry as it was excluded from eligibility in the legislation and has never received any funding from these programs.
“There is a real disconnect between the ambitions and policies of the federal government here in Canada” said David Gowland, Policy Director for CanGEA. “They have set goals of achieving 90% non-emitting power generation by 2020 but at the same time have cut funding for the renewable energy industry”. While the Canadian geothermal industry faces an uphill challenge it is important to note that many of CanGEA’s members have received financial support outside of Canada, totalling more than $43 million in US Department of Energy grants. “A similar level of support from the Canadian government is long overdue” says Gowland.
Around the world, interest in the geothermal industry is rapidly increasing. Last week’s World Geothermal Congress saw over 2,500 participants from around the globe take part in the Bali, Indonesia week-long event. As demand increases for clean, renewable energy the geothermal industry will continue to experience the rapid growth with global installed capacity set to double within the next five years. For Canada’s rich untapped geothermal heritage this represents a vast resource – yet one that will remain unutilized in the absence of strong government support.
About CanGEA: CanGEA is a national industry association that believes we can provide competitively priced, emissions free, renewable, base-load energy to Canadians and to U.S. export markets. CanGEA works on behalf of our members to facilitate the growth of geothermal power projects and promote publicly listed companies on the Canadian Exchanges.
Start the conversation online: Tell Us Your Thoughts
Contact: David Gowland - .(JavaScript must be enabled to view this email address)
Policy Director, Canadian Geothermal Energy Association
May 05, 2010
Magma Energy Issued Maule Exploitation Permit In Chile
Vancouver, B.C., Canada, May 5, 2010 - Magma Energy Corp. (TSX:MXY) announces that it has been issued an exploitation permit enabling development of a 50 MW geothermal operation on the 4,000 hectare Laguna de Maule (Maule) property, 300 km south of Santiago, by the Government of Chile. Maule adjoins the 100,000 hectare Pellado property and together these properties encompass the Mariposa Geothermal Reservoir upon which Magma previously reported a 320 MW Inferred Resource.
Magma is currently drilling the second of five slim holes wells into the Mariposa Reservoir. The first well drilled in 2009 discovered temperatures greater than 200°C at a depth of approximately 650 meters. The 2010 slim hole program, plus related work, commenced in March and is expected to conclude by December at a cost of US$15 million. The target depth of each of the four slim holes is 1,500 meters. Drilling results will provide sufficient information for Magma to complete more detailed evaluation of the planned Phase 1 50 MW geothermal power plant. Mariposa is within 25 km of two planned hydro power plants and associated transmission lines.
Dr. Catherine Hickson, Magma's Vice President Exploration and Chief Geologist, said, "This geothermal exploitation permit will enable us to proceed directly to construction of our operating plant once we complete our drilling program and studies on detailed capital and operating costs and environmental impacts. I look forward to seeing continuing positive results at Maule in the months ahead."
About Magma Energy Corp.
Magma Energy Corp. is a geothermal power company which operates, develops, explores and acquires geothermal energy projects. We have an extensive portfolio of properties throughout the western United States, Iceland and Latin America, including one operating power plant in Nevada and an interest in two operating power plants in Iceland.
About the resource estimate:
The resource estimate has been prepared in accordance with The Canadian Geothermal Code for Public Reporting (the "Code") 2010 Edition, published by the Canadian Geothermal Energy Association. The report was prepared by Philip James White who is responsible for its content. Dr. White, a Senior Geologist with SKM, is a "Qualified Person" under the Code, a member of the Society of Economic Geologists and is independent of Magma.
For further information please contact:
Alison Thompson, Vice President, Corporate Relations
Magma Energy Corp.
Phone: 604.646.1882
Email:athompson@magmaenergycorp.com
May 04, 2010
Ram Power signs letter of intent for the sale of 150 MW from Nicaragua geothermal concession
RENO, NEVADA- (May 4, 2010) – Ram Power, Corp. (TSX: RPG) ("Ram Power"), through its wholly owned subsidiary Polaris Geothermal, Inc., has entered into a Letter of Intent (the "LOI") with Disnorte-Dissur, a Gas Natural Fenosa company ("Disnorte-Dissur") to negotiate a Power Purchase Agreement (the "PPA") for energy that will be produced by a new geothermal power plant under development in Nicaragua.
Under the LOI, Disnorte-Dissur, an energy provider in Nicaragua, will purchase up to 157 megawatts (MW) of power to be developed from Ram Power’s Casita San Cristobal geothermal concession (the "Casita Project"). Both final capacity and power rate figures are subject to approval by the Nicaraguan Ministry of Energy and the electricity regulator. The PPA is expected to be signed in 2010.
The Casita Project is located in northwest Nicaragua in the department of Chinandega. Exploration drilling of the Casita Project is expected to begin later this year. Energy deliveries to Disnorte-Dissur will be in several phases beginning in 2013.
"Ram Power is pleased to expand our development plan by furthering the conversion from oil based power in Nicaragua into a renewable based, cost effective operation," said Mario Arana, Director of Ram Power. "Developing the world class geothermal resources of Casita San Cristobal will not only provide jobs, but will also help reduce the cost of power for the citizens of Nicaragua."
Mr. Arana went on to say that, "building upon our experience with the San Jacinto-Tizate Project, this agreement demonstrates the strong market demand for clean, renewable energy, as well as Ram Power’s commitment to its continued growth as an international supplier of geothermal power."
About Ram Power, Corp.
Ram Power is a renewable energy company based in Reno, Nevada, engaged in the business of acquiring, exploring, developing, and operating geothermal power properties. It has interest in geothermal projects in the United States, Canada, and Latin America.
Steven Scott, Director of Investor Relations
Ram Power, Corp.
Phone +775-398-3711
Email: .(JavaScript must be enabled to view this email address)
www.ram-power.com
Cautionary Statements
This press release contains "forward-looking information" within the meaning of applicable securities laws including information regarding the business of Ram Power. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by this information. The statements in this press release are made as of the date of this release. Ram Power undertakes no obligation to update forward looking information, other than as required by law, or comment on analyses, expectations or statements made by third-parties in respect of Ram Power, or its financial or operating result or its securities.
May 03, 2010
CANADIAN GEOTHERMAL ENERGY ASSOCIATION SEES OPPORTUNITY IN BRITISH COLUMBIA’S CLEAN ENERGY ACT
The Canadian Geothermal Energy Association (CanGEA) welcomes British Columbia’s recently released Clean Energy Act and sees opportunity in its ambition. The Act, which has drawn fire for skirting Utility Commission approval on major energy projects, will have greater Ministerial authority to advance renewable energy projects while providing clean and reliable power for the province.
"The new Clean Energy Act opens the way to an exciting new age of economic growth and job creation by unleashing British Columbia’s full potential in clean energy" said Premier Gordon Campbell. Indeed there is great potential in the province’s renewable energy sector to provide clean energy for tomorrow while creating jobs for today – particularly in the geothermal energy sector. As one of the few base-load renewable energy sources, geothermal power is poised to take advantage of the new Act to replace fossil fuel burning plants and aging hydro facilities.
Blair Lekstrom, Minister of Energy, Mines and Petroleum Resources echoed the Premier’s thoughts in saying "The Clean Energy Act builds on the work of the Green Energy Advisory Task Force with a new statutory framework to encourage new investments and jobs, strengthen BC Hydro and secure British Columbia’s power needs at low rates for generations to come". CanGEA members Craig Aspinall and Warren Brazier took part in the Green Energy Advisory Task Force which released their findings last week highlighting the vast potential for geothermal energy development in the province under the new Act.
The Clean Energy Act also acknowledges the tremendous opportunity for power export to the United States and neighbouring provinces and territories. In light of less favourable options, BC’s clean, renewable energy is a highly sought after commodity that other jurisdictions are eager to tap into. For geothermal power there is an added benefit as the industry has the capability of exporting not only power but also capacity – something other energy sources such as hydro cannot to do due to resource foreign ownership concerns.
CanGEA, on behalf of its members, will continue to play an active role in attracting policy reform and incentives to advance the geothermal energy industry within the province and Canada. The Green Energy Act is an important step in promoting the sustainable and responsible development of BC’s clean energy resources.
For a copy the BC Clean Energy Act please click here.
For a copy of the Green Energy Advisory Task Force report please click here.
