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Aug 05, 2010The Power Within – Geothermal Energy Comes of Age
Featured on www.globe-net.com
GLOBE-Net, August 2, 2010 - Next week hundreds of energy experts from around the world will gather in Vancouver to discuss one of the least understood, but potentially the most powerful forms of clean energy. They will be attending the Third Annual Conference and Trade Show of the Canadian Geothermal Energy Association (CanGEA).
Geothermal means earth-heat. Its origins stem from the very formation of our planet, in particular from the radioactive decay of minerals and from solar energy absorbed at the surface. In use for bathing since Paleolithic times and for space heating since ancient Roman times, geothermal energy is now better known for generating electricity.
Around the world it is estimated that over 10,715 megawatts (MW) of geothermal power capacity is online in 24 countries. It is expected 67,246 gigawatts (GWh) of electricity will be generated from geothermal sources in 2010.
A gigawatt - equal to one billion watts - is the energy measure used for large power plants or power grids. For example, in 2009, the installed capacity of wind power in Germany was 25 GW.
Theoretically the Earth's geothermal resources are more than adequate to supply humanity's energy needs, but only a very small fraction may be profitably exploited, largely because drilling and exploration for deep energy resources is very expensive.
Low-temperature, near-surface geothermal power is a renewable energy source available across Canada that can be used for heating and cooling almost any type of building. More than 35,000 "earth energy" or "geo-exchange" systems are already in use. Experts expect that many thousands more will be installed in the near future.
There have been some medium-temperature geothermal resources used for space heating in British Columbia and Nova Scotia, but deeper, higher-temperature geothermal resources that could produce electricity are found mainly in British Columbia. There are no geothermal electric projects operating in Canada at present, but one B.C. project is under development.
Next week's conference will not cover low or medium temperature geothermal applications. Rather it will focus on harness the vast potential of deep high temperature geothermal resources.
Canada is the only country along the Pacific Rim of Fire that has not developed this base load producing resource and the CanGEA event will seek to highlight the fact that technology is rapidly changing the cost structure of harnessing this resource.
The reliability of geothermal electric power delivery to the grid exceeds 90% on average, making it a suitable substitute for other base-load power producers such as coal.
Yet, despite the abundance of geothermal power potential, it's a renewable energy source that few fully understand, for example when compared to energy from a windmill or from a hydroelectric dam.
In its simplest terms, geothermal energy uses the escaping heat from Earth's core as a means to heat water and produce electricity. By drilling deep into the earth we find temperatures suitably high to produce electricity. Therein is the problem. Drilling that deep is expensive and the upfront costs to produce heat from a geothermal unit whether for a single home or for an energy utility can be a major deterrent.
That is one of the many issues that will be discussed at the CanGEA gathering, which will look at Canada's geothermal resource potential and market opportunities. Also on the agenda will be issues pertaining to standards of reporting, emerging technologies to better harness geothermal heat, the availability of investment financing, and how to improve standards of geothermal system installations and maintenance.
Ross Beaty, Chairman and CEO Magma Energy Corp., a Vancouver-based global geothermal power company with properties throughout the western United States, Iceland and Latin America, will discuss Magma's reserves, resources and exploration results according to the Geothermal Reporting Code.
The Geothermal Code for Public Reporting proposed by CanGEA provides a minimum set of requirements for the public reporting of exploration results, geothermal resources and geothermal reserves. The Code provides a basis for transparency, consistency and confidence in the public reporting of geothermal information, which is vital for promoting investment financing.
Doug Tingey, a Partner with Borden Ladner Gervais LLP., one of the conference sponsors, will discuss the carbon credit markets and the potential for geothermal.
CanGEA is actively engaged in a number of initiatives to facilitate the responsible and sustainable growth of high temperature geothermal energy in Canada, which, which has the potential to provide competitive, emissions free, renewable, base-load energy to Canadians and for the export market.
One of the key initiatives is to work with federal and provincial authorities to develop regulations based on global geothermal best practices and standards.
CanGEA is also pursuing policies to promote financing for geothermal exploration and research, better tax treatment, renewable portfolio standards and feed-in tariffs related to geothermal power.
Also high on the agenda are public education programs to develop a better public awareness of geothermal resources and the positive economic, environmental and social impacts of geothermal energy.
Magma Energy and other members of CanGEA are encouraged that awareness is growing for geothermal energy. There is a great deal of potential all around the world, including our own backyard here in B.C.
However, access to land tenure is practically non-existent in Canada versus other countries where the value of this form of renewable energy is more widely recognized. Once that changes, Canada could take on a higher profile on the geothermal world stage.
In particular, as more Canadian and U.S. utilities respond to policy requirements for larger shares of electricity from 'green energy' sources, power from stable and reliable geothermal sources will become more in demand.
With this increased demand will come more jobs, which is an attractive bonus for government policy makers. CanGEA estimates that every 1,000 megawatts of geothermal energy capacity added to the power supply generates 6,000 person years of manufacturing and construction employment and 1,800 permanent jobs.
There are at least 5,000 megawatts of high temperature hydrothermal potential currently available in BC, Alberta and the Yukon alone. The development of Engineered Geothermal Systems (EGS) and offshore geothermal projects would greatly increase this potential, as would co-production of power from hot water used in mining and petroleum applications.
Canada is the only country along the Pacific Rim of Fire that has not developed this base load producing resource and the CanGEA event will seek to highlight the fact that technology is rapidly changing the cost structure of harnessing this resource.
The energy from within the earth is definitely a power source that has come of age, and the results of next week's conference will be worth watching.
Aug 03, 2010
Magma Energy Announces Extension in Deadline to Hold Annual Meeting
VANCOUVER, Aug. 3 /CNW/ - Magma Energy Corp. (TSX: MXY) ("Magma" or the "Company") today announced that it has extended the deadline for holding its annual general meeting from September 2, 2010 to December 2, 2010 in order to provide sufficient time for the Company, and its external auditors, to finalize the Company's audited annual financial statements.
The Company held an annual general meeting on June 2, 2009 prior to its initial public offering. Pursuant to corporate law, the Company is required to hold its annual general meeting for the year ended June 30, 2010 on or before September 2, 2010. This requirement does not provide sufficient time to prepare audited annual financial statements and to meet the filing and mailing requirements under applicable securities laws. The Company has already sought and received the acknowledgement and consent of the Registrar of Companies of British Columbia with respect to the extension to the deadline for holding its annual general meeting. The Toronto Stock Exchange has also indicated that it has no objections in Magma extending the deadline. The extended meeting deadline will allow the Company to meet certain filing and mailing requirements under applicable securities laws relating to the Company's audited annual financial statements.
About Magma Energy Corp.
Magma Energy Corp. is a global 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 a significant interest in two in Iceland.
For further information: Alison Thompson, Vice President, Corporate Relations, Magma Energy Corp., Phone: 604.646.1882, Email: .(JavaScript must be enabled to view this email address)
Aug 03, 2010
RAM POWER ANNOUNCES RELEASE DATE FOR 2010 SECOND QUARTER RESULTS
RENO, NEVADA- (August 3, 2010)– Ram Power, Corp. (TSX: RPG) ("Ram Power"), today announced that it will release its financial statements for the fiscal quarter ended June 30, 2010 on Thursday, August 12, 2010. The management will discuss second quarter 2010 financial results and other matters during a conference call and live audio webcast on Friday, August 13, 2010 at 10:00 am ET (7:00 am PT).
The live audio call will be accessible at 888-789-9572 by entering the participant pass code 6036830.
The live audio webcast will be accessible at http://bellwebcasting.ca/audience/index.asp?eventid=52390688
An archived version of the webcast will be available for three months following the call. To listen to a recording of the call by telephone, call (800) 408-3053. Use the conference call access code 2428707. The audio instant replay will be available until September 13, 2010.
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 properties and 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 Statement
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 results or its securities.
