News
Sep 01, 2011CanGEA To Open The TSX As Part Of It’s 4th Annual Conference And Investment Forum
Press Release - Calgary, August 31, 2011
The Canadian Geothermal Energy Association to open the Toronto Stock Exchange as part of CanGEA’s 4th Annual Conference and Investment Forum, in Toronto/ Ontario, September 14-15, 2011
With now less than two weeks to go until representatives from the Canadian and international geothermal energy industry are meeting in Toronto for CanGEA’s 4th Annual Conference and Investment Forum, CanGEA is now releasing the final agenda for the conference.
On the first day of the conference, representatives from the Association and industry participants will be opening the Toronto Stock Exchange.
“While the geothermal power players listed on the Toronto Stock Exchange have seen a difficult start into the year, recent project updates on the progress of development to bring clean geothermal power to the market are promising signs of a positive outlook for the industry”, so Alexander Richter, Director at CanGEA.
On the first day of the conference development, marketing & media, drilling and direct use of geothermal energy are key topics. Canadian and international developers will speak about geothermal development in Canada, the U.S., South America and Asia. For the first time at a geothermal energy event, marketing aspects of promoting geothermal energy and geothermal energy activities will be discussed to evaluate what the industry can do better to promote geothermal energy and its potential. Two other sessions will then look at geothermal drilling and the direct use potential for geothermal are
A recent report by the Geological Survey of Canada and a team of leading scientists in the field of geothermal energy highlights the “enormous geothermal energy resources that could supply Canada with a renewable and clean source of power”. So we are proud to have the Geological Survey of Canada represented speaking about the report and the potential for geothermal in Canada on day two. Other topics are then geothermal research activities and education in Canada, geothermal policy and power systems options for geothermal projects.
The second half of day two will then be our annual Investment Forum with presentations on the Canadian Geothermal Reporting Code, geothermal exploration risk insurance and geothermal financing.
For the conference, we have been able to attract high-level speakers from Canada, the United States, Iceland, Switzerland, Indonesia and Argentina to present their companies and activities.
The full agenda of the conference and registration via www.cangeaevents.ca/toronto
Among the high-level conference speakers are executives of the following companies: Alterra Power Corp., Jacob Securities, Star Energy, Estrella International Energy Services, Toronto Star, Glacier Securities, Pratt & Whitney, MunichRE, Borealis GeoPower, CanGEA, Ormat Technologies, Íslandsbanki, Axpo AG, DEEP Earth Energy Production, Technip, Ram Power, TAS Energy and U.S. Geothermal.
The conference provides a great networking opportunity and also a good insight in the current situation of geothermal development in Canada and internationally.
We thank our sponsors Scientific Drilling, Estrella International Energy Services, Yukon Energy, and DEEP Earth Energy Production, who help us hold the conference.
We also thank our media partners: CNW group, ThinkGeoEnergy.com, Bloomberg New Energy Finance, Energyknows, North American Clean Energy, altenergymag.com and LowCarbonEconomy.com
Geothermal Energy in Canada
With the expected resource potential of Canada – as confirmed by the Geological Survey of Canada - electricity generated by geothermal energy could replace approximately 10 nuclear power plants and provide up to 10% of Canada’s current total electricity generation. It could provide more than 9,000 permanent jobs and approximately 30,000 temporary jobs in manufacturing and construction.
The industry represents a $25 billion market opportunity for companies willing to participate in the growth of the industry, despite current development being scarce and small scale.
Canadian developers, technology and service firms are active globally and represent a strong share of development activities in the U.S., but also in South America, Europe, Australasia and elsewhere.
Upcoming CanGEA events
· CanGEA’s 4th Annual Conference and Investment Forum in Toronto, Ontario, September 14-15, 2011. Details about the event can be found at: www.cangeaevents.ca/toronto
· CanGEA’s Annual Geothermal Power Forum in Calgary, November 4, 2011. Details at: www.cangeaevents.ca/calgary
For more information contact:
Alexander Richter, CanGEA Director,
.(JavaScript must be enabled to view this email address)
Phone: (011) 354 618 5304
Website: www.cangea.ca
Aug 31, 2011
DEEP Earth Energy Production Corp. Signs MOU For Further Development In Saskatchewan
August 31, 2011 -SASKATOON, SASKATCHEWAN – DEEP EARTH ENERGY PRODUCTION CORP. Memorandum of Understanding with PetroBakken Energy Ltd.
DEEP is pleased to announce it has entered into a memorandum of understanding (“MOU”) with PetroBakken Energy Ltd. (“PetroBakken”) for exclusive rights to explore deep (i.e. Winnipeg and Deadwood Formations) non oil-bearing hot brine aquifers in southeast Saskatchewan for potential geothermal resource development. PetroBakken is one of the largest Petroleum and Natural Gas lease holders in the area and furthermore controls certain land for which DEEP has identified potential geothermal prospects (i.e. drill holes with bottom-hole temperature data that suggest the presence of hot (100 degree C) brine). One potential location available to DEEP for geothermal development is adjacent to a well with a bottom-hole temperature measured at 127 degrees Celsius from drillstem test data.
DEEP plans to work with PetroBakken to determine optimum locations for drilling successful geothermal wells, utilizing PetroBakken’s proprietary drill hole data, seismic and geological expertise in the area.
The MOU provides that any geothermal exploratory drill hole data for wells drilled on PetroBakken’s land by DEEP will be available to PetroBakken for its use in developing oil prospects, such data to include cores, wireline logs, drillstem tests or swab testing. Specific tests for oil and gas evaluation will be paid for by PetroBakken at their full cost. The geothermal wells drilled by DEEP will be owned by DEEP for conversion to geothermal power production. The location and drilling of wells is subject to the entering into of further definitive agreements between DEEP and PetroBakken.
In addition to DEEP’s original 9 sections of land, obtained through the Government of Saskatchewan’s Lease of Space Agreement, the MOU with PetroBakken gives DEEP the potential to access a very substantial land position and further geothermal prospects in southeast Saskatchewan.
For more information, please contact:
Kirsten Marcia, President & CEO
(306) 261-6979
.(JavaScript must be enabled to view this email address)
Aug 24, 2011
Neal Hot Springs 25 MW Project Expected To Come Online In Late 2012
In a public briefing, U.S. Geothermal gave an update on the development of its Neal Hot Springs project in Idaho.
“A public-private collaboration, Idaho’s US Geothermal Inc., equity investor Enbridge Inc. and the US Dept. of Energy joined together to complete financing of the $130-million Neal Hot Springs project, which is expected to come online in late 2012 with a capacity of 25 megawatts (MW).
Located near the eastern Oregon town of Vale, Neal Hot Springs’ geothermal resource resides at a depth of some 2,800 feet below the earth’s surface where a reservoir of hydrothermal fluid ranges in temperature from 311-356 degrees Fahrenheit.
A $96.8 million low-interest loan guarantee through the US Dept. of Energy’s Loan Programs Office paved the way for the project to move forward. The loan guarantee falls under the Dept. of Energy’s Title XVII program, which was created with the passage of the Energy Policy Act of 2005. The Federal Financing Bank will fund the loan, which makes up 3/4 of the project’s financing. Enbridge Inc.’s equity investment provides the remaining financing and equity base.
Project partners were joined by Oregon Senators Ron Wyden and Jeff Merkley, and Idaho Senator Mike Crapo in Boise, Idaho August 19 as they gave a public briefing on the project.
Wyden praised the federal government’s pivotal role in the zero-emissions, renewable energy project, which will tie-in to the Pacific Northwest power grid, while Dept. of Energy Loan Programs Office executive director Jonathan Silver officials and private sector partners highlighted the innovative technology that will be used, as well as the green jobs and work that will be generated in the US.
US Geothermal expects that some 95% of power plant’s infrastructure and parts will be supplied by US-based manufacturers. Houston’s TAS Energy, Inc. is providing high-efficiency modular energy systems for the geothermal plant. Approximately 150 construction jobs and over a dozen permanent jobs are expected to be created during the project’s 18-month construction phase.
US Geothermal’s largest geothermal power plant project to date, management intends to continue efforts to better define the full extent and size of Neal Hot Spring’s geothermal resource base with an eye towards determining if power generation could be expanded.
“Developing our nation’s energy resources is a critical step to put Americans back to work and allow our nation to become more energy independent,” Idaho Senator Mike Crapo said. “I have worked with my Senate colleagues to sponsor three bills that promote and expand the use of geothermal energy and I am proud that an Idaho-based company, U.S. Geothermal, and resources from Northwest states, including Idaho, are leading the way in the advancement of geothermal energy in the U.S.”
Executive director of the Renewable Northwest Project Rachel Shimshak linked the Neal Hot Springs project to the region’s pioneering role in developing large-scale hydropower resources generations ago. “The Northwest region has a long history of tapping our abundance of renewable energy resources, and the Neal Hot Springs project is an exciting new example of vision and smart clean energy investment,” Shimshak said.
“We applaud U.S. Geothermal for this significant milestone, marking a major step in our region’s forward push toward a clean energy future. Our communities, environment and local economies will equally benefit.”
Source: Clean Technica
Aug 24, 2011
Canadian Scientists And Academics Found Canadian Geothermal Research Council (CanGRC)
On August 9, 2011, the Canadian Geothermal Research Council was officially launched by a group of enthusiastic geothermal scientists and students from Canada.
The official release by CanGRC: “Geothermal technologies are clean and reliable energy sources that take advantage of the thermal properties of the Earth’s subsurface for direct use heating and cooling applications and electricity generation.
Canada has already begun to utilize these technologies for heating and cooling purposes; however, it remains one of the only countries on the Pacific Rim to not produce electricity from geothermal resources. Studies released by the Geological Survey of Canada show these untapped subterranean resources to be vast, and new reservoir technologies may make geothermal electricity generation feasible nation-wide. Needless to say, geothermal research in Canada is a pertinent and stimulating field of study.
The Canadian Geothermal Research Council (CanGRC) is a voluntarily-run organization dedicated to serving Canada’s geothermal research community. It does not exist as a government lobby group, nor is it intended to represent a unified voice of the research community. Rather, CanGRC exists to raise awareness about geothermal research in Canada, to showcase Canadian geothermal research and to elevate communication within the research community.
CanGRC is a recent initiative by 3 graduate students from across the country – Ryan Libbey (McGill University), Yuliana Proenza (University of British Columbia) and Lena Patsa (University of British Columbia).
CanGRC operations are guided by an esteemed Board of Directors, which includes geothermal scientists from academic, government and industry positions. Currently serving on this Board is Dr. Grant Ferguson (St. Francis Xavier University), Dr. Catherine Hickson (Alterra Power Corp.), Mr. Craig Dunn (Borealis Geopower) and Dr. Steve Grasby (Geological Survey of Canada/Natural Resources Canada/University of Calgary).”
“The Canadian Geothermal Energy Association, the collective voice of the Canadian geothermal energy industry, supports the efforts of CanGRC and congratulates the Canadian geothermal research community to the foundation of this geothermal research focused sister organization. We are glad to join forces in promoting geothermal energy research and development in Canada and gladly signed a Memorandum of Understanding highlighting the close relationship with CanGRC. We are looking forward working in close collaboration to bring geothermal power development to Canada”, said Alexander Richter, Director of the Canadian Geothermal Energy Association (CanGEA).
In an effort to connect and inform Canada’s geothermal research community, CanGRC utilizes several media outlets:
- A bi-annual newsletter, the CanGRC Review, which accepts contributions from professional and student sources related to Canadian geothermal research (www.cangrc.ca/publications.html).
- An interactive website (www.cangrc.ca) that includes news updates, an online forum, internship/job postings, useful resources for geothermal research and more.
- Social media platforms such as LinkedIn and Twitter.
Membership to CanGRC is completely free and includes a subscription to the bi-annual newsletter. CanGRC encourages everyone interested in geothermal research to join – simply follow this link (www.cangrc.ca/members.html) and fill out the form. Feedback via .(JavaScript must be enabled to view this email address).
Be sure to visit our booth at the Canadian Geothermal Energy Association’s 4th Annual Conference and Investment Forum in Toronto (Sept 14-15, 2011, www.cangeaevents.ca/toronto/). Hope to see you there.
Aug 24, 2011
DEEP Earth Energy Production Corp. Announces Private Placement
Canadian developer DEEP Earth Energy Production Corp. announces a non-brokered private placement – of up to C$1,500,000 (US$1.52 million)
In the release the company reports: “The offering consists of up to 7,500,000 common Class “A” voting shares in the capital of the Corporation (each a “Common Share”) priced at $0.20 per share, for total proceeds of up to $1,500,000.
The Corporation plans to use the net proceeds of the Offering to engage a consulting firm for geothermal project management, for land acquisitions and additional exploration, and for general working capital purposes.
The Offering is expected to close on or around September 22, 2011.
Recent major milestones have enabled DEEP to move ahead with project planning and its goal of power production by 2013. The completion of a Lease of Space agreement with the Saskatchewan Ministry of Energy and Resources has provided an initial exclusive location for geothermal power development. The Company was also successful in being accepted into SaskPower’s Green Options Partners Program.
Additional information and presentation of the company’s recent Annual General Meeting see: www.deepcorp.ca
Aug 23, 2011
Geothermal Power Picks Up Steam
Source: TheOTCInvestor.com On Thursday August 18, 2011
Ormat Technologies Inc. (NYSE: ORA), the largest producer of geothermal power in the world, reported higher revenues and a record $225 million backlog during the second quarter. These promising developments have also boosted hopes for Nevada Geothermal Power Inc. (OTCBB:NGLPF, TSX-V:NGP), Alterra Power Corp (CVE: AXY), U.S. Geothermal Inc. (AMEX: HTM) and Ram Power Corp (TSE: RPG).
Key Highlights
Picking Up Steam - The geothermal power industry appears to be picking up steam after industry leader Ormat Technologies Inc. (NYSE: ORA) reported a record backlog and its largest ever order from New Zealand worth more than $130 million.
Significantly Undervalued - The geothermal industry appears significantly undervalued due to a basic lack of investor understanding. For instance, companies like Nevada Geothermal Power Inc. (OTCBB: NGLPF, TSX-V:NGP) are trading with a valuation of less than $6/W installed.
Now's the Time to Buy - Given these two factors, investors may want to consider taking a stake in the geothermal power industry. Those looking for an industry leader may want to check out ORA, while those looking for a value play may want to see NGLPF.
Strong Interest Seen in Geothermal Worldwide
Last quarter, Ormat Technologies Inc. (NYSE: ORA) received the largest order in its 46-year history from New Zealand. The $130 million contract highlights the fact that geothermal energy is rapidly replacing other forms of conventional and even renewable energies. Similar evidence can be seen in a recent $410 million loan to build a 340-megawatt geothermal plant in Sumatra, Indonesia.
Geothermal energy is considered one of the most cost effective sources of power on the planet, with more than half of the total costs being for initial drilling. The typical breakeven point for a geothermal power plant in 2007 was approximately $0.054 per kWh, while the average cost of U.S. residential electricity was $0.12 per Kwh in 2009, leaving a healthy long-term profit margin.
Lack of Understanding Yields Cheap Valuations
Despite the growth and effectiveness of geothermal power, there are only five companies operating in the space that are publicly traded either in the United States or Canada, including Ormat Technologies Inc. (NYSE: ORA), Nevada Geothermal Power Inc. (OTCBB: NGLPF, TSX-V:NGP), Alterra Power Corp (CVE: AXY), U.S. Geothermal Inc. (AMEX: HTM) and Ram Power Corp (TSE: RPG).
Many of these stocks are significantly undervalued due to a lack of investor understanding, trading with almost no value given to their underground assets. Meanwhile, companies like Nevada Geothermal Power Inc. (OTCBB: NGLPF, TSX-V:NGP) are trading with a valuation of just $6/W installed, which is significantly less than the valuations seen in the solar and wind industry.
A Great Time to Invest in Tomorrow's Energy Industry
With heightened interest in geothermal power and low valuations, investors may want to consider taking a stake in the industry. Those looking for a safe industry leader may want to check out Ormat Technologies Inc. (NYSE: ORA), while those looking for a deep value play that carries a little more risk may want to see Nevada Geothermal Power Inc. (OTCBB: NGLPF, TSX-V:NGP).
Aug 15, 2011
Last Day Of Early Bird Registration For CanGEA’s Annual Conference, Toronto, Sept 14-15
Last Day Of Early Bird Registration For CanGEA's Annual Conference, Toronto, Sept 14-15
Aug 05, 2011
Deep Earth Energy Production Corp.Receives Its First Exclusive Area For Geothermal Power Development
In a release by the company yesterday, Canadian DEEP EARTH ENERGY PRODUCTION CORP. announces, ”that it has received its first exclusive area for geothermal power development from the Saskatchewan Ministry of Energy and Resources.”
“This is great news as yet another geothermal company in Canada moves on the development of geothermal power projects, and we congratulate our member company Deep Earth Energy Production Corp. on this milestone step for the company.”, says Alexander Richter, Director of the Canadian Geothermal Energy Association.
This follows great news from the Geological Survey of Canada’s recently release report on the “enourmous geothermal potential of Canada” and the record geothermal permit sale in the province of British Columbia in July of this year. To hear more about development in Canada from two of the companies developing projects in the country by Tim Thompson of Borealis GeoPower and Kirsten Marcia of Deep Earth Energy Production Corp.
The property is secured in a Lease of Space Agreement where The Minister has leased to DEEP all rights and interests in the spaces, which may be found to exist from the top of the Winnipeg Formation to the base of the Deadwood Formation. The project area is located in Southeast Saskatchewan, west of Estevan, and totals 5,920 acres (~9.5 sections). Total rental fees for this project area are less than $10,000/year.
The lease is a 15 year term, renewable for another 15 years if the geothermal project continues to produce electricity for commercial sale and is in compliance will all acts and regulations.
An initial estimate from an independent technical report prepared by Borealis Geopower suggests the potential for ~ 5MW of electrical generation at this site.
In addition to this initial site, DEEP is partnering with several Calgary-based oil and gas companies to gain exclusive rights to all non-oil bearing hot aquifers. Based on the size of the land that DEEP will have exclusive access to, it is estimated that 100s of MWs are potentially available for geothermal power development in this region.”
This follows great news from the Geological Survey of Canada’s recently release report on the “enourmous geothermal potential of Canada” and the record geothermal permit sale in the province of British Columbia in July of this year. To hear more about development in Canada from two of the companies developing projects in the country by Tim Thompson of Borealis GeoPower and Kirsten Marcia of Deep Earth Energy Production Corp. at CanGEA’s Annual Conference and Investment Forum in Toronto, September 14-15, 1022
Aug 05, 2011
Ormat Technologies, Inc. Announces The inauguration Of The 42 MW Las Pailas Geothermal Power Plant
Ormat Technologies, Inc. (NYSE: ORA) announces that a second Ormat designed and manufactured geothermal power plant was inaugurated last week in Las Pailas, Costa Rica.
Under a contract with Banco Centroamericano de Integración Económica "BCIE", Ormat supplied all the power equipment, supervised the installation and conducted the testing and start-up of the 42 MW power plant. The field development and the construction were executed by the Instituto Constarricense de Electricidad ("ICE"), the Costa Rican National Electricity and Telecommunications Company which will operate the plant.
The inauguration by BCIE and ICE was attended by H.E Laura Chinchilla Miranda President of Costa Rica, Mr. Teofilo de La Torre, former Minister of Energy and recently nominated Executive President of ICE – Costa Rica's national power utility company, other members of the government, Dr. Nick Rischbieth President of BCIE and many distinguished dignitaries.
The Las Pailas is the second geothermal power plant supplied to Costa Rica using Ormat Binary Technology.
Ormat's Chairman, Lucien Y. Bronicki commented : "We are very pleased to continue our collaboration with ICE which started with the 18 MW Miravalles Unit 5 in 2004 . The Las Pailas plant demonstrates the trust that ICE and BCIE have in Ormat and its Binary Technology".
Aug 05, 2011
Ormat Completes Its First Commercial Evaporative Cooling System In A Geothermal Power Plant
Ormat Technologies, Inc. (NYSE: ORA) announced today that it has completed the modification of the 20MW Burdette (Galena1) power plant into an Evaporative Cooling configuration.
This modification is another step in a multiyear research and development (R&D) program that tested different methods to implement evaporative cooling as well as the associated water treatment solutions.
Evaporative cooling allows increasing power generation from air cooled facilities by as much as 30% during the hot hours of the day.
The implementation of this system in the moderate to dry climates, especially in the High Desert, generates more energy per year than water cooled systems with a fraction of the water and chemical consumption of a traditional water cooled system.
From the consumer’s side the implementation of this system further increase the value of geothermal energy as it increases the available energy to the grid at “Summer Peak”, the hours of high demand, while maintaining it smooth and predictable dispatch curve which is not affected by temporary cloud coverage or changes to the wind regime.
Ormat currently operates approximately 180 MW in suitable climates and expects to add another 60MW in the near future. Ormat plans to implement the learning from the operation of the Burdette plant both in its existing fleet and in future installations.
