News
Oct 05, 2009DOE to Buy Waste Heat Geothermal Unit from Ormat Technologies
Every barrel of oil extracted in the US also produces TEN BARRELS of hot fluids in addition to the oil.
CanGEA member, Ormat Technologies, will be extracting wasted heat from oil extractions for the DOE which will provide geothermal energy to power their equipment.
Rather than discard that “geothermal” resource created by the process of oil extraction, the DOE is going to show the traditional energy industry how to tap into those waste fluids to power equipment at the site.
The DOE’s Geothermal Technologies Program at the Office of Energy Efficiency and Renewable Energy (EERE) will collaborate with Office of Fossil Energy to make low temperature geothermal power from waste drilling fluids using a waste heat geothermal unit.
The electricity produced would be used to power field production equipment, which would offset purchased electricity. Because this would reduce the fossil energy needed to extract each barrel of oil, this would reduce the pollution costs the traditional oil industry would be liable for under new legislation pending.
If the Clean Energy Jobs & American Power Act passes, there will be an incentive to reduce carbon pollution.
They will use co-produced fluids from oilfield operations at the Rocky Mountain Oilfield Testing Center. The testing center has a producing oilfield, and long-standing expertize with fossil energy, so it provides an opportunity for the Fossil Energy Dept at the DOE to make a contribution to emerging energy fields.
The system will turn an unavoidable byproduct into a new energy resource for the oil industry; one that is relatively “renewable.” It is not a natural source because it would stop once oil extraction stopped. It is created by the process of oil extraction itself. Yet it creates no new carbon emissions, so it effectively lowers the carbon cost of each barrel of extracted oil.
Now that we are down to literally scraping the bottom of the barrel, the CO2 emissions from squeezing oil out of rocks are almost twice as high as for even regular oil extraction. Waste heat reuse for electricity is one way to get CO2 emissions down in the traditional fossil energy industry.
The results of this carbon mitigation effort will be made available to any interested parties on the DOE website.
News Source: Cleantechnica.com
Written by Susan Kraemer
Original Posting
Oct 01, 2009
Gary Thompson from Sierra Geothermal Power Corp. (video)
Gary Thompson, CEO of Sierra Geothermal Power Corp. talks about geothermal energy and the projects that are currently being developed.
Oct 01, 2009
Check out CanGEA’s new Analysts Corner!
By now you may have noticed that we have our new Analysts Corner up and running on our website. CanGEA is very excited to showcase the geothermal industry’s current status regarding investments and new developments. Since our successful turn-out at our Toronto Conference held on September 9th, CanGEA is enthusiastic about our growing relationship with the investment community.
Analysts featured on the Analysts Corner are the following CanGEA members:
- Dundee Capital Markets Inc
- Islandsbanki
- Jacob Securities Inc.
- Wellington West Capital Markets Inc.
Sep 30, 2009
CanGEA and Magma Energy’s Alison Thompson Featured
CanGEA Chair and VP Corporate Relations for Magma Energy, Alison Thompson, was featured on Shell’s Comment Visions website. The question given was, “Should local communities be encouraged to develop their own sustainable solutions, such as geothermal energy, to power generation?”
To view this entry in its entirety click here.
To read Alison’s Bio click here.
Sep 30, 2009
Alison Thompson quoted in the Globe&Mail’s “Researchers seek ‘preheater’ for oil sands”
CanGEA’s Executive Director and Chair, Alison Thompson, is quoted in the Globe and Mail today regarding geothermal energy in the oil sands.
She says, “Geothermal energy could “enhance” the oil sands, and provide a source of carbon credits.” CanGEA has calculated that Alberta has about 10 per cent of Canada’s geothermal potential.
To view this article, written by Nathan VanderKlippe, click here.
Sep 28, 2009
Ross Beaty of Magma: Future of Geothermal Energy (Interview with The Daily Bell)
The Daily Bell presents an exclusive interview with CanGEA member, Ross J. Beaty, CEO of Magma Energy Corp.
Introduction: Ross J Beaty is a geologist and resource company entrepreneur with more than 37 years of experience in the international minerals industry. In early 2008, Mr. Beaty founded Magma Energy Corp. to focus on international geothermal energy development. Magma currently operates the Soda Lake geothermal plant in Nevada and holds 23 other geothermal properties in the USA, Nicaragua, Chile, Peru and Argentina. Mr. Beaty also founded and currently serves as Chairman of Pan American Silver Corp., one of the world’s leading silver producers. Mr. Beaty has founded and divested a number of other public mineral resource companies since 1985.
Mr. Beaty is a Director of The Nature Trust of B.C. and a founder of the Beaty Biodiversity Center at the University of B.C. Mr. Beaty is a past President of the Silver Institute in Washington, DC., a Fellow of the Geological Association of Canada and the Canadian Institute of Mining, and a recipient of the Institute’s Past President’s Memorial Medal. In 2007 Mr. Beaty received the Association of Mineral Exploration of B.C.‘s Colin Spence Award for excellence in global mineral exploration, in 2008 the Mining Person of the Year award from the Mining Association of B.C. and the 2008 Natural Resources & Energy Entrepreneur of the Year Award by Ernst & Young.
Mr. Beaty was born in Vancouver, Canada in 1951 and educated at the Royal School of Mines, University of London, England, M.Sc., Distinction (Mineral Exploration) 1975 and the University of British Columbia, LL.B. (Law) 1979 and B.Sc. (Honours Geology) 1974. He is married with five children. Mr. Beaty speaks English, French, and Spanish, as well as some Russian, German, and Italian. He has worked in more than 50 countries during his career.
To view the interview click here.
Sep 24, 2009
Magma believes current prices in Chile are suitable for geothermal development
Current prices suitable for geothermal development - Magma - Chile
Wednesday, September 23, 2009 15:58 (GMT -0400)
Canadian geothermal company Magma Energy believes power prices are sufficient in Chile to make development of the renewable source financially attractive, according to the company’s chief geologist Catherine Hickson.
“We do believe that power prices are high enough to make development profitable. Based on the work that we did putting our development proposal together, we feel there will be adequate return on investment,” Hickson said.
“Chile is a great place for a company such as ours, and we feel that there is a lot of power need that is not being adequately addressed,” she said.
As Chile continues to expand renewable capacity, geothermal power is not only a sound investment but has also been proven to have a minimal environmental impact.
“The environmental concern in Chile around large-scale hydro projects, for example, makes geothermal a great option. The geothermal footprint is extremely low because of the small plant size and very small fields. You can even have co-use of the area, for grazing, for example,” Hickson said.
“The plant size is on the order of a few hectares,” she added. “And of course, there are virtually no emissions.”
Magma is currently waiting on approval of an exploitation license for its Laguna del Maule concession in Chile’s central-south region VI. Once approval is obtained, the company expects a plant to go online within five years.
But the current concession system has proved burdensome for geothermal companies seeking operations in the country.
“There is concern in Chile that the government is not moving forward expeditiously in the granting of exploration and exploitation concessions,” she said.
“One of the problems is the board that reviews the bids,” Hickson continued. “I suspect that they are somewhat overwhelmed with the technical reviews. The government needs to state that geothermal power is a priority and act accordingly.”
Magma’s portfolio includes properties in Argentina, Nicaragua and Peru in addition to Chile.
The complete interview with Hickson will be published in this week’s Electric Power Perspectives, for subscribers only.
By Christopher Lenton
Business News Americas
CanGEA urges the Canadian government to act more favourably towards geothermal energy. Our government may want to think about making geothermal power more attractive so that Canadian companies can work at home as well as abroad. Geothermal energy is a worthwhile investment, one that the government should be hopping on. While we wait for the government to act, Canadians are missing out on having clean, renewable energy that would offset a large portion of our carbon emissions.
Sep 24, 2009
More Forces than Mother Nature Helping to Bring Geothermal to the Surface
Geothermal - Industry Update, Edition 1.8: More Forces than Mother Nature Helping to Bring Geothermal to the Surface
CanGEA member, Wellington West, provides us with this geothermal industry update. Click here for the full report.
Renewable Portfolio Standards (RPS) mandates are growing.
California Governor passes Executive Order calling for 33% renewable by 2020. Australia passes RPS for 20% renewable power by 2020.
Private and public funds continue to flow across the globe.
CanGEA member, Ram Power closes C$180M equity raise; US Geothermal C$11M; Sierra Geothermal C$4M.
M&A activity starts to heat up
CanGEA member, Magma increases the stake in Iceland’s HS Orka from ~9% to 48%. Ram Power, WGP and GEO sign LOI to merge; combined ~800MW potential.
Sep 23, 2009
GTO Resources, Polaris Geothermal & Western GeoPower Announce Mailing of Joint Information Circular
VANCOUVER, BRITISH COLUMBIA—(Sept. 23, 2009) -
GTO Resources Inc. (“GTO”) (NEX BOARD:GTR.H), Polaris Geothermal Inc. (“Polaris”) (TSX:GEO) and Western GeoPower Corp. (“Western”) (TSX VENTURE:WGP) are pleased to announce that they have mailed to their respective securityholders their joint management information circular dated September 18, 2009 (the “Information Circular”), with respect to the plan of arrangement involving GTO, Polaris and Western under the Business Corporations Act (British Columbia) (the “Arrangement”). Meetings of the securityholders of each of GTO, Polaris and Western (collectively, the “Corporations”) to approve the Arrangement are scheduled for October 15, 2009 (collectively, the “Meetings”). The Information Circular contains detailed information regarding the Arrangement and the acquisition by GTO of issued and outstanding securities of Ram Power, Inc. (the “Ram Acquisition”). For further details regarding the Arrangement and the Ram Acquisition, please refer to the Information Circular, a copy of which will be available under the corporate profiles of each of the Corporations on the System for Electronic Document Analysis and Retrieval at http://www.sedar.com.
The Arrangement requires approval by the Supreme Court of British Columbia. On September 17, 2009, the Corporations obtained the interim order, which provides for the calling and holding of the Meetings and other procedural matters. The hearing in respect of the final order to approve the Arrangement (the “Final Order”) is currently scheduled to take place on October 19, 2009 at 9:45 a.m. (Vancouver time). If the Final Order is obtained on October 19, 2009, and all other conditions to completion of the Arrangement are satisfied or waived, it is expected that the Arrangement and the Ram Acquisition will be completed on October 19, 2009.
In addition, GTO is pleased to announce that certain securityholders of Polaris and Western (the “Supporting Securityholders”) have entered into support agreements (the “Support Agreements”). Pursuant to the Support Agreements, the Supporting Securityholders have agreed to vote in favour of the Arrangement. The Support Agreements represent 57.5% of the Polaris Class A voting common shares, 80.8% of the Polaris redeemable, convertible, voting preferred shares, 69.2% of the Polaris warrants subject to the Arrangement, 97.8% of Polaris debentures in the aggregate principal amount of $27,000,000, 45.0% of the Western common shares and 100% of the Western warrants subject to the Arrangement.
Further to their press release dated September 9, 2009, the Corporations wish to clarify that all other outstanding Polaris share purchase warrants and Western share purchase warrants not otherwise subject to the Arrangement will receive common shares of GTO (on a post-consolidated basis) in accordance with the adjustment provisions of such warrants upon the due exercise by the holders thereof, as more particularly described in the Information Circular.
About Ram
Ram is a renewable energy development company with several geothermal projects under development in California and Nevada. Ram’s management team brings world class expertise and decades of experience in developing and financing geothermal energy projects.
About Polaris
Polaris is a Canadian company (amalgamated under the laws of Yukon), focused on the generation of renewable energy projects in Latin America and other parts of the world. Polaris has a 10 MW geothermal power plant operating at San Jacinto Tizate with further expansion of that project currently under development.
About Western
Western is a Canadian renewable energy company (incorporated under the laws of British Columbia) dedicated to the development of geothermal energy projects for the delivery of clean, sustainable, baseload electricity generation. Western is developing the Western GeoPower Unit 1 geothermal power plant at the Geysers Geothermal Field in Sonoma County, California and has geothermal projects in California and British Columbia.
All references to “$” or “dollars” in this press release are to Canadian dollars.
Cautionary Statements
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This press release contains “forward-looking information” within the meaning of applicable securities laws relating to the Arrangement and the Ram Acquisition, including information regarding the anticipated date of the Meetings, the anticipated date for the Final Order and the anticipated closing date of the Arrangement and the Ram Acquisition. 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 depending on, among other things, the risks that the parties will not proceed with the Arrangement and the Ram Acquisition, that the ultimate terms of the Arrangement and the Ram Acquisition will differ from those that currently are contemplated and that the Arrangement and the Ram Acquisition will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities). The statements in this press release are made as of the date of this release. GTO, Polaris and Western undertake 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 GTO, Polaris or Western or their respective financial or operating results or (as applicable), their securities.
Neither the TSX Venture Exchange, Inc., the Toronto Stock Exchange nor the Regulation Services Provider (as that term is defined in the polices of the TSX Venture Exchange) has in any way passed upon the merits of transaction which is the subject of this press release and none of the foregoing entities has in any way approved or disapproved of the contents of this press release.
Sep 22, 2009
Ottawa Commits $130MM Towards Northwest BC Transmission Line
After years of tribulation, it seems British Columbia’s Northwest Transmission line may finally move towards construction, after the Canadian federal government pledged to contribute up to $130MM in funding towards the project. The total expected cost of the line is $404MM, leaving $274MM to be covered by the province and possible private sector investors. The line will open up significant opportunities for mining and renewable energy projects throughout British Columbia’s northwest region, potentially spurring billions of dollars in private investment. Given these opportunities, private sector support will likely be adequate enough to compliment a Provincial contribution and move the project towards completion. Application for environmental review is currently underway, implying that construction may start as early as 2010, with COD sometime before 2012.
CanGEA is extremely pleased that this transmission line in British Columbia will be installed and near completion next year. We hope that this new installment is used to its greatest potential, as we need to wait for the B.C. government to allow geothermal permits to be gained in the area. The current moratorium is slowing down the development of renewable resources, and CanGEA hopes that this transmission line will reinforce the magnitude of our need for new, reliable, clean energy - such as geothermal.
