News
Mar 04, 20102010 Federal Budget Leaves Much to be Desired
The 2010 Federal Budget has failed to commit additional resources to the geothermal industry. Of particular note is the lack of a successor to widely successful EcoEnergy for Renewable Power program which provided incentives for renewable power generation. This program is now fully subscribed and no new funding has been announced in today’s budget. Furthermore, the Federal Government has failed to include funding for geosciences exploration and mapping, as well as support for geothermal drilling and access to capital through loan guarantees. Amongst these omissions there were however some glimmers of hope for the industry, including;
- A commitment to improve regulatory review process for major energy projects
- Accelerated Capital Cost Allowance for Clean Energy Generation equipment (including geothermal)
- Canadian Renewable and Conservation Expenses, which can be fully deductable or transferred to investors using flow-through shares
Undeterred by today’s disappointing 2010 Budget, CanGEA will continue to work with Government bodies to improve policies and accelerate the development of Canada’s geothermal industry
For more information on the 2010 Federal Budget click here
Together, CanGEA and its members can impart far more change than any single company. Join CanGEA and help us put Canada’s geothermal resources to work!
