News
Feb 15, 2011Canada Listed Developers Represent 25% of Geothermal Development in the U.S.
In an industry update on the U.S. Geothermal Energy Industry, Icelandic bank Islandsbanki is looking at geothermal development and the industry in the United States. The report, released last week at the U.S. Geothermal Energy Association's Finance Forum in New York, talks about the Canadian angle in U.S. geothermal development.
The Toronto Stock Exchange has played an important role for attracting financing for geothermal developers, so it is no surprise for Islandsbanki pointing out that about 25% of geothermal power capacity in development in the U.S. today are projects by companies listed on the Toronto Stock Exchange, namely CanGEA members Ram Power, Corp. (TSX: RPG), Magma Energy Corp. (TSX: MXY), Nevada Geothermal Power (TSX-V: NGP), and U.S. Geothermal (TSX: GTH). Other CanGEA members mentioned in the report are Ormat Technologies (NYSE: ORA), Caldera Geothermal, Enbridge Inc. (as partner of U.S. Geothermal), Geothermal, Raser Technologies (OCTBB: RZTI) and drilling firm ThermaSource, Inc.
While 61% of operating geothermal power generation capacity is held by publicly listed companies, 53% of currently planned capacity is developed by listed companies.
With development incentives in the United States, it is not surprising to see that international companies from Canada, Italy and New Zealand are exploring the U.S. market and actively develop projects in the country. Clearly, more favorable legislative incentives in Canada could help spur development in Canada. Canadian companies have the experience and could look at the Canadian market if there would be similar incentives like there are in the U.S.
The report can be downloaded via Islandsbanki's website
