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Aug 05, 2010The Power Within – Geothermal Energy Comes of Age
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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.
