It's All in the Code

Source URL: http://www.renewablesbiz.com/article/10/06/its-all-code

To learn more about The Canadian Geothermal Code for Public Reporting register to attend the half day workshop and gain insight and direction from qualified person's in the industry and the Co Chairs of the Canadian Geothermal Code Committee - August 8, 2010. To Register: Click Here

The Canadian Geothermal Energy Association (CanGEA) invites you to attend

CanGEA’s 3rd Annual Conference and Trade Show

August 8 - 10, 2010.

 This is an exciting networking event which will welcome delegates both nationally and internationally to explore the Canadian geothermal energy market and is designed to bring together some of the industry’s leading players, policy makers in geothermal.

 Last year’s event was the largest gathering of geothermal industry and researchers in Canada in over 20 years, (with this year’s event slated for an even larger attendance).  CanGEA has created a forum for Presidents; CEO’s and decisions makers to network with key policy makers and industry providers. With a world class list of speakers and key industry players in attendance, this Conference and Trade Show is a must.

 Due to the high levels of expressed interest in geothermal and renewable energy – and relevant activity in the industry i.e. Schlumberger’s acquisition of member GeothermEx, Inc. and the proposed merger between members Sierra Geothermal Power Corp. and Ram Power Inc.  (All attendees) and merging of BC Transmission Corp and BC Hydro (BC Hydro – is confirmed as guest speakers & an event sponsor) this event will prove to be both pertinent and insightful.

 To Register: Click Here

To View Agenda: Click Here

Reduced rate hotel accommodations available until July 5^th for details: Click Here

Limited Time Offer – Special Conference Rates Available

Belle Mulligan Award for Leadership in Investor Relations

The Belle Mulligan Award for Leadership in Investor Relations is given by CIRI in honour of the late Belle Mulligan to recognize individuals who have shown singular leadership in one or more aspects of the practice of investor relations.

Alison Thompson is the first recipient of this prestigious Award based on her leadership through her involvement in developing the Canadian Geothermal Code for Public Reporting and through her efforts in the application of this Code, making Magma Energy Corp. the world's first Canadian Code-compliant publicly traded geothermal energy company.“There are many people to thank today as one cannot win a Leadership award without a cause to champion and a team to work with” said Alison. “I would like to thank the CanGEA team and its members for their forward thinking stance on what the Geothermal Reporting Code means for investor relations; my colleagues at Magma Energy for their extensive use of a voluntary Geothermal Reporting Code -  leading by example and acting as a lighthouse for the industry; the investment community and especially the research analysts who have been early adopters of using the Code to report on geothermal companies.”

"Alison's excellent work and leadership with respect to the Geothermal Code for Public Reporting has set the bar appropriately high for this award." said Tom Enright, CIRI President & CEO.

CanGEA’s Canadian Geothermal Code for Public Reporting was launched in January 2010 and has been embraced by CanGEA developers Magma Energy Corp., Sierra Geothermal Power Corp. Borealis Geothermal and Caldera Geothermal. The Reporting Code 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. The Code, a first in Canada, will serve to increase investor confidence and interest in the geothermal energy sector through the standardization of geothermal reporting. The use of the Code will be on a voluntary compliance basis (industry self-regulation) until 2011 when Code compliance will be a mandatory requirement for CanGEA membership

 Through the Canadian Geothermal Code Committee (CGCC) there is a listing of Qualified Persons on the CanGEA website that has been certified as “Qualified Persons” under the Geothermal Code for Public Reporting. Pubic reporting is the responsibility of the company and the preparation of the reports must be undertaken by a Qualified Person as certified under the Geothermal Code for Public Reporting. Further information can be found online at www.cangea.ca. A workshop to learn more about the Geothermal Code will be held in conjunction with CanGEA’s Third Annual Geothermal Energy Conference and Trade Show August 8-10^th in Vancouver BC  www.cangea.ca/events.

About CIRI:

CIRI is a professional, not-for-profit association of executives responsible for communication between public corporations, investors and the financial community. CIRI is dedicated to advancing the stature and credibility of the investor relations profession and the competency of its members. With 600 members, CIRI is the world's second largest society of investor relations professionals. For further information, please visit ciri.org.

About CanGEA:

 CanGEA is a national industry association that believes we can provide competitively priced, emissions free, renewable, base-load energy to Canadians and to U.S. export markets. CanGEA works on behalf of our members to facilitate the growth of geothermal power projects and promote publicly listed companies on the Canadian Exchanges.

For further details contact:

Nicole Robson – nicole@cangea.ca

Marketing and Membership Director

The Canadian Geothermal Energy Association

The Canadian Geothermal Energy Association (CanGEA) thanks CNW Group for its continued support of our association

Recently, the geothermal energy industry has seen substantial interest and activity as evidenced by Schlumberger’s acquisition of member GeothermEx, Inc. and the proposed acquisition between Sierra Geothermal Power Corp. and Ram Power Corp..  The industry is also seeing an influx of traditional energy players from the oil & gas sector taking a serious look at the geothermal energy industry.  With its ability to provide renewable heat and power geothermal energy is ideally suited to tackle some of the oil & gas industry’s major challenges – especially in the Alberta Oil Sands.  Schlumberger’s latest acquisition lends support to the trend that geothermal energy is fast becoming one of the world’s greatest sources of clean, renewable, base-load energy.

For CanGEA the strong interest in geothermal energy has been palpable.  “We’re seeing interest from nearly all corners of the globe with almost half of our members based outside of Canada”, said CanGEA Marketing and Membership Director - Nicole Robson.  With an abundance of geothermal resources Canada is one of the last countries to harness geothermal energy - a fact which CanGEA is working to change as Canada is one of the last countries bordering the “Pacific Ring of Fire” yet to develop geothermal energy.  While the industry looks to Canada as the next frontier, CanGEA is actively lobbying federal and provincial governments to embrace geothermal power and its many benefits.  “Geothermal is a vital source of energy,” says Robson, “not only can it provide emission-free base-load power but it can also provide the level of investment and job creation that Canada needs to bounce back from this economic recession”. 

In the meantime, CanGEA is leading the charge to place Canada firmly on the world stage of geothermal power producing nations.  The Third Annual CanGEA Geothermal Power Conference and Trade Show, to take place in Vancouver, BC August 8^th - 10^th will draw hundreds of representatives from geothermal developers, industry service providers, utilities, and renewable supporters to explore the many opportunities emerging in the industry.  Like the resource itself, interest for this clean, renewable energy is heating up and steaming to the surface. 

About CanGEA: CanGEA is a national industry association that believes we can provide competitively priced, emissions free, renewable, base-load energy to Canadians and to U.S. export markets. CanGEA works on behalf of our members to facilitate the growth of geothermal power projects and promote publicly listed companies on the Canadian Exchanges.

For further details contact:

Nicole Robson – nicole@cangea.ca

Marketing and Membership Director

The Canadian Geothermal Energy Association

The Canadian Geothermal Energy Association (CanGEA) thanks CNW Group for its continued support of our association

"To learn more about EGS and Geothermal Power join us at the Third Annual Geothermal Conference and Trade Show in Vancouver, August 9th and 10th. 

For more information please see www.cangea.ca/events."

August 8 -10, 2010 Vancouver, British Columbia

 Canadian Geothermal Energy Association (CanGEA) invites you to join us, as renewable energy developers, manufacturers, suppliers, utilities, engineers, geoscientists, lenders, insurers, power consumers and investors converge to discuss the latest projects, technologies, products and services and regulations. This three day event provides an excellent opportunity to meet and network with the geothermal industry key players.

 Download the 2010 Conference Agenda Here

 Book now before all seats have been reserved.

Click here to register now

  Early Bird Rate is in effect until June 11, 2010

 Canada’s Largest Geothermal Energy Conference and Trade Show 

According to the report CanGEA members are currently working on more than 70 projects under development representing more than 1,400 MW, and nearly 2,000 MW of installed geothermal capacity.  The projects listed span four continents and eleven countries giving CanGEA members a truly global reach in their operations.  While there is currently no geothermal power production in Canada there are nevertheless a number of projects under development which may soon come online to supply Canada’s first few megawatts of geothermal power.

Typically projects have been categorized in terms of resource development.  The CanGEA Member Projects Database instead recognizes three levels of Geothermal Resources and two levels of Geothermal Reserves.  With increasing geological knowledge and confidence a Geothermal Resource progresses from Inferred, to Indicated, to Measured.  Similarly, with consideration of energy recovery and conversion, economic, marketing, environmental, social, legal, and regulatory factors (all Modifying Factors) the resource may be labelled a Probable or Proved Geothermal Reserve. 

The CanGEA Member Projects Database utilizes the Canadian Geothermal Code for Public Reporting to provide a framework for comparison among industry players.  Included in the Database is the Geothermal Progress Checklist which lays out the framework to categorize projects under development based on geological knowledge and modifying factors such as economic and legal factors.  The checklist highlights the necessary steps in the development of a geothermal resource from exploration to production.  Applying this framework allows for universal comparison among projects under development while also providing the cursory framework to adhere to the Canadian Geothermal Code for Public Reporting.

For a copy of the CanGEA Member Projects Database please follow the link below.  CanGEA encourages interested parties to provide feedback for future iterations of the report and welcomes any questions or comments.

About CanGEA: CanGEA is a national industry association that believes we can provide competitively priced, emissions free, renewable, base-load energy to Canadians and to U.S. export markets. CanGEA works on behalf of our members to facilitate the growth of geothermal power projects and promote publicly listed companies on the Canadian Exchanges.

Contact: David Gowland  dave@cangea.ca

Policy Director, Canadian Geothermal Energy Association

 To view the report click here

"The new Clean Energy Act opens the way to an exciting new age of economic growth and job creation by unleashing British Columbia’s full potential in clean energy" said Premier Gordon Campbell. Indeed there is great potential in the province’s renewable energy sector to provide clean energy for tomorrow while creating jobs for today – particularly in the geothermal energy sector. As one of the few base-load renewable energy sources, geothermal power is poised to take advantage of the new Act to replace fossil fuel burning plants and aging hydro facilities.

Blair Lekstrom, Minister of Energy, Mines and Petroleum Resources echoed the Premier’s thoughts in saying "The Clean Energy Act builds on the work of the Green Energy Advisory Task Force with a new statutory framework to encourage new investments and jobs, strengthen BC Hydro and secure British Columbia’s power needs at low rates for generations to come". CanGEA members Craig Aspinall and Warren Brazier took part in the Green Energy Advisory Task Force which released their findings last week highlighting the vast potential for geothermal energy development in the province under the new Act.

The Clean Energy Act also acknowledges the tremendous opportunity for power export to the United States and neighbouring provinces and territories. In light of less favourable options, BC’s clean, renewable energy is a highly sought after commodity that other jurisdictions are eager to tap into. For geothermal power there is an added benefit as the industry has the capability of exporting not only power but also capacity – something other energy sources such as hydro cannot to do due to resource foreign ownership concerns.

CanGEA, on behalf of its members, will continue to play an active role in attracting policy reform and incentives to advance the geothermal energy industry within the province and Canada. The Green Energy Act is an important step in promoting the sustainable and responsible development of BC’s clean energy resources.

For a copy the BC Clean Energy Act please click here.

For a copy of the Green Energy Advisory Task Force report please click here.

Tell us what you think

 The World Geothermal Congress takes place every five years and was last held in Turkey in 2005.  This year’s event comprised of over 2,000 delegates representing the full spectrum of the geothermal industry, including developers, service companies, academics, and government officials.  For more information on the World Geothermal Congress please click here. 

CanGEA Chair, Alison Thompson, delivered the Canadian Country Update at the Congress highlighting the recent growth in the industry and the challenges that lie ahead in bringing geothermal power online in Canada.CanGEA continues to advance the geothermal industry both within Canada and abroad.  Through participation in international conference such as the World Geothermal Congress and active policy reform CanGEA has made real progress in fostering the development of the Canadian geothermal industry.  As the leading authority in geothermal education and awareness in Canada, CanGEA is well positioned to represent the needs and ambitions of its members in bringing the industry forward.  For more information on joining CanGEA please see our website at www.cangea.ca.

About CanGEA: CanGEA is a national industry association that believes we can provide competitively priced, emissions free, renewable, base-load energy to Canadians and to U.S. export markets. CanGEA works on behalf of our members to facilitate the growth of geothermal power projects and promote publicly listed companies on the Canadian Exchanges.

Calgary, AB – April 20, 2010 – Recently the Government of British Columbia announced its plans to move forward with the 900 megawatt Site C Clean Energy Project on the Peace River; despite concerns from critics regarding the project and its environmental impacts. CanGEA is pleased to see the province expand its base-load power generation capacity but stresses that geothermal power should be considered as it is an attractive alternative to hydro, both in the short and long term. As BC Hydro forecasts that B.C.’s electricity needs will grow by 20 to 40 per cent over the next 20 years, geothermal energy can help address those needs.

“The province has a real need for new base-load power sources, especially as intermittent renewable energy sources make up a larger percentage of the generation capacity” said David Gowland, Policy Director at CanGEA.  Traditionally base-load power has been supplied by large scale hydro facilities, but geothermal power is better suited to fill this role as it operates at capacities equal to or higher than hydro with very little surface disturbance.  “Where large scale hydro plants have long lead times and the potential for negative environmental impacts, geothermal power can be developed relatively quickly to generate renewable base-load power as well as provide residential and commercial heating” said Gowland.

While there is currently no geothermal electricity generation in the province, there is optimism that the recent geothermal permit auction has sparked the industry and reignited the push to embrace new sources of base-load power.  In fact, the Canadian geothermal industry has seen strong interest from developers and also investors.  This year alone CanGEA has welcomed 15 new members so far including geothermal developers and service companies both nationally and internationally.  Unlike other nations whose governments have provided large incentives for geothermal resource development, the Canadian market place has not seen strong financial support from the government resulting in the Canadian industry lagging behind that of the US and Mexico with very similar geology

All politics aside, one thing is certain; the demand for clean, renewable power is sure to increase, whether it is consumed within the province or exported to our neighbours to the south.  And while no single energy source can meet this demand, it is clear that a diversified energy portfolio with complementary generation from renewable sources like hydro, geothermal, wind, solar, and tidal power will be best suited to effectively balance environmental concerns and satisfy the power demands of the future. 
 
About CanGEA: CanGEA is a national industry association that believes we can provide competitively priced, emissions free, renewable, base-load energy to Canadians and to U.S. export markets. CanGEA works on behalf of our members to facilitate the growth of geothermal power projects and promote publicly listed companies on the Canadian Exchanges.

Visit us at http://www.cangea.ca.
Contact: David Gowland
Policy Director, Canadian Geothermal Energy Association
dave@cangea.ca

“We are excited to have won the bid for the Knight Inlet lands. These lands have excellent potential for development of a geothermal resource”, said Gary Thompson, President and CEO of SGP. “The geothermal rights from the Crown coupled with our Da’naxda’xw/Awaetlala Nation agreement is the ideal combination to move a project forward.”

The March 29 auction is the first of three proposed for the year by BC’s Ministry of Energy, Mines & Petroleum Resources, and the first since 2004. Other parcels at Lakelse Lake, Mount Cayley and Sloquet Creek will be auctioned later in the year. The province has also extended the deadline for tenure request submissions to May 5, 2010 and hopes to have additional titles available for auctions in June and September of this year.

“British Columbia has significant geothermal energy potential and continues towards advancing geothermal energy generation in this province,” said Minister Blair Lekstrom. “We will put this resource to work for our economy, generating new jobs and new wealth for rural B.C. communities, while lowering greenhouse gas emissions.”

CanGEA has been active in lobbying the BC government to expedite the land tenure process. “In the western United States there are literally hundreds of geothermal land sales each year,” notes CanGEA Policy Director David Gowland. “BC has a long way to go but this is an important first step. We now look forward to the introduction of a BC Clean Energy Act - expected in the current legislative session - which will further support development of geothermal and other renewable energy resources in British Columbia.”

“We are particularly pleased that Sierra Geothermal, a BC-based company and one of CanGEA’s founding members, has taken the lead in this respect,” said Gowland. “This permit acquisition builds upon the memorandum of understanding signed between Sierra and the Da’naxda’xw/Awaetlala Nation in 2009 with respect to developments in the Band’s traditional territory in the Knight Inlet area some 250 kilometers north-west of Vancouver.”

Results of the Knight Inlet auction are posted on the Ministry website at http://www.empr.gov.bc.ca/Titles/OGTitles/SaleResults/2010Results/Pages/March2010-Geothermal.aspx

About CanGEA
CanGEA is a national industry association that believes we can provide competitively priced, emissions free, renewable, base-load energy to Canadians and to U.S. export markets. CanGEA works on behalf of our members to facilitate the growth of geothermal power projects and promote publicly listed companies on the Canadian Exchanges.Visit us at http://www.cangea.ca.

Contact: David Gowland
Policy Director, Canadian Geothermal Energy Association
dave@cangea.ca

Thank you to our media partner CNW for sponsoring this CanGEA press releases, to view this article in its entirety click here

About the IEA – Geothermal Implementing Agreement:

The International Energy Agency (IEA) Implementing Agreement for a Cooperative Programme on Geothermal Energy Research and Technology, or Geothermal Implementing Agreement (GIA), provides an important framework for wide-ranging international cooperation in geothermal R&D. Its activities presently cover four different research areas: Environmental Impacts of Geothermal Development, Enhanced Geothermal Systems, Advanced Geothermal Drilling Technology and Direct Use of Geothermal Energy.

The GIA has begun its third 5-year term of operation, which ends on 31 March 2012.  The mission for this term is to promote the sustainable utilization of geothermal energy throughout the world by: improving existing technologies, developing new technologies to render exploitable the vast and widespread global geothermal resources, facilitating the transfer of know-how, providing high quality information and widely communicating geothermal energy’s strategic, economic and environmental benefits.

As of February 2010, there are 19 Members: 12 Countries- Australia, France, Germany, Iceland, Italy, Japan, Mexico, New Zealand, Republic of Korea, Spain, Switzerland, the United States; the European Commission, and 6 Sponsors: Canadian Geothermal Energy Association, Geodynamics Limited, Geothermal Group of Spanish Renewable Energy Association, Green Rock Energy Limited, ORMAT Technologies Inc. and ORME Jeotermal.

For more information see the IEA Geothermal Energy website

Calgary, AB – March 7, 2010 – British Columbia’s Ministry of Energy, Mines and Petroleum Resources recently announced they will once again be accepting submissions for Geothermal Tenure requests.  Previously the Ministry had been closed to such requests and had not issued a tenure permit since 2004.

This move signals a renewed committment to advancing the development of BC’s geothermal resources.  Working with CanGEA and industry, the Ministry is striving to revise current legislation and streamline the geothermal tenure process.  These actions should have a noticeable impact on the availability of land and the timely issuance of permits for the Province’s high quality geothermal resources.

Proponents are invited to submit their requests to the Ministry prior to April 1, 2010.

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!

For more information on the tenure request process, please visit BC Ministry of Energy, Mines and Petroleum Resources

David Gowland
Policy Director
Canadian Geothermal Energy Association

Calgary, AB – March 6, 2010 – The Canadian Geothermal Energy Association (CanGEA) is pleased to see BC follow through on their commitment to clean energy with the release of the Province’s 2010 Budget.  An additional $100 million will be earmarked for Clean Energy initiatives such as new forms of electricity generation, including wind, solar, geothermal, tidal, wave, and run-of-river applications.  The specific mention of geothermal energy is a clear sign of the Province’s interest in this clean, renewable energy source.

However, of the $47 million that has already been committed to clean energy projects, no funds have been contributed to geothermal power projects.  With such a high quality geothermal resource in the Province, BC is losing out on the vast benefits of geothermal power – including its ability to replace base-load energy sources and support the Province’s goal of 100% renewable power generation.

Furthermore, the geothermal industry in BC continues to fight an uphill battle as incentives for the Oil & Gas and Mining industries put geothermal energy development at a disadvantage.  These incentives include;
• The extension of the Mining Flow-through Share Tax Credit Program
• Oil & Gas Stimulus Package and Royalty Relief Program for natural gas producers
• $51M for Oil & Gas Rural Road Improvement Program
To level the playing field similar incentives must be extended to the geothermal industry. 

While CanGEA welcomes the Clean Energy Initiative, there remains much work to be done to advance the development of geothermal energy resources within the province.   

David Gowland
Policy Director
Canadian Geothermal Energy Association

• 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!

The Canadian Geothermal Energy Association (CanGEA) would like to thank the speakers and attendees who participated in the Geothermal Code Investment Seminar and Reception, March 3rd, 2010, in Toronto, Ontario making this event a tremendous success.

The day began with CanGEA and some of its members joining Ungad Chadda, Senior Vice President, Toronto Stock Exchange to open the market celebrating the launch of the Canadian Geothermal Code for Public Reporting.

After a short break The Geothermal Code Investment Seminar and Reception commenced which brought together investors, financiers and key stakeholders in the geothermal power industry, offering attendees a clear perspective of how the code will affect businesses in the geothermal community by implementing concise guidelines and infusing clarity to the process of public reporting of geothermal resources and reserves.

The seminar provided attendees with a complete overview of the Geothermal Code aimed at improving investor confidence in the geothermal energy industry. Speakers addressed the technical and financial implications of code presenting attendees with a clear vision on how the code will enhance the geothermal industry and companies listed on the Canadian exchanges.

Notable attendees included: Magma Energy Corp., Sierra Geothermal Power Corp., Borealis GeoPower Inc., Caldera Geothermal, Enbridge Inc., Mannvit Engineering, Nexen, Borden Ladner Gervais LLP, and more.

CanGEA would also like to thank our sponsors Think GeoEnergy and CNW Group.

About CanGEA
CanGEA is a national industry association that works on behalf of our members to promote publicly listed companies on the Canadian exchanges as well as to facilitate the responsible and sustainable growth of high temperature geothermal energy in Canada, which, we believe, can provide competitive, emissions free, renewable, base-load energy to Canadians and export markets.

For more information, please contact
The Canadian Geothermal Energy Association
Nicole Robson
Marketing and Membership Director
nicole@cangea.ca

For more information about the code click here

Geothermal power has been referred to as the “King of Renewables” with consistent base-load power production, low emissions and a small environmental footprint. Geothermal power’s importance in Canada’s energy portfolio, as well as interest from companies raising equity on Canadian exchanges, has continued to grow. Canada’s publicly listed “pure-play” geothermal companies now have a combined market capitalization of over $1 billion on the TSX and TSX-V. With billions of dollars in investment potential, the need for transparent and consistent reporting of geothermal information has never been more significant.

Alison Thompson, CanGEA Chairman and Founder, had this to say about the event, “The introduction of a Geothermal Reporting Code for publicly listed companies is a greatly anticipated milestone in our industry. Geothermal power is an often misunderstood energy resource and a Reporting Code will go a long way to increasing investor confidence in our industry.”

Attendees at the Geothermal Code Investment Seminar will be guided through the development of the Code, will learn Code basics through case study examples from geothermal experts and will understand the Code’s impact on Canadian listed companies from a distinguished producer, financial, and asset evaluator panel. The expert-led presentations will detail the technical and financial implications of the Reporting Code, offering attendees a clear perspective of how the Code will affect businesses in the geothermal community. This seminar is a unique opportunity for investors to sharpen their understanding of the geothermal value chain, and identify the genuine winners in the marketplace. CanGEA will also have the honour of opening the market on the Toronto Stock Exchange (TSX), the morning of the event.

Space is limited at the event; interested participants are encouraged to sign up soon. Sponsorship opportunities are also still available. We’d like thank our marketing sponsor for this event, the CNW Group, as well as ThinkGeoEnergy.

About CanGEA
CanGEA is a national industry association that works on behalf of our members to promote publicly listed companies on the Canadian exchanges as well as to facilitate the responsible and sustainable growth of high temperature geothermal energy in Canada, which, we believe, can provide competitive, emissions free, renewable, base-load energy to Canadians and export markets.

For more information, please contact
The Canadian Geothermal Energy Association
Nicole Robson Marketing and Membership Director
nicole@cangea.ca
http://www.cangea.ca

To view this article in its entirety click here

Please click here for more information about the Canadian Geothermal Code Investment Seminar and Reception

Please click here to register for the event

CALGARY, ALBERTA—(Jan. 18, 2010) – The Canadian Geothermal Energy Association (CanGEA) announces the release of the Canadian Geothermal Code for Public Reporting. The Canadian Geothermal Code for Public Reporting provides a minimum set of requirements for the public reporting of Exploration Results, Geothermal Resources and Geothermal Reserves. The Code will provide a basis for transparency, consistency and confidence in the public reporting of geothermal information.

The Canadian Geothermal Code for Public Reporting was prepared by the Canadian Geothermal Code Committee (CGCC), established in December 2008. The primary objectives determined by the Committee were to provide a reporting basis that would be satisfactory to investors, stakeholders and capital markets such as the Canadian Securities Exchanges, and to develop a Code that would be applicable to geothermal plays in both Canada and internationally. The Code, a first in Canada, will serve to increase investor confidence and interest in the geothermal energy sector through the standardization of geothermal reporting.

Lee Deibert, CanGEA Director and CGCC Chairman had this to say about the Code, “This key initiative has been completed for the benefit of our members and the industry overall. With the increasing level of activity in Canadian geothermal public and private financings, mergers & acquisitions, and the development of geothermal opportunities in Canada, the Code represents a key part of any investment and development strategy”.

It is anticipated that public reporting using the Code will be undertaken by all CanGEA members involved in exploration and/or operation of geothermal properties. The use of the Code will be on a voluntary compliance basis (industry self-regulation) until 2011 when Code compliance will be a mandatory requirement for CanGEA membership. CanGEA members involved in the financial community, including geothermal investors, financial advisors and financial institutions will also benefit from standardized and transparent reporting of geothermal assets.  CanGEA will be holding Code training seminars throughout the upcoming months.

Alison Thompson, CanGEA Founder and Chair commented, “The Canadian Geothermal Code for Public Reporting establishes the industry standard and we are pleased that CanGEA has strengthened our leading role in the international geothermal community. The Canadian Securities Exchanges are already host to many of the premier players in the geothermal world and this Code is expected to further facilitate the industry’s growth.”

CanGEA collaborated with the Australian Geothermal Energy Association (AGEA) in the development of the Code.

About CanGEA

CanGEA is a national, not-for-profit association that works on behalf of our members to facilitate and promote the responsible and sustainable growth of high temperature geothermal energy in Canada, which, we believe, can provide competitive, emissions free, renewable, base-load energy to Canadians and export markets. 5,000 MW by 2015!

For more information please contact:

The Canadian Geothermal Energy Association (CanGEA)
Brian Toohey, B.Eng
Reservoir Engineer
Canadian Geothermal Code Committee Member & Business Development Coordinator
brian@cangea.ca
http://www.cangea.ca