The global geothermal power market was valued at $4.6 billion in 2018 and is projected to reach $6.8 billion by 2026, growing at a CAGR of 5.0% from 2019 to 2026.


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A longstanding geothermal energy project near Lakelse Lake has cleared a major exploration milestone and is now looking for more government funding. Kitselas Geothermal Inc., which is run in partnership between Kitselas Development Corporation and Calgary-based Borealis GeoPower, first began pre-feasibility studies of geothermal hotspots near Lakelse Lake back in 2014. 


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Geothermal, lithium, and hydrogen production requires many of the same skills as oil and gas production. Existing or abandoned oil and gas wells may also offer low-cost opportunities to tap into these resources. The hottest, deepest wells could be suitable for geothermal. Wells with more wastewater than oil may be best for lithium. And the emerging technical capacity to convert existing wells to hydrogen production offers the potential for cheap, clean fuel for trucking and industry. 


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Canada has a great opportunity to accelerate its energy transition and create a thriving low-carbon economy. How? By creating green income trusts with the same federal tax benefits that prevailed in the early 2000s, therefore giving private investors incentives to massively scale up investments in new low-carbon energy technologies.

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