Listen to our chair explain how on ECOReport Radio
On July 25, 2015 CanGEA's chair was featured in a radio interview with the ECOReport. CanGEA discussed the recent comments made by BC Hydro's senior strategic technology specialist, Alex Tu that geothermal cost estimates are "very uncertain" and carry a lot of risk. The comments were made after the release of a geothermal viability study that uses outdated data, including drilling costs from 2012 (the peak of the shale boom) and an decade low foreign exchange rate.
As the national industry association for the geothermal industry our primary objective is to advance the industry within Canada, and create opportunities for our member companies in Canada and abroad. With this in mind, CanGEA is working diligently to prepare a submission that refutes BC Hydro's findings and promotes the use of current data that better reflects the actual cost of geothermal projects.
This is one example of CanGEA operating to create opportunity for industry growth. In order to continue this work, we consistently need the support of our membership to both fund our operations and empower our industry's voice. You may be thinking: "But I don't work in the geothermal industry" or "I'm not a developer." However, when projects go ahead, everyone in the supply chain benefits.
In particular, the world-class oil & gas industry in Western Canada, currently experiencing massive layoffs, is poised to serve as a major player in the geothermal sector. For example, 25 to 30 percent of a geothermal project's budget is made up of drilling costs. With those prices at an all-time low, this significantly cuts a geothermal project's overall budget.