New Industry Paper Examines Reports on Geothermal Power Costs and Benefits
Geothermal Energy Association (GEA)
June 16, 2014
Washington DC Geothermal energy is an affordable power source, according to an analysis of several government and private sector reports published in 2014. The Geothermal Energy Association released a new paper today titled “The Economic Costs and Benefits of Geothermal Power” that examines the public economic costs and benefits of geothermal energy.
Geothermal power “compares favorably with other technologies currently available according to three difference analyses published in 2014,” the authors state.
Geothermal power “compares favorably with other technologies currently available according to three difference analyses published in 2014,” the authors state. The reports were issued by the U.S. Energy Information Agency, Bloomberg New Energy Finance, and the California Public Utilities Commission.
The paper also looks at the direct economic benefits of geothermal power. Unlike other renewables, geothermal power produced on federal lands is based upon leases that are sold competitively, generating bonus bids, and subsequent production is subject to royalty payments. According to the Department of the Interior, geothermal generated $15 million in fiscal year 2014. Also, state lands involved in geothermal power production generate additional revenues, often dedicated to support education. California, for example, reports $4 million received from geothermal production involving state lands.
The paper also discusses the significant number of jobs created when geothermal power is developed. GEA estimates that for every 100 MW of geothermal power, the industry provides 170 permanent, full-time jobs. In addition, geothermal power creates 310 annual construction and 330 annual manufacturing/equipment jobs for every 100 MW of new installed capacity.
About the Geothermal Energy Association:
The Geothermal Energy Association (GEA) is a trade association comprised of U.S. companies that support the expanded use of geothermal energy and are developing geothermal resources worldwide for electrical power generation and direct-heat uses. GEA advocates for public policies that will promote the development and utilization of geothermal resources, provides a forum for the industry to discuss issues and problems, encourages research and development to improve geothermal technologies, presents industry views to governmental organizations, provides assistance for the export of geothermal goods and services, compiles statistical data about the geothermal industry, and conducts education and outreach projects. For more information, please visit www.geo-energy.org. Subscribe to GEA’s newsletterhere. Follow GEA on Twitter. Become a fan on Facebook.
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