Geothermal energy is a core climate solution (as discussed here). The U.S. currently has 3 gigaWatts (3000 megaWatts) of geothermal, one third of the world’s capacity, generating $1.8 billion electricity sales. The US Geological Survey estimates the US could generate 150,000 megawatts of geothermal. A major 2007 study by MIT on Enhanced Geothermal Systems (EGS) found that it could be a provider of substantial baseload (24/7) power. MIT’s panel concluded that “with a combined public/private investment of about $800 million to $1 billion over a 15-year period” — “less than the cost of a single, new-generation, clean-coal power plant” — “EGS technology could be deployed commercially on a timescale that would produce more than 100,000 MWe or 100 GWe of new capacity by 2050.”
The Philippines has almost 2,000 MW of geothermal and are looking to harness another 620 MW. Above is a view of the National Power Corp.’s Makiling-Banahaw Geothermal plant in Laguna province south of the capital Manila.
Philippines targets $2.5 billion geothermal development
The Philippine government aims to approve contracts to explore and develop the country’s massive geothermal energy resources, which could attract more than $2.5 billion in private investment, an official said.
The Philippines, the world’s second-largest developer of geothermal energy, plans to approve 19 deals in the next five months to allow foreign and domestic companies access to geothermal projects, the division chief for geothermal energy at the Philippine Energy Department, Alejandro Oanes, told Reuters.
Philippine power producer Energy Development Corp and Envent, a unit of Geysir Green Energy, one of Iceland’s biggest geothermal energy companies, were among groups vying for contracts to tap the country’s geothermal resources, he said.
“Incentives for renewable projects are giving (the country’s) geothermal development a much needed boost,” said Oanes in a telephone interview from Manila.
Tax holidays and tariff exemptions for renewable energy projects are boosting investment in clean energy in the Philippines, with the government recently awarding 87 contracts to develop alternative energy sources.
Geothermal power accounted for 17 percent of the country’s total power mix at the end of 2008, with installed capacity close to 2,000 megawatts, energy department data showed.
The government was issuing tenders for the development of 10 geothermal sites and negotiating nine more deals directly with various companies, Oanes said. Combined, the deals could harness more than 620 megawatts of geothermal energy.
Geothermal sites covered in the deals include Mount Isarog, in Camarines Sur province, where about 70 MW of geothermal power could be developed. The government is also looking at resources in Mount Labo, Camarines Norte with a potential capacity of 65 MW.
As we approach the climate conference in Copenhagen, politicians are balking and diplomats are burning the midnight oil, deprived of sleep. But we can take heart. Some unlikely new heroes may come to the rescue.




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