The Energy Information Agency also projected that geothermal power production would triple in the US by 2035
Washington, DC (March 1, 2012)-The Geothermal Energy Association today released the policy priorities adopted by the organization's Board of Directors. Yesterday, the Energy Information Agency also projected that geothermal power production would triple in the US by 2035, with its growth outpacing the renewable power average.
"Reports continue to forecast tremendous growth for the geothermal industry in the US and worldwide, but economic and policy challenges still exist across the board," said GEA Executive Director Karl Gawell. "In order for geothermal to reach its true growth potential, leaders and policymakers must understand our industry's needs on a policy level."
GEA 2012 Policy Priorities:
Secure Longer Term Tax Incentives to Promote Geothermal Energy Development and Industry Stability
· Extend the renewable energy tax credit placed-in-service deadline for new geothermal projects to December 31, 2016 to provide parity with solar projects.
· Support enactment of a long-term geothermal tax credit extension with access to master-limited partnerships (MLPs) or other means to foster monetization of tax credits.
Facilitate Permitting and Construction of the Transmission Capacity Needed to Support Geothermal Energy Development
· Support state and regional transmission policies that will facilitate new geothermal development.
· Support DOE/FERC efforts to facilitate the permitting and construction of needed transmission capacity.
Minimize Leasing and Permitting Delays that Challenge Geothermal Development
· Carry on a constructive dialogue with the BLM and other federal and state agencies to address these issues.
Strategically engage Congress to help expedite renewable energy permitting on Federal lands.
Launch New National Efforts to Support Geothermal Exploration, Resource Quantification, and Project Development
· Establish an industry/government partnership that would identify and develop new technologies and methods for targeting and drilling geothermal wells with the specific goal of reducing the risk (i.e. reducing time to market and increased probability of success) associated with geothermal project development.
· Build on prior USGS assessments to define, quantify and characterize the US geothermal resource base, including known resources, new and hidden resources, and EGS resources.
· Develop and test methodologies to identify and characterize new and hidden geothermal resources, increasing the pace of their discovery and development for electric power. Also, devise novel approaches and practical technology to alleviate obstacles that presently impede geothermal development, such as water consumption, induced seismicity and residual greenhouse gas emissions.
· Establish a new loan fund or cost sharing program to promote exploratory drilling and to encourage mapping of the nation's geothermal resource base.
Build On Existing State Renewable Mandates with a National Energy Policy That Promotes Renewables
· Work strategically to support energy policy changes that promote geothermal energy development through a national output based Clean Energy Standard that gives recognition to the value of base load renewable power.
Help Member Companies Expand Their Share of the Growing World Geothermal Market
· Support efforts of federal and state agencies to encourage expanded exports of goods and services by GEA member companies, including the collaborative efforts being fostered by the National Export Initiative.
The Geothermal Energy Association will host two upcoming events that will discuss these key issues, what the industry needs, and designing a blueprint to achieve these goals. On May 23, the GEA International Geothermal Energy Showcase will be held in Washington, DC. For more information, visit http://geo-energy.org/events/GEA_ShowCase_05_23_12.aspx. The GEA National Geothermal Summit 2012 will come to Sacramento August 7-8. For more information about this and other GEA events, please visit http://geo-energy.org/events.aspx. For sponsorship opportunities, please contact Kathy Kent at 202 454 5263 or email@example.com. To schedule an interview with GEA Executive Director Karl Gawell, please contact Shawna Seldon at 212 255 7541 or Shawna@rosengrouppr.com.
About the Geothermal Energy Association:
The Geothermal Energy Association (GEA) is a trade association composed of U.S. companies who 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 http://www.geo-energy.org/. Check out GEA's YouTube Channel. Follow GEA on Twitter. Become a fan on Facebook.