GEOTHERMAL POWER: THE BEDROCK OF RENEWABLE ENERGY ENERGIE GEOTHERMIQUE, SEULE SOURCE ALTERNATIVE FOURNISSANT LA CHARGE DE BASE
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1 GEOTHERMAL POWER: THE BEDROCK OF RENEWABLE ENERGY ENERGIE GEOTHERMIQUE, SEULE SOURCE ALTERNATIVE FOURNISSANT LA CHARGE DE BASE Paul A. Thomsen Public Policy Administrator Ormat Technologies, Inc. Key Words: Geothermal Energy, Base Load, Organic Rankine Cycle, Geothermal in Oil and Gas Abstract This document provides an outlook for the prospects of geothermal energy in current energy markets, which includes application in the oil and gas industries. Geothermal energy is the only alternative source providing base load power. In 2005, 2,800 MW of geothermal plants in the US provided about 15,000 GWh; more than all wind farms in the country. Over the next decade the capacity in the US may increase to 13,000 MW, which would produce more electricity than 30,000 MW of wind farms. Résumé Le document présente les perspectives pour l énergie géothermique sur les marchés actuels, y compris les applications dans l industrie pétrolière et gazière. L énergie géothermique est la seule source alternative pouvant fournir la charge de base d électricité. En 2005 les 2,800 MW de centrales aux Etats-Unis ont produit plus de 15,000 MWh électricité bien plus que toutes les centrales éoliennes. Au cours de la prochaine décennie la puissance installée aux Etats-Unis pourrait attendre 13,000 MW, produisant plus d énergie électrique que 30,000 MW d éoliennes. Introduction Geothermal energy is not experimental. It is a working, practical, clean energy solution used worldwide today, and has been used for over one hundred years. It utilizes conventional technologies and has a proven track record in energy generation, often surpassing that of other renewable resources in the United States. Geothermal energy is a domestic renewable base-load energy supply that provides the greatest MW capacity factor 1, has the smallest environmental footprint of any other renewable, has great future potential 2 and more ancillary services than many other renewable energy resources. Geothermal energy generates approximately 9,000 MW of electricity throughout the world, yet the perception that this energy source is difficult to tap, due to the 1 U.S. DOE. Energy and Geosciences Institute at University of Utah, (May 2001). Geothermal Energy: Clean Sustainable Energy for the Benefit of Humanity and the Environment. [Brochure]. 2 o: papers/wec 2007/ June 13, 2006
2 misconception that it requires water at a temperature greater than 400 F at depths of less than 10,000 ft, prevails even today. Because of recent changes in the marketplace and efficiency enhancements in power conversion, the utilization of geothermal energy is currently being realized in a wide variety of situations and areas 3. Some 2,800 MW of geothermal production in the Western U.S. is on-line 24 hours a day/365 days per year, unlike other renewables, such as wind and solar power. It is nearly independent of weather, and with current technology, produces almost zero emissions, consumes no water, and on a per kwh produced, geothermal has the lowest material content (steel, plastics, etc), the smallest land-use footprint, the lowest CO 2 emission, and the lowest energy consumption for the manufacture and installation of the equipment, of all new renewable energy technologies. Over the next decade, production in the Western US may be increased five-fold to 13,000 MW 4 from identified potential sites. Yet, geothermal energy is often omitted from the world of alternative energy sources and its vast future potential overlooked in discussions of renewable energy. Background Geothermal energy is derived from the natural heat of the earth as water entrapped in deep rock structures, accessed by wells drilled into these structures. Advanced, proven energy conversion technologies, such as Organic Rankine Cycle (ORC) binary, steam or flash systems, are used to generate commercial electricity from geothermal waters at temperatures from 200 to 600 degrees Fahrenheit. Recent technological improvements have made the generation of electricity from lower temperature heat sources possible. These Organic Rankine Cycle binary geothermal plants are more cost effective, operate at a near zero emission rate and avoid acquifer depletion of the resource than other geothermal technologies. Additional developments in ORC power technologies using an intermediate working fluid decouple the power conversion from the resource adding operational flexibility and increasing efficiencies. In addition, Enhanced Geothermal Systems (EGS), currently under development, create geothermal resources by injecting surface water into deep hot artificially fractured rock formations, and may substantially increase geothermal electricity production in the ensuing decade. Australia, Europe, and Japan are actively developing this EGS technology. ORMAT Technologies proven ORC technology, with three decades of R&D behind it, is now able to make many of the existing geothermal resource areas commercially viable for electricity production, as well as enabling the potential commercialization of EGS. Key Elements of Geothermal Energy Production Growth Projections: The United States continues to be the world leader in online capacity of geothermal energy and generation of electric power from geothermal energy. According to the Energy o: papers/wec 2007/ January 11, 2007
3 Information Administration (EIA) 5, geothermal energy in 2004 generated 14,355.8 Gigawatt hours (GWh) of electric generation, or about 66% of the total U.S. annual new renewable energy supply, where new renewable energy is defined as geothermal, wind and solar energy. Although the contribution of total MWh to the generation portfolio of utilities is not dramatic, the fuel risk profile of such technologies is contrary to fossil fuel technologies. Renewable energy benefits utilities by reducing their exposure to fuel price volatility. While the potential for this form of energy appears low on an absolute basis, geothermal power can be a major contributor to the power infrastructure and economic well-being of the Western States. On July 25, 2005, the Western Governors Association (WGA) Geothermal Task Force of the Clean and Diversified Energy Initiative reviewed geothermal resources of the states in the Western Governors' Association region. Two dozen members of the geothermal community met in Reno, Nevada, to assess the potential for commercial development of roughly 140 Known Geothermal Resource Areas (KGRA). The Task Force also estimated the economics of developing these sites for commercial power production for projects that could be on-line in a timeframe extending to 2015, and offered these conclusions to the CDEAC and WGA 6 : The Western States share a capacity of almost 13,000 MW of geothermal energy that can be developed at specific sites within a reasonable timeframe. Of these, 5,600 MW are considered by the geothermal industry to be viable for commercial development within the next 10 years, i.e. by about This is a commercially achievable capacity for new generation and does not include the much larger potential of unknown, undiscovered resources. The 5,600 MW is estimated to be capable of development at busbar costs, which are the prices paid by the utility at the point of delivery, in a range of levelized costs of energy (LCOE) of about 5.3 to 7.9 cents per kilowatt-hour (kwh) in 2006 dollars. This assumes commercial project financing conditions and the extension of a production tax credit (PTC) consistent with current federal energy law. Lacking a PTC to catalyze renewable energy development, LCOE values would be1.9 /kwh higher 7. New geothermal power capacity of 5,600 MW could add nearly 10,000 jobs, and also generate about 36,000 person years of construction and manufacturing business. Geothermal power is a reliable, continuously available base-load energy source that typically operates at 90 to 98 percent of the time. Insulated from conventional fossil fuel market volatility, geothermal power supports energy price stability and boosts energy security because it is a domestic resource. Addressable Market: Although geothermal power plants have been producing electricity for decades, only a small fraction of geothermal potential has been tapped. With new technology and rising energy costs, geothermal resources that historically have not been economical to develop, o: papers/wec 2007/ January 11, 2007
4 have become increasingly more attractive to investors and utilities. New geothermal technologies including direct use, modular Organic Rankine Cycle (ORC) geothermal plants, and combined cycle geothermal ORC and steam turbines, are now playing an important role in reducing overall need for other energy supplies. Developing Momentum At the federal level, we have seen developing momentum from the implementation of the American Job Creation Act, to the increase in the production tax credit. The American Job Creation Act of 2004 took the first steps to expand federal incentives for new geothermal power production. The legislation included new geothermal facilities in the Section 45 production tax credit, providing a 5-year 1.8 cent tax credit for those places in service by January 1, 2006 (Public Law , 10/22/2004). The Energy Policy Act of 2005 (EPAct) expanded upon this legislation and included additional tax incentives and provisions related to the Geothermal Steam Act and Department of Energy research programs. The Energy Policy Act expanded the tax incentive for renewable energy, which includes geothermal, as well as wind, closed loop biomass, and solar 8, to provide new geothermal facilities with the full ten-year 1.9 cents per/kwh credit term of Section 45. It also extended the placed in service deadline through December 31, The new law required an extensive revision to the Geothermal Steam Act of 1970 which included a directive to DOI to place a priority on clearing up its large pending lease backlog. For new leasing, regular lease sales must be held at least every two years in states with geothermal resources, and all leases will be subject to competitive bidding. The BLM and Forest Service are directed to adopt a 5-year leasing plan for National Forests with geothermal potential. The royalty provisions of the law are re-written and simplified. For new leases, royalties will be determined on a "gross proceeds" basis. Royalty for existing leases are reduced for expanded production in the next four years (following enactment). County governments will receive 25% of the royalty income, and the federal share of royalties is dedicated to the BLM geothermal program for the next five years to provide the resources needed to address the lease and permit backlog and implement amendments to the law. The EPAct included a significant increase in the funding authorized for DOE s renewable research programs, including geothermal energy. It also included specific direction and goals for their geothermal research efforts and created an Intermountain West Geothermal Consortium to facilitate collaboration between researchers and industry to harness the under-utilized geothermal resource in the West. The Energy Policy Act of 2005 (EPAct/HR 6) was signed into law on August 8, 2005 as Public Law Applications Outside Traditional Geothermal Usage On March 13-14, 2006, Southern Methodist University held a conference around geothermal applications in oil and gas settings. The objective of this first-ever type of 8 rentpageid=1 o: papers/wec 2007/ January 11, 2007
5 conference was to bring together geothermal industry experts with hydrocarbon development companies, state and federal government agencies, research groups, and other interested parties to exchange information and discuss the economic feasibility of geothermal energy from hot water in oil and gas settings. Advantages of geothermal technology for the oil and gas industry include: Secondary geothermal energy could pay for the cost of pumping water in flood situations - i.e. floodwater would become a valuable commodity; The technology is grounded in the practices of the hydrocarbon industry; A basic infrastructure already exists - i.e. roads, power lines, etc.; Geothermal systems can use existing oil and gas reservoirs or modify them after production ends; Development costs are lower than start-from-scratch geothermal development costs, and estimated payouts may be as low as 3-5 years; and Mini-power plants can be scaled and enlarged as systems are developed and technology continues to evolve; they can be moveable to meet the changing needs of the oil and gas field evolution. Momentum is also gathering in the production of hydrogen from geothermal. Geothermal electricity can be used to produce hydrogen from electrolysis and water. This method of electricity production offers high availability with between 7,600 8,000 operating hours per year. The 40 GWh electricity production per year from one 5 MW geothermal plant is sufficient to produce enough hydrogen for the operation of an average fueling station with about 400 refuelings per day at a cost about percent higher than today s gasoline (including taxes) 9. Hydrogen might be produced from various sources. One option is the production from geothermal resources via electrolysis. In countries rich in geothermal sources, geothermal hydrogen will certainly become a major energy vector (e.g. Iceland is already on the way to this realization). Whether this option becomes a reality in relation to others within a hydrogen economy, will depend on geothermal. Conclusion The geothermal industry is poised to make approximately a five-fold increase in geothermal projects coming online, from 2,800 MWs to 13,000 MWs in the next decade. This represents a capital investment of approximately 40 billion dollars over the next decade. 9 o: papers/wec 2007/ January 11, 2007
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