New Report from NRG Expert reveals that 2010 was a weak year for Geothermal globally

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New Report from NRG Expert reveals that 2010 was a weak year for Geothermal globally with few projects commissioned and only in existing markets. However, this is not indicative of the state of the sector as a whole. As more money was invested in geothermal last year than the previous year

2010 was a better year for Geothermal after a poor 2009

The newly released Global Geothermal Report from NRG Expert confirms that once again the US is the largest company in terms of installed capacity of 3,102 MW followed by the Philippines (1,966 MW), Indonesia (1,189 MW), Mexico (958 MW) and Italy (863 MW). Sixth placed New Zealand is reporting strong growth after a 140 MW geothermal plant was commissioned in the country last year and is now the biggest plant in operation.

“2010 was a better year for Geothermal after a poor 2009” says Max Krangle, Managing Director of NRG Expert, “Several projects are now in the advanced stages of development, e.g. in the US alone there is 722 MW of project in phase 3 and 4, and support for the sector is strong. Specifically, Japan and Indonesia are relaxing rules on developing geothermal projects on protected land, which should open up more sites for development, but Cost is still a major barrier to the development of projects and access to finance for the exploratory stages is still a challenge.”

NRG Expert expects over the next five years high growth markets for the sector are expected to continue to be the top six main markets, Kenya, Iceland, Mexico and South America. For the latter, developers have already been awarded concessions to explore new sites in Argentina, Colombia, Chile and Peru. In the middle of 2010 the Chilean government announced plans to invest up to USD 200 million in geothermal projects and will grant over 170 geothermal concessions over the next two years, which should result in the country installing its first generation plant in the mid-term. Kenya and Mexico and the other six major markets are likely to commission projects in the advanced stages of development. As part of a strategy to raise revenue Iceland is considering exporting electricity to other countries. A feasibility study is being undertaken to build a sub-sea electric cable linking Iceland to Europe to sell electricity generated from geothermal projects to Britain, Norway, Holland and Germany.

NRG Expert is a London & Toronto based market research company providing up to date information and analysis of worldwide energy markets, including electricity, natural gas, coal, nuclear, renewable energy and water and waste. To purchase the NRG Expert Geothermal Report, visit http://www.NRGExpert.com.

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Edgar van der Meer
NRG Expert
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