GEA: Geothermal market will turn around

October 7, 2013 | By Barbara Vergetis Lundin

The outlook for the global geothermal market is positive with sustained growth projected despite lagging U.S. markets, according to the Geothermal Energy Assocation (GEA). As the United States works to meet higher state RPS requirements and new climate change goals, it is hoped that the value of geothermal will be recognized and spur growth.

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There are currently more than 700 geothermal projects under development worldwide, according to a new GEA report, which will more than double current worldwide capacity from the 12,000 MW expected to be on-line by year's end.

Beyond that, "developers are actively engaged with 27,000 MW of geothermal resource globally," according to GEA.

In the United States, as the percentage of electricity produced from intermittent sources increases, the stress on an aging power system designed for fossil fuels encourages geothermal's continuing role as an important part of the power supply mix.

"The market will turn around as geothermal's full value to the grid is recognized," Karl Gawell, GEA's executive director, said. "Its baseload capacity makes it valuable for replacing retiring fossil fuel facilities, and its ability to provide flexible support will add to power system reliability."

As part of that effort, GEA has pledged to contribute "in excess of 5 percent of the electric energy needs in the United States and globally," according to Craig Mataczynski, GEA's newly elected president.

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http://www.fierceenergy.com/story/gea-geothermal-market-will-turn-around/2013-10-07