Archive for February, 2010
Per agreement with dissident shareholder, Sierra adds two new directors
In Canada, Sierra Geothermal Power Corp. has made good on an agreement reached in January and has increased the number of directors from six to eight, adding one representative each from Exploration Capital and Skyberry Holdings. Michael Atkinson represents Exploration Capital and Daryl S. Clark, Skyberry Holdings. Atkinson currently acts as a director of Kobex [...]
Indonesian firms sign 30-year GT deal
In Indonesia, Pertamina Geothermal Energy and State Electricity Company signed a 30 year cooperation agreement on geothermal supply for two power plants in Lampung province. Pertamina will supply geothermal steam to two 55 MW Ulubelu power plants at 4.2 cents per kilowatt hour from the Way Panas geothermal site. In addition, Pertamina will get an [...]
Raser project approved for $33 million Recovery Act funds
In Utah, Raser Technologies, Inc. said that the U.S. Treasury has approved its renewable energy grant application of $32.99 M for the company’s Thermo No. 1 geothermal power plant provided by the American Recovery and Reinvestment Act. Raser is to receive the funds within five business days of the announcement. The funds will go to [...]
Ormat to raise Olkaria III plant capacity
In Neveda, the project subsidiary of Ormat Technologies signed a letter of intent with Kenya Power & Lighting Co. Ltd (KPLC) for further expansion of the Olkaria III power plant in Naivasha, Kenya by up to 52 MW within the framework of the existing power purchase agreement. Output from the plant would rise from 48 [...]
Magma reports second quarter loss
In Canada, Magma Energy Corp. reported that, for the second quarter ended December 31, 2009, it had a net loss of $5.25 million. The Soda Lake operation earned revenues of $1.41 million, gross profit of $589,000, and net income of $203,000 after deducting non-cash and other related expenses. The net loss for its share in [...]
Drilling scheduled in Akutan this summer
In Alaska, preparations are underway for drilling exploratory geothermal wells in Hot Springs Bay Valley on Akutan Island, just three miles from Akutan Village. Extensive prospecting, including soil and chemical testing, remote sensing using satellite imagery, and magnetotelluric measurement of electric currents, was completed in October 2009. The team, led by Dr. Amanda Kolker, has [...]
Pertamina needs $250 million to develop new geothermal sources
In Indonesia, state oil and gas company Pertamina has told lawmakers the company will need an investment of some $250 million to develop geothermal sources. Pertamina president Karen Agustiawan also said that the company would develop about 1070 MW by 2014. Pertamina has already developed 272 MW of electricity from geothermal sources. New power development [...]
Energy minister agrees to meet with Gherang residents
In Australia, the public has been shaken by Swiss earthquakes caused by deep rock fracturing. Area residents are concerned that a method of fracturing rock as part of the Geelong Geothermal Power Project belonging to Greenearth Energy Ltd has the potential to cause earthquakes. After first saying he was too busy, Energy and Resources Minister [...]
Ormat North and South: Purchases Nevada property, backs relief on Alaskan interests
In Nevada, Ormat Technologies continued to expand its GT holdings with the announcement that it would acquire HSS II, LLC through a subsidiary – which the company says will be eligible for stimulus money – while simultaneously backing two bills being considered by the state government of Alaska that would benefit development on at least [...]
This Week in Geothermal Opinion: Interior Department must come to the aid of geothermal and solar industries
Stacy Feldman of solveclimate.com writes “The Obama administration’s federal stimulus package propelled the geothermal and solar energy industries to record growth in 2009 while most of the economy struggled. But industry anxiety is rising over the lack of a long-term policy signal from Washington. This week, trade groups again warned lawmakers that relying solely on [...]
