Archive for November, 2010
Five government agencies establish collaboration framework
In Washington, D.C., the U.S. Department of Energy (DOE) has joined the U.S. Department of Commerce, the U.S. Environmental Protection Agency (EPA), the U.S. Small Business Administration and the U.S. Department of Labor in signing a Memorandum of Understanding in support of the Economy, Energy and Environment Initiative. The goal of the effort, to be [...]
Ram reduces losses in 2010 third quarter
In Nevada, Ram Power, Corp. reported its financial and operating results for the third quarter ended September 30, 2010. Net loss for the quarter was approximately $6.6 million ($0.04 per share), compared to $15.7 million in the same period a year ago. On a cash basis, the company had a negative cash flow of about [...]
The Ugly Stepchild: Geothermal looking for solar-like support down under
In Australia, the chairman of the Australian Geothermal Energy Association (AGEA) told the Australian Geothermal Energy Conference, held in Adelaide this past week, that Australia can be a world geothermal leader, but only if the nation makes further long-term commitment to building the geothermal energy industry.
Terry Kallis said the geothermal industry needed a price on [...]
Greenearth signs Alcoa to geothermal power deal
In Australia, Alcoa has signed a memorandum of understanding with Greenearth Energy to dsevelop a geothermal power plant somewhere on its mining lease in the state of Victoria. Alcoa, which operates bauxite mining, alumina refining and aluminium smelting businesses, will take up to 12 megawatts of power, but Greenearth will have to prove its resources [...]
Kenya considering dry well fund, doing its own drilling
In Kenya, two separate reports have the country looking for innovative ways to push its geothermal agenda forward. In the first, the country is looking to assuage skittish investors with a Risk Mitigation Fund. The fund would underwriting well drilling in the event a well is found not to have any steam. Beneficiaries of the [...]
Nevis project back on track
On the Island of Nevis, the CEO of West Indies Power Nevis Ltd., Kerry McDonald says that the delays that slowed the progress of the geothermal development project over the last months have ended and the project will move forward in early 2011. “The contracts are in place the financing has been finalized and we [...]
Qualibou gets good news on St. Lucia concession
In Nevada, Qualibou Energy Inc. said that GeothermEx Inc. has completed a new analysis of the Sulphur Springs concession area and estimates that it has a much larger Proven resource value than earlier studies had indicated. Qualibou president and CEO said, “With this increased value and certainty, we have upgraded our phase one build out [...]
Cautionary tale: Inspector rejects 145 wells
In Nebraska, a ground source contractor working on a system to heat and cool a new county jail will have to cap a re-drill 145 of 667 wells. Reportedly, most of the rejected wells were not the right diameter, and other wells were not grouted correctly. Construction of the jail is already 18 months behind [...]
Magma Energy reports first quarter results, may sell part of HS Orka
In Canada, Magma Energy Corp. says that for the first quarter of 2011 ending September 30, the company had revenues from energy sales of $8.0 million and gross profit of $1.2 million. Hqwever, Chief Executive Ross Beaty said in a conference call after the release that the company is looking to sell up to 25% [...]
Coso Geothermal Power stock downgraded
In Illinois, Fitch Ratings downgraded the rating of Coso Geothermal Power Holdings, LLC’s (CGP) pass-through trust certificates due 2026 to ‘B+’ from ‘BBB-’ last week. It also put CGP on a Rating Watch Negative. CGP has significant production declines due to a more accelerated rate of decline in reservoir pressure since mid 2010 compared to [...]
