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The View Down Under: Significant GT resources found in Victoria, but the country struggles to move forward

admin — Sun, 25 Jul 2010 18:31:40 +0000

Satellite Image of Victoria, Australia

In Australia, reports have the southern state of Victoria hold significant new stores of geothermal energy reserves. This is great news for an area that boasts a quarter of the country’s total population. It also makes sense geologically in an area once and still known for prosperous gold mines.

But while it continues to find resources, the country itself continues to search for the capital to move projects forward, from either the private or the public sector.

In Victoria, the State Government and Geoscience Victoria undertook large studies of underground energy over the last year and released a new map of available reserves in hopes of attracting investment. (we were unable to secure the maps by deadline).

Energy and Resources Minister, Peter Batchelor, said the areas of Stawell, Horsham, Mildura, and Ballarat, had all been identified as new areas with significant energy potential, adding that the results were “better than we expected.” A report on the work was completed by Sinclair Knight Merz, which also assessed the renewable potential of wave, wind and solar power for the state.

A green group in the center of the state says that policies need to be in place to encourage investment in geothermal energy in Victoria. A group spokesman said the assessment is a welcome first step, “But we’ve also got to be totally honest that there won’t be investment in these kinds of new technologies unless there’s also government policies that back it up.”

The group may get its wish with an election push upcoming in August. The Labor party is said to making geothermal energy a centerpiece of it climate change policy. Labor failed in its bid to set up an emissions trading scheme, and Australian Prime Minister Julia Gillard vowed to come up with a fresh climate policy when she took over the job in June.

And it would seem that as in the U.S., Australian investors may need to the government step up before they do. Geothermal was the worst performing component of the Australian Cleantech Index in the 2010 financial year, falling 57.3%, compared with the average decline of 32% in the rest of the Index. It is believed that government support will bring the confidence needed in that capital market to make it fly.

AboitizPower geothermal assets ruled compliant

admin — Sun, 25 Jul 2010 16:10:38 +0000

In the Philippines, AP Renewables, Inc. and Hedcor Sibulan, Inc., both wholly owned subsidiaries of AboitizPower Corp., were recently granted Certificates of Compliance (COC) by the Energy Regulatory Commission (ERC). The COCs were granted after APRI’s ten-unit geothermal facilities in Laguna and Batangas and Hedcor’s Hydropower Plant B in Davao del Sur were found to be compliant with the ERC’s required environmental, technical, and financial standards. The latter was also found to be compliant with the technical design and operational criteria of the Philippine Grid and Distribution Code (PGDC). The plants have an aggregate installed capacity of 440 MW.

New energy legislation on the table, but passage soon is unlikely

admin — Sun, 25 Jul 2010 16:05:16 +0000

In Washington, Congress is in now at work on clean energy bills ahead of the summer recess. Midwest Senators put a national renewable energy standard on the table with the introduction of a bill seeking a 25% renewable energy target by 2025. Senate Majority leader Harry Reid has put forward two clean energy bills of his own, including the Geothermal Exploration Act, which proposes a Department of Energy fund to provide loans to geothermal energy developers for “high risk” exploration and drilling. However, Senator Reid has since said he does not have enough support to move a renewable electricity production mandate promoting sources like solar and geothermal before the break.

Bjork protesting Magma acquisition of HS Orka

admin — Sun, 25 Jul 2010 15:58:47 +0000

In Iceland, Bjork is heading a campaign protesting against the Icelandic Government’s decision to allow Canada’s Magma Energy to invest further in the island’s geothermal power company HS Orka. The singer told the Financial Times said, “Most people feel this is something the nation should keep … this deal smells like the leftovers from the corruption that brought us the bank crash.” She and fellow activists have produced a national petition to try and block a deal that would leave Magma with 98.5% of the Iceland’s biggest energy company.

South Asia universities to cooperate on geothermal energy

admin — Sun, 25 Jul 2010 15:54:01 +0000

In Indonesia, Gadjah Mada University has agreed to cooperate with New Zealand’s University of Auckland to develop geothermal energy sources. Geothermal New Zealand Science (GNS), a research and education institution, will also be involved. Indonesia has turned to New Zealand to develop its geothermal resources because of the country’s advanced technology.

Secretary Chu holds first clean energy ministerial

admin — Sun, 25 Jul 2010 15:45:39 +0000

In Washington, D.C., U.S. Energy Secretary Steven Chu said that the United States is helping launch more than 10 international clean energy initiatives. These initiatives will cut energy waste; help deploy smart grid, electric vehicle, and carbon capture technologies; support renewable energy markets; expand access to clean energy resources and jobs; and support women pursuing careers in clean energy. The new programs offer partners concrete, technical actions to promote economic growth while reducing greenhouse gas emissions and other pollutants. The initiatives will eliminate the need to build more than 500 mid-sized power plants world-wide in the next 20 years. The announcement came at the world’s first Clean Energy Ministerial. Find a run down at the link.

Stock split leads to new GT player

admin — Sun, 25 Jul 2010 14:06:59 +0000

In Nevada, Urex Energy Corp. said that the Financial Industry Regulatory Authority (FINRA) has approved a 1-200 Reverse Split and name change for Urex Energy Corp to Mustang Geothermal Corp., which took effect at the open of business July 22, 2010. The new symbol on this date will be URXED (the “D” will be removed 20 business days from July 22). Mustang Geothermal owns a 100% interest three US Federal geothermal leases totaling 6582 acres located in Nevada. Mustang also owns a 100% interest in the La Jara Mesa Extension uranium property, which consists of 137 unpatented mining claims in the Grants Mining District, Cibola County, New Mexico.

N.J. land conservancy group switches to geothermal

admin — Sun, 25 Jul 2010 13:52:41 +0000

In New Jersey, the headquarters building of the state’s Land Conservancy has cut its use of heating oil and its energy bill in half by switching to geothermal energy. The use of fossil fuels in the building should drop from about 1,500 to 100 gallons a year. The system uses a 600 foot-deep well drilled last month to pump water which is used to heat and cool the building located in Wild Acres Preserve. The $63,000 project was covered nearly in full by a $50,000 grant from the F.M. Kirby Foundation.

Calpine closes senior secured notes offering

admin — Sun, 25 Jul 2010 13:19:47 +0000

In Texas, Calpine Corp. announced the closing of $1.1 billion in aggregate principal amount of its 7.875% Senior Secured Notes due 2020 in a private placement. The net proceeds from the offering of the notes were used to repay a portion of existing term loan borrowings. The notes are guaranteed by each of Calpine’s current and future subsidiaries that is a guarantor under the company’s existing credit facility. The notes and related guarantees are secured equally and ratably with the indebtedness incurred under Calpine’s existing credit facility and other indebtedness that is permitted to be secured by such assets, and pretty much gets a first-priority lien on everything Calpine is and has.

Satellite data shows Rift Valley heat

admin — Sun, 25 Jul 2010 13:01:32 +0000

The Earth-observing satellite Envisat belonging to the European Space Agency (ESA), headquartered in Paris, is providing insight as to the geothermal potential of the Great Rift Valley in Kenya as well as to the potential for dangerous volcanism. Advanced Synthetic Aperture Radar interferograms (SAR Interferometry or InSAR) show small surface displacements that are not visible to the naked eye. A group of scientists employed the technique on more than a decade worth of radar images from ESA’s Envisat and ERS satellites to study volcanic activity in the Valley, which extends through Africa from Mozambique to Djibouti. Follow the link to see some of the results.