Íslandsbanki releases new Report on the Canadian Geothermal Energy Market


In an ongoing cooperation with the industry, Íslandsbanki is proud to release its Canada Geothermal Energy Market Report.

As part of the Canadian Geothermal Energy Associations (CanGEA) Annual Meeting and Trade Show in Vancouver, British Columbia, Canada, Íslandsbanki is releasing the report with a presentation on Íslandsbanki's view on potential for Canadian geothermal development and Canadian development companies.

The report looks at potential for geothermal development in Canada despite the current lack of any major development. There currently is no installed geothermal power plants operating in Canada, with Hydro playing a major role in overall electricity generation, while other renewable - mostly biomass - represents only 2% of total electricity generation in the country.

Based on a strong natural resources tradition, Canadian and international companies have been able to raise funds on the Toronto Stock Exchange, which has helped them to pursue development outside of Canada. While not all Canada-based themselves, these companies have about 2,000MW under development in the United States, or around 27% of the total planned geothermal power capacity in the country.

According to the report, geothermal development has lacked drive and ambition since federal cut-backs in the 1980s, and current support for ongoing pilot projects is too little to push significant development.

The Canadian Geothermal Energy Association is playing a crucial role on behalf of the industry representing its interests and pushing for governmental support, which is crucial for pushing any development not only in Canada.

The report highlights that, to push development, legislative efforts and financial incentives are necessary to spur development. Resource assessments and early geothermal exploration for Crown land is needed, but drilling and investment incentives would be equally important to kick-start activities in Canada.

Canadian geothermal developers play a prominent role in development of geothermal energy projects internationally. With the right kind of governmental support these developers could help Canada add important renewable energy base-load capacity to Canada's energy mix.

The report is downloadable on www.islandsbanki.is/energy.

Older news

Íslandsbanki issues EUR 300m bond and announces partial buyback of its 2020 EUR 500m bond

04.04.2019 - IR Releases
Íslandsbanki has today issued a EUR 300m 1.125% fixed rate senior unsecured bond for 3 years, at a spread of 130 basis points over mid-swaps.More

Annual General Meeting 2019 - agenda, candidates and proposals

The Annual General Meeting of Íslandsbanki hf. will be held on March 21, 2019 at the Bank's headquarters, Hagasmári 3, 201 Kópavogur at 15:00.More

Publication of 2018 Annual Report and Pillar 3 Report

13.02.2019 - IR Releases
Íslandsbanki has published an Annual Report and Pillar 3 Report for 2018. More

Annual Results 2018

13.02.2019 - IR Releases
The Bank and Íslandssjóðir turned in a good operating performance during the year, with a consolidated profit of ISK 10.6bn, while operational...More

Publication of 2018 year-end results

30.01.2019 - IR Releases
Close of business Wednesday, 13 February 2019More

Íslandsbanki to terminate credit rating contract with Fitch Ratings

30.01.2019 - IR Releases
Íslandsbanki informs that following expiration and by agreement of parties, the credit rating service contract between Fitch Ratings and Íslandsbanki...More

Ásmundur Tryggvason to direct Corporate and Investment Banking

Ásmundur Tryggvason has been engaged as director of Corporate and Investment Banking at Íslandsbanki. He replaces Vilhelm Már Þorsteinsson, who will...More