Íslandsbanki releases 4th annual U.S. Geothermal Energy Market Report

28.10.2010

Íslandsbanki releases its 4th annual U.S. Geothermal Energy Market Report, this year with a special feature on the Canada Geothermal Energy Market.

The report highlights the continuing growth of the U.S. geothermal energy sector, as well as the challenges ahead for the industry.

The report was released at the beginning of the 3-day Geothermal Energy Expo and GRC Annual Meeting, the largest geothermal energy event in the world.

Alexander Richter, who heads the research activities in the bank's geothermal energy team, introduced the report as part of his speech at the Opening Session of the conference, highlighting the need for the industry to prepare for the growth ahead.

The key findings of the report include the increased number of projects, with today 152 geothermal power projects in the United States with a capacity potential of up to 7,050 MW. The report highlights the increase in demand for drilling rig and drilling finance. With a financial demand of US$13 billion for drilling in the next 4 years alone, the industry faces not only a challenge to attract the necessary capital, but will also see a strong competition for qualified staff and technologies.

The stimulus legislation definitely has helped spur interest in the sector. The investment tax credits and cash grants, as well as the loan guarantees and research and development allocations show a positive impact, but cut backs to the loan guarantee program funds and pending legislative efforts are reason for concern.

Íslandsbanki was - like in recent years - represented at this largest gathering of industry players from the U.S. and internationally hosting 160 exhibitors and attracting more than 3,000 visitors. Growing from year to year, this year's event has been the biggest ever attracting an increasingly international crowd.

This is fourth time the geothermal energy team of Islandsbanki was represented at the event with a booth, highlighting the commitment of Islandsbanki to the geothermal energy industry om the U.S.

Íslandsbanki has released the U.S. Geothermal Energy Market Report with the start of the conference. The report is available online at: www.islandsbanki.is/energy.

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