Geothermal power report shows strong U.S., international growth

A report released on Wednesday by the U.S. Geothermal Energy Association (GEA) shows consistent growth in the geothermal power industry through 2016.

“Developing nations in Central America, the Caribbean, Southeast Asia, and the South Pacific are accelerating their geothermal development through more attractive fiscal incentives and geothermal-specific legislation,” the GEA report said.

The report, titled “2016 International Market Update,” draws on data from a document published in March by the GEA, extending the scope of the earlier publication’s coverage of new geothermal projects to include 44 projects that began development between March and September.

“The combination of international financial institutions supporting risk-reduction efforts and national policies designed to encourage geothermal development and recognize its value, like geothermal feed-in tariffs, appear to be working to spur geothermal growth,” Karl Gawell, GEA’s executive director, said.

The GEA estimates that geothermal projects currently being developed outside the U.S. will raise international capacity by 25 percent.

“Several new countries like Croatia, Iran, and Malaysia are penetrating into the geothermal market with pilot projects in the works over the next five years,” Anthony Rocco, author of the GEA Update, said. “These countries understand that adding geothermal power to their grid can reduce their dependence on finite energy resources, reduce future economic and geopolitical uncertainty, and benefit the overall health of their environment and the people who inhabit it.”