The geothermal power market shows strong growth

Geothermal power showed strong, sustained growth through 2016 according to a report, published last October by the US Geothermal Energy Association (GEA). Projects now under development when completed would increase international capacity outside the USA by 25% according to the GEA. The report finds that between March and September 2016, a total of 44 new geothermal power projects began development spanning 23 countries, adding 1,562.5 MW. This brings the total new geothermal power now actively under development worldwide to 2,277.5 MW with 72 new projects covering 23 countries.

The growth rate in that period exceeds annual development over the previous two years. If this rate is sustained, global geothermal power production could
grow from 13.8 GW today to over 23 GW in 2021.

According to the GEA, the projects under development represent an investment of around US$9bn. The report’s estimates only includes projects outside the USA and as such, offer a conservative estimate. Notably, 70 countries have identified geothermal power potential with 26 countries already producing power from their geothermal resources, a figure that would increase to 30 once the projects identified come online. Read more…

Article published in: FuturENERGY March 2017