Geothermal Industry Applauds President Obama's Announcement, Says Stimulus Funds Will Help Spur Economic Recovery

The Geothermal Energy Association today applauded President Obama's announcement of $350 million in new investment in geothermal energy. "There are more geothermal power projects under development today than have been built in the history of the United States," according to Karl Gawell, GEA's Executive Director. "This stimulus funding will help make sure those projects are successfully completed and will help develop the technology needed to bring tens of thousands of additional megawatts on line," he added.

According to the GEA's March 2009 Industry Update, there were 126 new geothermal projects under development with the potential to put 5,500 MW of new geothermal power on line, equivalent to 15,000 MW – 20,000 MW from wind turbines or enough power for 5.5 million California homes, according to GEA. New geothermal power projects were identified in Alaska, Arizona, California, Colorado, Florida, Hawaii, Idaho, Nevada, New Mexico, Oregon, Utah, and Washington. GEA estimates that bringing these projects on line could help economic recovery by spurring as many as 100,000 new jobs.

GEA was also enthusiastic about the scope of the announcement. The President's announcement included funding for geothermal demonstration projects, enhanced geothermal systems, innovative exploration techniques, and new resource assessment. "These are all critical areas for geothermal technology development," Gawell stated. "Geothermal energy is a widespread and complex resource base, and this announcement recognizes the need to move forward with technology development across several different applications and resources," he added.

Copies of U.S. Geothermal Power Production and Development Update, March 2009 are available to download free of charge from the GEA Web site at: http://www.geo-energy.org.