U.S. Geothermal Gives Mid-Year Update
Major geothermal energy company U.S. Geothermal, Inc., released details about is operations in its mid-year update Monday.
The company has three major projects underway in Neal Hot Springs, Oregon, San Emidio, Nevada, and Raft River, Idaho. It provided a breakdown of each project and its current status.
At Neal Hot Springs, the company said the three units produced 96,681 MWh in the first half of 2014, a marked 27 percent increase from 2013’s 76,151 MWh. Under the company’s Power Purchase Agreement for the site, prices were seasonally adjusted in March, April, and May, during which time planned outages for maintenance were conducted.
San Emidio saw generation fall slightly, from 37,267 in the first half of 2013 to 36,910 this year, because of an extended outage in April. The first quarter, specifically, was better than the previous year, generating 10 percent more power, though was ultimately offset by the outage in quarter two. The outage was necessary to make upgrades to the plant, the likes of which have been performed on the Neal Hot Springs site as well.
In Raft River, Idaho, the company called the plant generation “exceptional,” recording a 7 percent increase over the first half of 2013, despite 108 hours of scheduled maintenance. The maintenance was conducted during seasonally adjusted price times under a PPA, much like Neal Hot Springs.
The company is also working on several developments in Guatemala, California, and Nevada that they hope will help boost generation. Help is also coming from various governments, with tax credits for new geothermal plants set to be extended for the next two years. Also, California and Nevada have regulations in the process of being passed stating that certain amounts of renewable energy must come from geothermal sources.
CEO Dennis Gilles was both excited about his company’s performance this year so far and optimistic it’ll finish 2014 strong.
"Our operations team has done an outstanding job during this first half of the year focusing on maximizing production from all of our facilities. Our units are all performing with exceptionally high availabilities, and with output that is at or above what we had expected. The total generation from all of our units for the first half of 2014 was 173,272 megawatt-hours, compared to 150,341 megawatt-hours for the first half of 2013, reflecting a 15% increase over the prior year period,” Gilles said. "As a result of this strong performance, we anticipate that our projected year-end results should be in the higher end of the range of guidance that we previously provided."
U.S. Geothermal expects to release its full second quarter financial reports and a report looking ahead to the rest of this year and into next year on August 14.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.