Provo company able to tap geothermal power quickly
Anticipation of new energy policies has sparked a rush on land leases as companies like Raser Technologies Inc., based in Provo, lock up property that holds geothermal fields and potentially huge profits.
Raser's find, about 155 miles southwest of Provo, could eventually power 200,000 homes.
The company said it will begin routing electricity to Anaheim, Calif., within weeks.
Earlier this month, California adopted the nation's most sweeping plan to cut greenhouse gas emissions.
"We made a pleasant discovery, let's put it that way," said Brent M. Cook, the company's chief executive.
The number of government land leases and drilling permits have risen quickly, said Kermit Witherbee, who heads up the leasing program for the U.S. Bureau of Land Management, with more than two dozen companies now trying to make a score like Raser.
Two years ago, the U.S. Bureau of Land Management approved 18 geothermal drilling permits. That number more than doubled in 2007 and has nearly quadrupled this year.
All of it was claimed.
Raser's find "has the potential to become one of the more important geothermal energy developments of the last quarter century," said Greg Nash, a professor of geothermal exploration at the University of Utah.
Raser quickly redrew its business plan, bumping up its planned development of 10 megawatts of power to 230 megawatts. That is in line with the field's power potential according to calculations by GeothermEX Inc., a consulting firm.
By comparison, the largest group of geothermal plants in the world are The Geysers, about 60 miles northeast of San Francisco. The Geysers geothermal basin produces about 900 megawatts of energy, enough to power the city, said Ann Robertson-Tait, a senior geologist and vice president of business development for GeothermEX.
Geothermal technology creates energy using heat that is stored in the earth. But geothermal still generates less than 1 percent of the world's energy, according to the Paris-based International Energy Agency.
"The outlook for geothermal is great," said Brian Yerger, an energy analyst for New York-based Jesup & Lamont.
Recent comments
I'm not sure about Robert Redford but he'd be crazy to think...
Earthy | Dec. 26, 2008 at 4:24 p.m.
Where is Robert Redford and his gang? Geothermal drilling is every...
Thinkin' Man | Dec. 26, 2008 at 4:06 p.m.
There is enough heat in the earth, now and being generated by...
Ramp up Geothermal | Dec. 25, 2008 at 2:57 p.m.
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