US to add up to 1,370 MW of geothermal capacity in 5 years

Oct 31, 2011 - The US can add 1,227 MW to 1,369 MW of fresh geothermal power capacity in the coming five years, according to a report by Iceland-based lender Islandsbanki hf.

The US geothermal power sector will need investments of USD 12 billion (EUR 8.6bn) in the coming 12 years, including USD 5 billion in equity finance, the lender projects in its US Geothermal Energy Market Report 2011.

At present, the US accounts for nearly a third of all installed geothermal capacity around the globe with some 3,100 MW of capacity. Geothermal power's share in the national electricity mix stands at around 0.4%, Islandsbanki said. The US has 170 confirmed projects under development and some 23 unconfirmed projects. The bank points that delays in the development process are often caused by the lack of early stage and drilling funding.

(USD 1.0 = EUR 0.714)

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