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T A B L E O F C O N T E N T S
3 |
KEy ELEMENTS OF SUCCESSFUL GEOTHERMAL ENERGy DEVELOPMENT
74
Resource
Information
76
Institutions
76
Regulation of Land Rights and Permits
79
Role of Core Geothermal Development Organization
81
Overcoming Institutional Capacity Constraints
83
Policies
87
National Policy Instruments to Support Geothermal Power Generation
87
Public-Private
Partnerships
91
Geothermal Risk Insurance
94
Further Options for Enhanced Private Sector Role
94
Finance
96
A Case for Public Support
96
Financing Options for Different Project Phases
98
Development and Financing Models Used Internationally
100
Reaching for High Returns on Equity
104
Scope for a Portfolio Approach
107
Role of Donors, IFIs, and Climate Finance
114
Some Guidance on Concessional Financing Facilities
117
ANNEX
1
The World Bank Safeguard Policies Applicable to Geothermal Projects
122
ANNEX
2
The Value of Information from Exploratory Drilling
125
ANNEX
3
An Illustrative Case of Government Cost-sharing of Exploration Costs
130
ANNEX
4
Claiming Carbon Credits
140
REFERENCES
144
LIST OF FIGURES
Figure
0.1
Project Cost and Risk Profile at Various Stages of Development
4
Figure
1.1
World Electricity Generation (TWh) from Non-Hydropower Renewables by 2030
13
Figure
1.2
World Map of Tectonic Plate Boundaries
14
Figure
1.3
Schematic View of an Ideal Geothermal System
15
Figure
1.4
Conceptual Model of a High Temperature Field within a Rifting Volcanic System
17
Figure
1.5
Schematic Figure of a Sedimentary Basin with a Geothermal Reservoir at 2-4 km Depth
17
Figure
1.6
The Pros and Cons of Geothermal Power
21
Figure
1.7
Global Geothermal Capacity from 1950 (in MW)
23
Figure
1.8
Geothermal Power: Installed Capacity Worldwide
23
Figure
1.9
Generation of Electricity Using Geothermal Energy in Iceland by Field, 1969 to 2009, Orkustofnun
25
Figure
1.10
Investment Cost Breakdown of Utility Scale Geothermal Power Development Based on Data from Iceland
26
Figure
1.11
Geothermal Industry Structure
28
Figure
1.12
Projected Global Geothermal Capacity until 2030
31
Figure
1.13
Geothermal Power Generation by Various Technologies, 2010 (% of total 67 TWh)
32
Figure
1.14
Concept of Condensing Geothermal Power Plant
33
Figure
1.15
Concept of Typical Binary Power Plant, ORC, or Kalina
34
Figure
1.16
Idealized Diagram Showing Multiple Use of Geothermal Energy
36
v
Figure
1.17
Modified Lindal Diagram Showing Applications for Geothermal Fluids
37
Figure
1.18
Simplified Load Curve with Typical Fuel Sources
39
Figure
1.19
Screening Curve for Selected Technologies
46
Figure
1.20
Levelized Costs of Energy (US$/kWh) as a Function of the Capacity Factor
47
Figure
2.1
Geothermal Project Development Schedule for a Unit of Approximately 50 MW
52
Figure
2.2
A Resistivity Cross Section through a Geothermal Field in Iceland
54
Figure
2.3
Mid-Size Drilling Rig in the Carribean
56
Figure
2.4
Geothermal Well Head and Silencer
58
Figure
2.5
Krafla 60 MW Geothermal Power Plant in Northeast Iceland
61
Figure
2.6
CO
2
Emissions by Primary Energy Source in United States
64
Figure
2.7
Histogram of Geothermal Well Output
68
Figure
2.8
Geothermal Project Risk and Cumulative Investment Cost
69
Figure
3.1
Key Elements of Successful Geothermal Energy Development
75
Figure
3.2
Institutional Framework of Kenya’s Energy Sector
78
Figure
3.3
Selected Geothermal Project TA Activities Implemented by a Consulting Firm in Developing Countries
85
Figure
3.4
Policy and Regulatory Instruments Supporting Deployment of Renewable Electricity
88
Figure
3.5
The Philippine BOT Model: Private Investor Insulated from Exploration Risk and Off-Take Risk
92
Figure
3.6
Models of Geothermal Power Development in International Practice
101
Figure
3.7
Two-Dimensional Framework of Supply Integration vs. Unbundling and Public vs.
Private Financing of Geothermal Power Projects in International Experience
103
Figure
3.8
Parallel Development of Two or More Geothermal Fields Reduces Resource Risk
109
Figure
3.9
Olkaria Power Plant, Kenya
110
Figure
3.10
Location of Geothermal Resources in Kenya
112
Figure
3.11
Blending Various Financing Sources to Scale-Up Geothermal Development in Indonesia
116
Figure
3.12
An On-Lending Facility for a Portfolio of Geothermal Projects
119
LIST OF TABLES
Table
1.1
Types and Uses of Geothermal Resources
19
Table
1.2
Geothermal Power Generation—Leading Countries
24
Table
1.3
Market Structure of Various Segments of Geothermal Industry
27
Table
1.4
Companies Owning Geothermal Capacity Over 300 MW in 2010
28
Table
1.5
Geothermal Sites Generating Over 3,000 GWh/a (2010)
29
Table
1.6
Indicative Costs for Geothermal Development (50 MW ex generator capacity), in US$ Millions
41
Table
1.7
Observed Indicative Power Generation Costs in 2010
42
Table
1.8
Plant Characteristics
44
Table
1.9
Fuel Costs, in US$
45
Table
1.10
Screening Curve Data: Total Annual Capital and Operating Costs (US$/kW-year) as a Function of the Capacity Factor
45
Table
1.11
Screening Curve Levelized Cost (US$ per kWh)
47
Table
3.1
Financing Options for Different Stages of a Geothermal Development Project
99
Table
3.2
Case without Public Support
105
Table
3.3
Case with Public Support
106
Table
3.4
Proposed Sequencing of Funding Sources under the SREP Investment Plan in Kenya
115
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