A new report from the U.S. Geothermal Energy Association (GEA), released today at the organization’s International Geothermal Showcase in Washington, D.C., reveals the international power market is booming, with a sustained growth rate of 4% to 5%.
The “2014 Annual U.S. & Global Geothermal Power Production Report” finds almost 700 projects currently under development in 76 countries. Threats caused by climate change and the need for a renewable energy source that can satisfy both firm and flexible grid needs are among the key factors driving the international community to invest in geothermal power.
International geothermal market growth was up, while U.S. stateside growth held steady; 85 MW of the total global 530 MW of new geothermal capacity in 2013 was in the U.S., according to the new GEA report. U.S. growth was flat because of policy barriers, gridlock at the federal level, low natural gas prices and inadequate transmission infrastructure.
