Despite Growth South of the Border, Canada is Tepid on Geothermal Energy (Sauder School of Business)
Despite being the world leader in installed geothermal energy capacity, the industry in the U.S. has been struggling to keep up, mostly due to the fact that, at the moment, “natural gas is very, very cheap,” says Pete McGrail, a geothermal research scientist at Pacific Northwest National Laboratory.
McGrail is part of a research team looking at ways to increase the profitability of large-scale geothermal projects, which often take on the same capital risks, but with slower rates of return, as traditional oil and gas.
Yet, despite the fact that geothermal plants function better in colder climates like northern Canada, which has some of the greatest potential for geothermal extraction, industry in Canada as a whole stands at zero.
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