Among numerous highlights in the National Renewable Energy Laboratory’s recently published Geothermal Power Production and District Heating Market Report, one in particular stands out: since 2019, 11 new geothermal power purchase agreements have been signed across
, one in particular stands out: since 2019, 11 new geothermal power purchase agreements have been signed across four states. This is a big deal in renewable energy circles, but why should it matter to us, the energy consumers across the country?
Geothermal PPAs signed from November 2019 through September 2020. The new PPAs serve the California market, with one apiece in Utah, Alaska, and Hawaii. Image courtesy of NREL. PPAs make electricity prices predictable by locking them in place for the duration of the contract term, which typically lasts 15-25 years. This arrangement benefits both sellers and buyers. Sellers can more easily secure funding from lenders because they can prove, with their PPA, that they will have a steady revenue stream for years to come. Buyers can plan long-term operations without worrying about price fluctuations.
, a network of geothermal facilities that deliver 150 megawatts of electricity to Los Angeles—enough to power more than 200,000 homes. This project, which operates under a 2017 PPA signed with the Southern California Public Power Authority, is one of several examples of geothermal plants in Nevada that deliver electrical power to neighboring California, helping to meet the enormous energy requirements of the world’s fifth largest economy.
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