The Canadian Geothermal Energy Association (CanGEA) released its first comprehensive roll call of Canadian geothermal energy developers on Monday afternoon.
According to the report, CanGEA members have installed nearly 2,000 megawatts (MW) of geothermal capacity worldwide and are currently developing 70 projects representing more than 1,400 MW.
Although CanGEA members represent more than $1 billion in market capitalization on the TSX and TSX Venture exchanges and approximately 10,000 full and part time jobs, there is currently no domestic geothermal power production in Canada.
The report says the potential for geothermal energy in Canada is estimated at more than 5,000 MW in traditional shallow geothermal resources using currently available technology. Upwards of 10,000 MW or more may be available in deep geothermal resources which require enhanced geothermal systems still under development.
But don’t expect to see geothermal power plants in B.C. anytime soon.
Of the 10 member companies profiled by CanGEA, only two – Nevada’s Ram Power Corp. (TSX:RPG) and Vancouver’s Sierra Geothermal Power Corp. (TSX-V:SRA) – have energy plays in this province.
Those projects are in such preliminary stages that the energy potential is not listed.
Ram announced Monday monring it is acquiring Sierra in a $28.4 million share exchange.