Vancouver-based Western GeoPower Corp. (TSX-V:WGP) has reported promising test results at its Geysers geothermal field. Geysers is 120 kilometres north of San Francisco and is considered one of the largest geothermal sources of electricity in the world.
The tested well showed an initial 10-megawatt capacity and is expected to contribute at least seven megawatts to the 35-megawatt geothermal plant being built nearby.
The power plant is scheduled to be online by 2010.
The renewable energy company is also developing a 100-megawatt geothermal power plant in the South Meager Creek area 55 kilometres northwest of Pemberton.
Both California and British Columbia have set targets to increase the use of renewable energy.
GeoPower's share price range during the week: around $0.38; 52-week high: $0.50; 52-week low: $0.24.