development of geothermal energy
Geothermal energy is an environmentally friendly, renewable power source for the Generation of sustainable electrical power
Western GeoPower Corp. Vancouver, BC, TSX-V: WGP; is a renewable energy company dedicated to the development of geothermal energy projects for the delivery of clean, sustainable baseload electricity generation. The Company holds 100% interests in the Unit 15 Steam Field located in The Geyser Geothermal Field in California, United States and in the South Meager Geothermal Project in British Columbia, Canada.
The Company’s California geothermal leases are administered through wholly-owned subsidiary Western GeoPower, Inc., incorporated in California. The British Columbia leases are administered through wholly-owned subsidiary Meager Creek Development Corp., incorporated in B.C.
Since late 2003, the Company has raised Cdn. $57 million toward proving the commercial viability of its projects through extensive technical programs involving drilling programs, geochemical assessments, environmental and socio-economic studies, and consultations with government agencies and community stakeholders.
The company has completed a feasibility report supporting a 35 MW (net) plant at the Unit 15 Steam Field. Upon receipt of governmental approvals and project finance, the Company intends to raise the capital required to place The Geysers project into commercial production by 2010.
Upon successful completion of the technical programs and feasibility studies and receipt of governmental approvals, the Company anticipates commencement of commercial operation of the South Meager project in 2012.
Geothermal energy is an environmentally friendly, renewable power source for the generation of sustainable electrical power. Commercially viable geothermal resources for power generation are found in countries where underground water comes sufficiently close to molten rock to be heated to temperatures suitable for power generation.
Most countries on the Pacific Ocean’s “Ring of Fire” have developed electric power generation from geothermal sources. In 1904, Italy became the first country to generate electrical power at Larderello, where 13 plants currently generate 390 megawatts (MW). Worldwide generation capacity is now approximately 9,300 MW.
The United States is the largest producer of geothermal energy, with a generation capacity of 2,850 MW. California is the largest U.S. producer with 2,492 MW – representing 4.8% of the state’s electrical generation. The Geysers Geothermal Field, north of San Francisco, California, has been generating electrical power continuously since 1960.
British Columbia Hydro’s Green Energy Study for British Columbia – Phase 2 (2002) identified 16 geothermal sites in B.C. of which six – including South Meager - were determined to have the greatest potential – i.e., an aggregate potential of up to 1,070 MW of generating capacity. Western GeoPower is developing the South Meager Geothermal Project, 170 km north of Vancouver, as Canada’s first commercial geothermal power plant for electricity generation.