Western GeoPower Corp
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SYMBOL: V.WGP Website: www.geopower.ca Corporate Contact Information Phone: 604-662-3338 Email: info@geopower.ca |
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Company News (May 20, 2008) WESTERN GEOPOWER SIGNS $500 MILLION POWER PURCHASE AGREEMENT WITH NCPA ...Read More
Overview
Western GeoPower Corp. is a renewable energy company based in Vancouver, British Columbia and dedicated to the development of geothermal energy projects for the delivery of clean, baseload electricity generation. The Company has two projects under development – in California and in British Columbia - and is actively pursuing additional geothermal prospects in California, and Chile.
- The Company has a 100% interest in the 35 megawatt Unit 1 geothermal steam project at The Geysers, Sonoma County, California, where the initial production well was completed with an estimated stabilized capacity of 7 MW. A power purchase agreement has been signed with Northern California Power Agency at a levelized price of $98 per megawatt hour (MWh), representing approximately $520 million in revenue over the 20-year term of the contract. A steam turbine has been ordered from Fuji Electric Corporation for delivery August 2009 and plant commissioning and startup is scheduled for early 2010.
- The Company holds 100% interest in the South Meager Geothermal Project located 170 kilometres north of Vancouver, British Columbia in the Meager Volcanic Complex – identified by the Geological Survey of Canada as the best geothermal prospect in Canada. Flow testing of three completed, high temperature (average 260º C) hydrothermal production wells will be scheduled to confirm estimates by GeothermEx, Inc. of a capacity for up to 100 megawatts of generation to be sold to the British Columbia government’s power utility.
- The Company has submitted bids to the Chilean Ministry of Mines for the acquisition of three geothermal exploration concessions presented for competitive bidding. A technical review and field reconnaissance identified these concessions and several other locations with significant resource potential. The Government of Chile actively solicited Western GeoPower’s interest as Chile is experiencing a growing economy and a shortfall in electricity supply. Chile requires that 10% of new power must be generated from renewable energy sources such as geothermal by 2013.
People
Kenneth MacLeod
President, Chief Executive Officer, Director
Mr. MacLeod has been President and CEO and a member of the Board of Directors of Western GeoPower Corporation since his appointment in 2001. MacLeod has over 27 years of experience in international resource exploration and development and has been instrumental in raising over C$100,000,000 in financing for his companies, including C$57,000,000 in financing for Western GeoPower.
Thomas S. Drolet
Director
Mr. Drolet spent 26 years with Ontario Hydro, the world’s fourth largest electrical utility, in various engineering, research and operations functions before his appointment in 1993 as President and CEO of Ontario Hydro International. He subsequently served as Vice President – International Business with DTE Energy Technologies and Managing Director of American Electric Power Canada.
John P. Copeland
Director
Mr. Copeland is a senior insurance industry professional who has qualified for the "Top of the Million Dollar Round Table", a designation achieved by fewer than 250 individuals in the world. He has served on a number of corporate boards and has been involved in the raising of several hundred million dollars of corporate funding.
Domenic J. Falcone
Director
Mr. Falcone was a founder and Senior Vice-President - Finance of Geothermal Resources International Inc., a pioneering geothermal company which successfully developed several geothermal power plants in California and played a significant role in building a viable U.S. geothermal industry. Mr. Falcone is a member of the Board of Directors of the U.S. Geothermal Energy Association, which is involved in advancing legislation at the federal and state levels on behalf of the geothermal industry.
Ásgeir Margeirsson
Director
Mr. Margeirsson is CEO of Geysir Green Energy of Iceland which invests in the acquisition, development and construction of geothermal power plants and participates in the privatization of energy companies worldwide. He is President of the Icelandic Geothermal Association; Chairman of Enex-China; Chairman of Exorka International; Vice-Chairman of Hitaveita Sudurnesja hf; Vice-Chairman of Shaanxi Green (China); and is a Board member of Iceland Drilling, Iceland America Energy (USA) and Enex.
Property
Western GeoPower Unit 1-The Geysers, CA
Western GeoPower is developing a 35 Megawatt geothermal powerplant located at The Geysers Geothermal field 75 miles north of San Francisco, California in Sonoma County. The WGP Unit 1 leasehold of over 1000 acres is situated in the south-western region of The Geysers and much of the leasehold lies within the presently known boundary of The Geysers Geothermal field. The 35 Megawatt powerplant is expected to commence production in 2010.
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South Meager Geothermal Project, BC
The South Meager geothermal area is located approximately 170 km north of Vancouver in undeveloped, mountainous country. The project area is located 55 km northwest of the Village of Pemberton in the Upper Lillooet River watershed. Western GeoPower has identified South Meager as a “high temperature” geothermal field with measured temperatures up to 275ºC, over an area of 4.5 to 7.5 km².
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Currently awaiting outcome on bids in with Chilean Ministry of Mines for three geothermal concessions in Northern Chile
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Politics
California, USA
- California’s Renewables Portfolio Standard (RPS) requires 20% of electricity sales to come from renewables by 2010 with a goal of 33% by the end of 2020
- In 2006, approximately 15% of all electricity consumed in California came from renewables such as geothermal, wind, solar and small hydro
- In 2006, approximately 6% of the electricity in California came from geothermal
- The Geysers Geothermal Field located 75 miles north of San Francisco is the largest producing geothermal field in the world.
- California has 49 geothermal power plants with a total installed capacity of 2492.1 MW
- There are 15 projects under development which will increase California capacity by 970 MW
British Columbia, Canada
- Power demand exceeds supply in British Columbia, which has been a net importer of electricity over the past 5 years
- BC is now dependent on other jurisdictions for 10% of electricity
- BC Hydro plans to acquire some 10,000 GWh/year of firm energy by 2015 from Independent Power Producers and
- other third-party suppliers (source: BC Hydro 2006 IEP)
- BC requires 1,200 Megawatts of new capacity by 2010, increasing to over 4,000 Megawatts by 2023 to meet demand
- Policy of BC’s Government and BC Hydro: 50% of new power to be “green”
BC Energy Plan 2007:
- Plan to make BC electricity self sufficient by 2016
- All new electricity generation will have zero net greenhouse gas emissions
- Ensure clean or renewable electricity generation continues to account for at least 90% of total generation
- Establish an Innovative Clean Energy Fund of $25 million
- BC Hydro must acquire an additional supply of “insurance power” beyond the projected increases in demand to minimize the risk and implications of relying on electricity imports
Chile
- Significant resource potential in Chile
- Recently experiencing an electricity supply shortfall
- There has been heightened interest recently in Chile’s geothermal potential
- It is expected that electricity demand will increase at 5% per year in the period up to 2030
- privatized its electricity sector in the 1980s, and all generation, transmission, and distribution activities are now in private hands
- In January 2006, new legislation was passed to apply the benefits included in Short Laws I & II to renewable energy production
- The new regulation provided for exemptions in transmission charges for new renewable energy sources (i.e. geothermal, wind, solar, biomass, tidal, small hydropower and cogeneration) below 20 MW of capacity.
- Chile is also faced with escalating gasoline prices and a shortfall of imported gas from Argentina, which Chile relies on for imports on a majority of its gas consumption
- Chile’s electricity sector relies mainly on thermal generation, or 60 percent of installed capacity, with hydropower sources making up for the remaining capacity.
Paper
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