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Brief Summary This analysis updates a 2005 paper published by Alyssa Kagel and Karl Gawell of Geothermal Energy Association (GEA) in the Electricity Journal. That report explored the beneficial externalities associated with using geothermal power instead of fossil fuels by comparing emissions levels of different fuel sources. The 2005 paper found roughly 1.6 cents/kWh of unrecognized value in the market price of geothermal power. Since that time new information has become available. This analysis expands upon the methodology of the 2005 paper by taking advantage of information not available over a decade ago and by incorporating more atmospheric pollutants into the calculation. As a result, this report finds the externality benefits of producing electricity using geothermal resources, as opposed to fossil fuels to be $0.01 for natural gas, and $0.035 for coal per kWh. Additionally, GEA estimates that geothermal provides approximately $117 million in externality benefits per year to the states of Nevada and California by avoiding fossil fuel emissions. Introduction When compared to other energy sources such as coal, natural gas, and even some renewables, geothermal energy emerges as one of the cleanest and most environmentally benign forms of energy. In general, geothermal plants have small land footprints and low air emissions. Of the three types of geothermal power plants currently in operation, dry-steam and flash plants produce only trace amounts of gaseous emissions, while closed-cycle Organic Rankine Cycle (ORC or binary) plants produce near-zero greenhouse gas (GHG) emissions during generation. However, the cooling towers used for some binary plants may produce miniscule amounts of atmospheric pollutants depending on the type of cooling tower and the amount of cooling needed. Additionally, Argonne National Laboratories found in their 2010 life-cycle analysis of geothermal systems that hydrothermal binary plants have some of the lowest lifecycle emissions of any generating technology, including other renewables. Argonne calculated the life-cycle GHG emissions from binary power plants to be 5.7 gCO2eq/kWh. This value is lower than that of both wind and solar, which have life-cycle GHG emissions of 8.0 and 62.3 gCO2eq/kWh, respectively.1 This report updates a 2005 analysis published by Alyssa Kagel and Karl Gawell of GEA in the Electricity Journal. That study explored the externalities associated with using geothermal power instead of fossil fuels by comparing emissions levels of different fuel sources. The 2005 paper found roughly 1.6 cents/kWh of unrecognized value in the market price of geothermal power. Since that time new information has become available. This analysis expands upon the methodology of the 2005 paper by taking advantage of information not available over a decade ago, and it incorporates more atmospheric pollutants into the calculation. An externality is defined as a cost or benefit that is not transmitted through market prices of a good or service. For our purposes, an externality is interpreted as the benefit of generating electricity from geothermal power instead of fossil fuels by estimating those “costs” not included in current fossil fuel market prices. As a result, this report finds that the external benefit from geothermal generation equivalent to 1.0 cent per kWh for natural gas and 3.5 cents per kWh for coal. Additionally, the benefits of geothermal energy include other positive externalities not included in this analysis. For example, geothermal power requires a smaller footprint (measured as kWh/acre) than 1 Sullivan et al. 2010 3PDF Image | Promoting Geothermal Energy
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