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whAt hAS hELd bACk GEothErmAL dEvELoPmEnt In ChILE? With its abundant resources, Chile has the potential to be a leader in geothermal energy production. However, while renewable energy quotas like the ones in place in Chile since 2008 are meant to spur development and use of renewable energy, they do not have an equal impact on all technologies. Despite geothermal energy’s low long-term costs and other benefits, other NCRE alternatives such as solar and wind have gained more traction in Chile in part due to their shorter lead times (see Figure 4). Geothermal projects may take up to 13 years to reach production because of a relatively lengthy exploration period that occurs prior to plant construction and full resource exploitation. In contrast, solar projects can often be brought online in one to two years and wind projects in as few as five years. The shorter project time lines of wind and solar technologies help them receive “first- mover” advantages such as the presence of more suppliers, developers, and service providers in the market. In turn, this helps make these options increasingly less expensive to bring online. In addition to longer lead times, geothermal projects have higher initial costs. Significant expenses are incurred during the exploration period of a geothermal project: Deep wells must be drilled to determine if resources can produce an economically viable amount of energy. Recent data from the International Finance Corporation indicates that the success rate of wells drilled during exploration is 78 percent, but there is no guarantee that exploration will produce a viable resource. The IFC study, for example, focused on the power- generating capacity of wells, not the economics of individual wells.17 The challenges of exploration and site development are compounded in Chile because key resources are located outside of the existing electric grid, in areas with limited access to services.18 The country also faces a current lack of drilling contractors, drilling equipment, and service providers for geothermal projects; this contributes to higher exploration costs and is one crucial hurdle identified by geothermal energy experts.19 Geothermal projects use the same type of drilling rig used in natural gas and some other fossil fuel exploration. Since Chile does not produce these fossil fuel resources, rigs must be imported for geothermal projects alone and at a considerable cost. In addition, geothermal developers must compete with large, multinational fossil fuel energy companies to contract rigs, often resulting in long delays until equipment is secured.20 The daily cost of a rig and crew in Chile can be as high as $40,000, far above the global average of $28,000 per day.21 The shortage of equipment and service providers, coupled with site remoteness, means the costs for geothermal exploration in Chile can be significantly higher than the averages elsewhere.22 These initial high costs in Chile can present serious financial hurdles for developers and make other potential investors wary of entering the market. Geothermal development in Chile is further hampered by an insufficient legal and regulatory framework, in particular regarding concessions and environmental and community impacts that can lead to public opposition, delays, and cost overruns. Institutional constraints, particularly a lack of clear policy direction, are also a factor because they slow progress in addressing hurdles. Figure 4: Estimated time Line for Projects of 10 mw or Greater, 2013 Step 1: Step 2-3: Step 4-6: Project planning and design FiT process Contracting, EIA and construction -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 9 10 Solar Wind Geothermal 1.7-2.7 yrs 5.5-9.0 yrs source: bloomberg New Energy Finance, 2013 Typical Grid agreement Fast METI EIA approval Fast Typical construction construction PAGE 4 | Geothermal Energy: Unleashing the Earth’s Power to Fuel Chile’s Future 9.0-13.0 yrsPDF Image | Geothermal Energy 2013
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