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III. NATIONAL ACTIVITIES UNITED STATES 17.1.1 Highlights for 2004 Events and activities selected for highlighting in this report are: Production Tax Credit The PTC was passed and signed by the President as part of the American Jobs Creation Act of 2004 in October 2004. The new law creates and extends a number of energy-related tax credits, including an expansion of the renewable energy production tax credit to geothermal electricity. The renewable tax credit indexed for inflation would be 1.8 cents/kilowatt hour and applies to facilities placed in service before the end of 2005. Zinc Extraction Project CalEnergy Operating Corporation, the largest geothermal energy company in the Imperial Valley scaled back its zinc extraction operation, a $400 million venture to produce zinc from the same geothermal liquid that produces energy. CalEnergy said the zinc operation never reached its commercial target of producing 70 metric tons per day. The goal of the zinc extraction operation was to find a new commercial use for the minerals in the geothermal liquid, the natural resource used to produce energy. CalEnergy is continuing the effort while trying to find a partner to make the zinc operation a commercial success. 17.2 National Policy It is the national policy of the United States to improve energy security by fostering a diverse supply of reliable, affordable and environmentally sound energy. With regard to geothermal energy, this has four main thrusts: • A Federal geothermal research and development (R&D) program The U. S. Department of Energy’s Geothermal Technologies Program conducts research, development, and deployment activities in partnership with U.S. industry to establish geothermal energy as an economically competitive contributor to the U.S. energy supply. • Energy leasing on Federal lands Renewable energy is a significant part of the National Energy Policy and the Administration has been working to improve the permitting process for geothermal projects. The Bureau of Land Management (BLM), pursuant to the Geothermal Steam Act of 1970, is responsible for leasing Federal lands for geothermal development and processing permit applications. This authority encompasses approximately 700 million acres of Federal minerals, including BLM lands, National Forest System lands, and other Federal lands, as well as private lands where the mineral rights have been retained by the Federal Government. • Federal incentives such as the Production Tax Credit The PTC was passed and signed by President Bush in October 2004 as part of the "American Jobs Creation Act of 2004". This new law creates and extends a number of energy-related tax credits, including an expansion of the renewable energy production tax credit to geothermal electricity. The renewable tax credit indexed for inflation would be 1.8 cents/kWh and applies to facilities placed in service before the end of 2005. • State initiatives to increase use of renewable energy Fifteen States have established requirements or goals to increase renewable energy use. They have enacted either (1) renewable portfolio standards that set increasing percentage shares of electricity generation or sales, (2) mandates that specify quantities of new generating capacity to be built, or (3) voluntary goals. Of the 15 States, 9 States have RPS, 4 States have mandates, and 4 States have voluntary programs. The type of program used most frequently by the States is an RPS requiring that some specified percentage of electricity supply be provided by qualifying renewable energy sources. IEA Geothermal R&T Annual Report 2004.doc 109PDF Image | Geothermal Energy Annual Report 2004
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