![]() “I think a number of states have been updating their renewable portfolio standards and as time passes, those states are requiring more and more renewable energy, and for geothermal, specifically,” Goodman said. Nick Goodman, the CEO of Cyrq Energy, Inc., says that there are multiple reasons why more PPAs are being signed, but a major one is the fact that states are looking for renewable energy that can supplement wind and solar energy. “In order for us to build those projects, we need a guarantee that someone will buy the power over a long period of time - and utilities do that through a PPA.” ![]() “In the geothermal industry, projects have large capital costs,“ said Paul Thomsen, Vice President of Business Development at Ormat Technologies, Inc. California is seeing more PPA’s being signed because of resource adequacy, which, according to The California Public Utilities Commission, “ensures the safe and reliable operation of the grid in real-time, providing sufficient resources to the California Independent System Operator (CAISO) when and where needed,” and also serves to “incentivize the siting and construction of new resources needed for future grid reliability.” Geothermal projects are one of the few that provide emission-free power 24-hours a day at a reliable rate. The state uses intermittent resources like solar and wind, but what do they do when the sun sets? That’s when geothermal energy comes into play. ![]() The beginning of 2020 ushered in a wave of Power Purchase Agreements (PPAs) for geothermal energy, the majority of which were signed in California.
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