[Congressional Record (Bound Edition), Volume 156 (2010), Part 8]
[Extensions of Remarks]
[Pages 11861-11862]
[From the U.S. Government Publishing Office, www.gpo.gov]




                    GEOTHERMAL ENERGY INVESTMENT ACT

                                 ______
                                 

                          HON. EARL BLUMENAUR

                               of oregon

                    in the house of representatives

                         Monday, June 28, 2010

  Mr. BLUMENAUER. Madam Speaker, I rise today in support of the 
Geothermal Energy Investment Act. This legislation will extend a 30 
percent investment tax credit for geothermal energy through December 
31, 2016, providing parity with the solar investment tax credit. This 
longer-term incentive will support substantial growth in utility scale 
geothermal power, distributed on-site power generation, and heating for 
buildings and commercial processes, while using clean and renewable 
American energy.
  Geothermal energy facilities supply environmentally-friendly baseload 
power while producing very low emissions. Once installed, geothermal 
power is incredibly reliable, with average availabilities of 90 percent 
or higher (compared to about 75 percent for coal plants). The United 
States has more geothermal capacity than any other country. In fact, if 
we could recover this entire resource base, our domestic resources are 
equivalent to a 30,000-year energy supply at our current levels of 
consumption. Geothermal energy resources are present in all 50 U.S. 
States today, and in California more than 40 geothermal plants provide 
nearly five percent of the State's electricity.
  To access this capacity, however, developers of this power source 
need assistance ameliorating the risks associated with geothermal 
energy investment. While the costs for electricity from geothermal 
facilities are declining, these installations are complex, long-term 
projects. There are significant costs involved with the exploration and 
development of these installations, and significant risks that the 
forecast resources are unavailable. The short-term incentives currently 
in the tax code limit long-term efforts to develop these resources.
  The legislation also seeks to encourage growth of new geothermal 
technologies, in particular small power production and direct heat 
uses. New technology allows geothermal power to be generated and used 
on-site, such as the new power generation equipment installed at Oregon 
Institute of Technology.

[[Page 11862]]

 Small, distributed geothermal power generation is being explored in 
many new areas, from Oregon to Texas and North Dakota. This proposal 
will encourage the development of those technologies by extending the 
30 percent credit to them as well.
  I look forward to working with my colleagues to pass this important 
legislation.

                          ____________________