Geothermal, uses Federal Grant to pay investors!

[elektra]

In the crazy World of PTC's and Subsidized Green, Renewable, Clean power nothing is as rotten as Geothermal.
U.S. Geothermal used a Federal Grant to pay Equity Investors! Us Taxpayers, literally pay investors millions of dollars so that they can be rich!!!!!

A google search finds this, 1st result, which take me to a black page that downloads a pdf? Strange.

Google

If you click on this link it downloads a U. S. security and exchange commission pdf directly to your computer, or at least on mine, I do not like this but it is the doc
www.usgeothermal.com/media/financial/8

From the PDF

The project received a $32.75 million cash grant under Section 1603 Specified Energy Property in Lieu of Tax Credits from the Treasury Department. The cash grant, originally approved at $35.4 million, was subject to an 8.7% reduction due to Federal sequestration ordered by Congress under the Budget Control Act. The proceeds from the grant were used to: 1) fund $11.2 million in project level cash reserves as required by the terms of the DOE loan, 2) pay down $11.9 million on the DOE loan and 3) the balance of $9.7 million was distributed to equity investors

For our amusement I have included a geothermal well blowout from another lousy geothermal site. That is not just steam! That is arsenic and all kinds of toxic hell!

 

[elektra]

In the next bit of making a profit off the labor of tax payers this is what happens next, Oregon gives U.S. Geothermal a tax credit worth $20 million dollars. Which it sells for $7.36 million? Does every green energy producer get this deal? I think YES!

This is all from my original link

In July 2010, the Company applied to the Oregon Department of Energy (“ODOE”) for the Business Energy Tax Credit (“BETC”), which allows an income tax credit for up to $20 million in qualifying capital expenditures for a renewable energy project. The Company received unconditional approval of the final certificate on March 1, 2013. The BETC was sold to a passthrough tax partner in November 2013 for approximately $7.36 million.

Further, U.S Geothermal was given a minimum price guarantee of $96 per mw for 25 years! Twice the going rate of a mw of electricity at the time, and about 9x's today's wholesale price!

The PPA for the project was signed on December 11, 2009 with the Idaho Power Company. The PPA has a 25 year term with a starting average price for the year 2012 of $96.00 per megawatthour and escalates at a variable percentage annually. On May 20, 2010, the Idaho Public Utilities Commission approved the PPA with no changes to the terms and conditions. Power generated during 2013 was paid at an average price of $99.00 per megawatt-hour. The Idaho Power PPA has a seasonal pricing structure that pays 120% of the average price for four months (July, August, November, December), 100% of the average price for five months (January, February, June, September, October) and 73.3% of the average price for three months (March, April, May). The average price paid under the PPA for 2014 has increased to $102.78 per megawatt-hour.

 

[elektra]

What is the going rate per mw on the wholesale market? It varies, I should look up average costs per contract, guessing it is $25 per mw if the wind is blowing wind, $11 per mw if it is Nuclear or Fossil, Solar you I include cause I am making this thread at 2 am in the morning so there is no Solar available.

Rate payers are getting ripped off, taxpayers are getting ripped off, paying $96/MWh when the price is $11/MWh

Wholesale Electricity Price Ticker

$11/MWh

 

[ScienceRocks]

And you think oil, coal and nuclear don't get the same??? We fight wars to keep the stablity in the middle east so oil is easy to get at.

I am glad to see this country make some unlimited energy for a change...People like you are the problem with this country.

 

[elektra]

And you think oil, coal and nuclear don't get the same??? We fight wars to keep the stablity in the middle east so oil is easy to get at.

I am glad to see this country make some unlimited energy for a change...People like you are the problem with this country.

"Unlimited Energy"? Neal Hot Springs Geothermal is a 25 MWh plant producing 22 MWh!!!
It can not even reach its full potential of 25 MWh and you call that unlimited energy!
22 MWh, that is tiny, for the cost of $150 million dollars! THAT IS VERY LIMITED, but hey, they are trying, they now want to convert to, Water Cooling instead of the Dry Cooling they sold themselves to the public as. At that they are trying to find that UNLIMITED ENERGY and that is failing.

US Geothermal Inc.: Exhibit 99.1 - Filed by newsfilecorp.com

Neal Hot Springs, Oregon (3+ MW)

Two water supply wells were drilled and flow tested for a period of six weeks. One of those wells achieved steady state production at approximately 170 gallons per minute. The minimum amount of water needed for a hybrid cooling system is approximately 200-300 gallons per minute for each unit. Additional studies were conducted to develop new fresh water drilling targets to support continued exploration for a reliable water source. A purchase or long term lease of existing surface water or groundwater rights is also being studied.

The ability to use water cooling during the 5-6 months of summer and fall would increase power generation, when current air cooling results in a dramatic reduction in plant output. An initial engineering evaluation of various hybrid cooling methods was completed by Power Engineers Inc., which confirms the economic viability of hybrid cooling if enough water can be found. Additional water well drilling is schedule to begin in January 2016.

 

[elektra]

You know what else is funny, mattpew has a cartoon of himself wearing a sign.

I got to thank mattpew though, his Unlimited Power comment encouraged me to dig deeper into U.S. Geothermal and Neal Hot Springs, thus discovering that Geothermal's quest for Unlimited Power is another lie of the Clean Green Renewable energy liars.

And while I am thanking people, I got to thank Old Crock for that fluff piece of propaganda that is using U.S. Geothermal's Neal Hot Springs as well.

 

[elektra]

in another story, U.S. Geothermal is fortunate enough to buy the equipment of a Bankrupt Geothermal Company. They leave out the fact that this equipment was purchased from a company in Bankruptcy proceedings? I wonder what Bankruptcy Judge allows a Federally Funded company to purchase equipment in a bankruptcy proceeding at a 95% discount. Of course who would describe that in reverse? As "5% of estimated original cost". And why leave the name of the Bankrupt Geothermal company out of the notice.
US Geothermal Inc.: Exhibit 99.1 - Filed by newsfilecorp.com

Power Plant Equipment
We acquired all of the major and long lead equipment for the construction of three binary geothermal power plants for $1.5 million (approximately 5% of the equipment’s estimated original cost of $28 million). The equipment was part of an order for six power plant units by another geothermal developer, but only three were installed. The components for the three units being purchased are all new and unused, and have been held in storage.

The equipment is from the same manufacturers, and is of a similar size and design, to that installed at the Company’s Neal Hot Springs and San Emidio power plants. The design output of the acquired units totals approximately 35 megawatts (MW). Actual output of each unit will be determined by resource conditions found at the sites at which the equipment is ultimately installed.

The three equipment packages which represent approximately 70% of the components needed for the complete plants, will meet the major and long lead equipment requirements for the Company’s proposed Crescent Valley I power plant (25 MW) and San Emidio II power plant (10 MW). This equipment gives us the ability to expand our megawatt output at our existing portfolio of advanced stage development projects at significantly lower cost, and in much shorter construction timeframes.

 

[Syriusly]

Ah Elektra continues her campaign against energy source except coal/gas or nuclear based energy.

Is she a paid shill- or just an obsessive who hates the environment?

 

[elektra]

Ah Elektra continues her campaign against energy source except coal/gas or nuclear based energy.

Is she a paid shill- or just an obsessive who hates the environment?

Syriusly continues to post based on emotion, not reason, is he/she simply ignorant?

But to stay on topic how many 22/MWh Geothermal plants equal a 1/GWh Nuclear power plant?

It takes 45 Geothermal plants to equal one Nuclear power plant, if all the Geothermal plants work, which at least half fail. Not to mention they have to find 45 sites which is not easy in itself.

How many Geothermal plants are in operation in the USA, 10? maybe 11? Or is it 20? I say 14!

 

[Old Rocks]

You would say any old thing that passes your anus. However, there will be many, many more geothermal plants 20 years from now. And, unless they actually develop the Gen 3, 4, and 5 designs, not that many more nukes. Too damned expensive, and there is still the chance of the accident that cannot happen, but does.

 

[elektra]

You would say any old thing that passes your anus. However, there will be many, many more geothermal plants 20 years from now. And, unless they actually develop the Gen 3, 4, and 5 designs, not that many more nukes. Too damned expensive, and there is still the chance of the accident that cannot happen, but does.

LIES old crock.

In this thread I have provided documentation to prove the facts. I have not linked to some propaganda website that is an advertisement. I have used federal documents.

Expensive? U.S. Geothermal is completely paid for by the taxpayers, even when they get financing from private equity investors that money is then paid with taxpayer grant money. It does not get any more expensive than that.

So post your links and proof that Nuclear Power is dangerous or expensive, you can not do it.

In this thread I have shown that Geothermal is expensive, the electricity they sell is as much as 9x's the cost of that from nuclear power. I can not say how much more is Solar and Wind, because the Sun is not shining so there is no Solar available and the Wind is not blowing so there is no Wind Power available.

So Old Crock, post some links and proof or be known around these threads as a LIAR. As you can see my threads get a lot of views, a lot, so lots of people are seeing this. It must be embarrassing for you to run and hide and be known as a liar.