French Minister Ségolène Royale launches GEODEEP Fund to support the development of the deep geothermal sector

On Monday 30, French Minister Ségolène Royale, in charge of energy affairs, publicly announced the creation of GEODEEP, a new 50-million Euro risk insurance fund dedicated to deep geothermal energy. The fund aims to protect project operators against the geological risk faced during the exploration and exploitation phases. Jointly financed by ADEME (a public institution managed by the Ministry), La Caisse des Dépôts (a public investment bank), and by private operators, GEODEEP will compensate project operators in case they fail to find economically sustainable geothermal resource.
EGEC warmly welcomes this new support scheme for geothermal energy in France. GEODEEP will indeed facilitate project operators’ investment decisions by significantly reducing the risk profile of deep geothermal projects. The fund is also expected to ensure the opening of ten new deep geothermal plants, and the creation of more than 800 new jobs. By launching GEODEEP, the French government clearly demonstrates its commitment to foster the development of renewables and proves the key role that geothermal plays in achieving the energy transition towards a low-carbon economy.

Press Release of the Ministry of Ecology, Sustainable Development and Energy : Link
EGEC Policy Paper on “Financing Geothermal Energy” calling for the establishment a European Geothermal Risk Insurance Fund (EGRIF): Link

EGEC Newsletter March 2015

The 54th edition of the EGEC newsletter is now available and can be downloaded here.

Inside:

Policy

  • How to Become Number 1 in Renewables? EGEC’s answer
  • EGEC’s view on ETS reform and new NER400 programme
  • ECHA clarifies how to report substances used in hydraulic fracturing
  • The Energy Union and the Renewable Heating and Cooling sector

How to Become Number 1 in Renewables A contribution from the biomass, geothermal, and solar thermal sectors

The EU aims to become number one in renewables, according to European Commission’s President Juncker. Already a leader in both renewable electricity and heating and cooling, Europe now faces fierce global competition.

The only way to reach this goal for both renewable electricity and heating and cooling is with structural reforms to move away from fossil fuels and further develop a wide variety of renewable energy technologies.

Click here to Read the full report

Key messages:

MijnWater B.V.: Geothermal Innovator of 2015

Mijnwater has today been announced as the winner of the European Geothermal Innovation Award 2015 at GeoTHERM, Offenbourg. The three other finalists were Comacchio s.r.l., Gec-co GmbH, and Green Energy Group SA.

Designed as an opportunity for industry peers to acknowledge innovation, and for the most exciting ideas to be widely publicised, the European Geothermal Innovation Award is the seal of excellence applied to the most intelligent and important ideas in research and industry which will play a key role in the future development of geothermal energy. Nominations for the award are assessed on grounds of originality, innovation, reliability, reduction of emissions, and improvements in energy output.

When asked what made the MijnWater project special, the team collecting the award explained that it was the project’s unique approach. “We use the geothermal energy as both a source and for storage.  We look at all aspects in an effective comprehensive way, considering technical potential, the network, integration in the built environment, and public acceptance. The demand side of connections is central to our strategy- it is the starting point.”  They added that “The successful exploitation of geothermal projects is based on a demand side approach with a mixed and smart supply of renewable energy”

EGEC Newsletter February 2015

The 53rd Edition of the EGEC has been published and is available here.

Inside:

Editorial
European Energy Union package
Heating and Cooling in the European Energy Transition
GeoTherm 2015