Hot Rock to Explore Peru Areas for Geothermal Energy
Release Date: 2011-04-25
Hot Rock Ltd. (HRL), an Australian geothermal developer, won permission to explore two sites in the south of Peru for potential to support power plants as the South American country seeks to diversify its power supply.
The sites, called Chocopata and Quella Apacheta, together cover 295 square kilometers (115 square miles), the Brisbane- based company said in a statement today.
Peru gets 52 percent of its electricity from fossil fuels and 48 percent from hydroelectric plants, according to the statement. The country’s power grid will need to grow 6.2 percent a year to meet demand that may reach 10.5 gigawatts in 10 years, Hot Rock said, citing a report from grid operator Comite de Operacion Economica del Sistema.
“The Peruvian government supports the development of geothermal energy through legislation that provides a mechanism for setting feed-in tariffs, tax incentives and guaranteed connection to the grid and sale of all power produced,” Executive Chairman Mark Elliott said in the statement.
With the awards, Hot Rock now owns the rights to explore three sites in Peru and eight in Chile, according to the statement. The company expects to get five more Peruvian concessions in the next few months, according to the statement.
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| Url: | http://www.bloomberg.com/news/2011-04-19/hot-rock-to-explore-two-more-peru-sites-for-geothermal-power-potential.html |