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Texas-focused geothermal trade group launches with big energy backers

By Liz Hampton (Reuters) - A trade group seeking to promote geothermal energy in Texas will launch on Thursday with backing from large oil and utility firms seeking to transform...
Texas-focused geothermal trade group launches with big energy backers © Reuters.

By Liz Hampton

(Reuters) - A trade group seeking to promote geothermal energy in Texas will launch on Thursday with backing from large oil and utility firms seeking to transform their businesses.

The Texas Geothermal Energy Alliance (TxGEA) was organized as many fossil fuel giants and startup companies look to transition to low-carbon energy from oil and gas. The group includes Halliburton (NYSE:HAL), Repsol (OTC:REPYY), Chevron Corp (NYSE:CVX), Baker Hughes, CenterPoint Energy (NYSE:CNP) and GeothermEx, a Schlumberger (NYSE:SLB) company.

The former chairman of the state's public utility and energy regulatory boards, Barry Smitherman, spearheaded the group's formation. Texas is the largest oil- and gas-producing state.

"Decision makers and thought leaders are interested in a resource that is clean, renewable and dispatchable - that is what has piqued everyone's interest," said Smitherman. He added that the group's short-term focus will be education and advocacy.

Geothermal technology employs much of the same drilling technologies used in the oil and gas sector, although the wells are designed differently. One member, Nabors Industries (NYSE:NBR), a drilling firm, is already eying geothermal as a business opportunity.

Smitherman said service companies see this as another way to use their technology, workforce and skill set.

There are many geothermal projects currently under way in the United States, which could usher in greater scale for an industry that does not yet easily compete with cheaper oil and gas.

Geothermal accounts for less than 1% of global utility-scale electricity generation because it is geologically limited, according to TxGEA member Sage Geosystems.

The United States has about 3.5 gigawatts of geothermal capacity currently installed.

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26-01-2022 08:43:59 (UTC+7)

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 EUR/USD1.1278Neutral
 GBP/USD1.3510Neutral
 USD/JPY114.26Sell
 AUD/USD0.7172Buy
 USD/CAD1.2576↑ Buy
 EUR/JPY128.87Buy
 EUR/CHF1.0386↑ Buy
 Gold1,846.15Buy
 Silver23.983↑ Buy
 Copper4.5210Sell
 Crude Oil WTI86.90Neutral
 Brent Oil88.53↑ Buy
 Natural Gas4.181↑ Buy
 US Coffee C240.10↑ Sell
 Euro Stoxx 504,180.95Sell
 S&P 5004,356.45↑ Sell
 DAX15,501.99Neutral
 FTSE 1007,511.85Neutral
 Hang Seng24,289.90↑ Buy
 Small Cap 20002,004.80↑ Sell
 IBEX 358,664.49↑ Sell
 BASF67.775Sell
 Bayer51.74↑ Sell
 Allianz224.78↑ Sell
 Adidas246.43Sell
 Lufthansa7.069↑ Sell
 Siemens AG142.47Sell
 Deutsche Bank AG11.464↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,190/ 6,240
(-5/ -5) # 1,175
SJC HCM6,180/ 6,245
(-10/ -10) # 1,179
SJC Hanoi6,180/ 6,247
(-10/ -10) # 1,181
SJC Danang6,180/ 6,247
(-10/ -10) # 1,181
SJC Nhatrang6,180/ 6,247
(-10/ -10) # 1,181
SJC Cantho6,180/ 6,247
(-10/ -10) # 1,181
Cập nhật 26-01-2022 08:44:01
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$1,846.30-3.44-0.19%
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RON 95-IV2486025350
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E5 RON 92-II2359024060
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WTI$86.47-1.5-1.77%
Brent$88.52-1.52-1.75%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.460,0022.770,00
EUR24.918,8126.315,80
GBP29.789,2431.061,45
JPY192,82204,12
KRW16,3519,92
Cập nhật lúc 18:54:49 26/01/2022
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