Wednesday, June 22, 2011

Geothermal power will bring 70-B yuan market ... - US News Las Vegas

By PNA / Xinhua and U.S. News Agency / Asian

China?s efforts to expand the use of clean energy will facilitate the rapid development of the geothermal power industry over the next five years, with a market scale of 70 billion yuan (about 10.8 billion U.S. dollars), experts have said.

Geothermal energy will supply heating and air conditioning for 350 million square meters of indoor areas in China during the 12th Five-Year Plan period (2011-2015), said Li Yuanpu, executive member of the Chinese Renewable Energy Society (CRES).

?As measured by 200 yuan in investments per square meter, the total 350 million square meters will boast a market potential of 70 billion yuan,? Li said.

According to the CRES, sales of geothermal power pumps have topped 8 billion yuan in China, with an annual growth rate of 20 percent.

To date, geothermal energy has supplied heating and air conditioning to 2,236 construction projects. Heating provided by geothermal power pumps has totaled 140 million square meters in area.

?The use of geothermal power is expected to reach an equivalent of 68.8 million metric tons of coal by 2015, or about 1.7 percent of the nation?s total power consumption,? said Guan Fengjun, director of the Department of Geological Environment with the Ministry of Land and Resources (MLR).

Guan said the ministry is actively promoting the development of geothermal energy and will soon launch a national survey on the use of geothermal power.

According to the MLR?s preliminary estimate, 12 geothermal basins in China are home to an equivalent of 853 billion metric tons of coal.

Source: http://www.usnewslasvegas.com/business/geothermal-power-will-bring-70-b-yuan-market-potential-to-china/

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