Glacier Securities predicts strong future for geothermal energy industry in the U.S.

Glacier Securities, a subsidiary of the Icelandic bank Islandsbanki, has predicted a strong future for the geothermal energy industry within the U.S., despite temporary set backs over the past couple of years.

The last couple of years have proved challenging for the geothermal energy industry in the United States, with a string of negative headlines in 2011 following a year which saw only one new plant coming online.

Charles Arrigo, who heads Glacier Securities‘ geothermal efforts, explains, “Although the last year has proved challenging for the U.S. geothermal industry, we perceive this as a temporary setback as the fundamentals of geothermal energy remain strong, and with several projects nearing significant milestones, momentum is just around the corner.”

As part of this step forward, Islandsbanki is releasing its fifth annual United States Geothermal Energy Market Report today, via its website. The report highlights the developments, operations and challenges facing the geothermal industry in the United States, as well as presenting estimates on capacity additions and financing needs for the next five years.

Arni Magnusson, Head of Islandsbanki’s Geothermal Energy Team, mentions, “Islandsbanki is proud to continue its support of the U.S. geothermal industry and to be marking the milestone of the fifth annual United States Geothermal Energy Market Report.”

Islandsbanki and Glacier Securities are currently participating at the Geothermal Energy Expo and the GRC Annual Meeting, taking place until October 26th 2011 in San Diego, California. The Geothermal Energy Expo is the world’s largest gathering of vendors providing support for geothermal resource exploration, characterisation, development, production and management.

Furthermore, the Icelandic bank maintains a Geothermal Industry Dashboard online, with the aim to keep a current global overview of the geothermal industry, with specific data on the sectors in Iceland and the United States. This resource can be found here.