Texas issues lease for geothermal energy

[jpak]

http://www.mercurynews.com/mld/mercurynews/business/financial_markets/16642225.htm

AUSTIN, Texas - Texas has awarded the state's first lease for geothermal energy production to a company planning to explore the renewable energy's potential along seven Gulf Coast counties.

Ormat Technologies, Inc. paid $55,645, or $5 an acre, for the right to explore 11,129 acres for pockets of hot water and steam under the ocean floor, the General Land Office announced Tuesday.

"We got more bids than we expected," Texas Land Commissioner Jerry Patterson said. "I think that's a good sign geothermal might just be an economically viable form of renewable energy for Texas."

The Texas Permanent School Fund, which helps funds the state's public education, will get 10 percent of any energy revenues that Reno, Nev.-based Ormat produces on state land.

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[amitten]

1. Yay!

:bounce:

Now let's make sure they don't build those 11 new coal-fired plants!