As the shift towards renewable and green energy continues, it appears that a company in Saskatchewan has made a unique breakthrough. Deep Earth Energy Production Corp (DEEP) has announced that it will begin drilling the deepest horizontal well in the province’s history, which will ultimately lead to the construction of Canada’s first ever geothermal power facility.
DEEP plans to start drilling the horizontal well this month, which will be followed by the installation of a large diameter submersible pump. Although this horizontal well is only the first step in the project, it will eventually be turned into a geothermal power facility which can supply 20 megawatts (MW) of power – enough to power 20,000 homes. Moreover, the project is a significant transition towards clean energy in Canada, and has the ability to reduce approximately 114,000 metric tonnes of carbon dioxide each year, the equivalency of eliminating 32,000 vehicles off Canada’s roads.
In terms of powering the geothermal energy plant’s cooling towers, pumps, and lighting, DEEP is looking into using waste oilfield flare gas and solar generation. These methods will create clean baseload power, which will bypass a significant amount of fossil fuel emissions. Going forward, DEEP president and CEO Kirsten Marcia notes that the company eventually plans to transition towards supplying 100-MW of power, thus creating a billion dollar industry for Canada’s renewable energy sector.
In addition to providing clean energy to tens of thousands of homes, the geothermal power plant will also create an assortment of new jobs in Western Canada. As the global price of oil continues to hamper oil-producing regions around the world, many displaced oilfield workers will be looking for a transition in employment. The construction as well as the subsequent operation of the 20-MW geothermal plant will provide a variety of employment opportunities for Canadians.
Information for this briefing was found via DEEP and the Canada Energy Regulator. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.