Highlights
- The German Parliament and Federal Council (Bundesrat) has voted in favour of a positive Act amendment related to geothermal electricity production.
- The existing Feed-in Tariff for geothermal electricity in Germany is set at €0.252/kWh, one of the most favourable in the world, and was expected to start declining 5% per year from 2021 onwards.
- The Amended Renewable Energy Sources Act reduces the expected decrease of the Feed-in Tariff from 5% per year to 0.5% per year.
- The start of decrease was delayed from 2021 to 2024.
- Once a geothermal project starts operating, the Feed-in Tariff of the year it enters production is fixed for 20 years.
- Vulcan’s Zero Carbon Lithium® project is expected to generate dual revenue, from geothermal renewable electricity and lithium sales.