Hickenlooper, Daines Introduce Bipartisan Bill to Unlock Geothermal Power, Lower Energy Costs

WASHINGTON - Today, U.S. Senators John Hickenlooper and Steve Daines introduced the bipartisan Geo POWER Act to help accelerate geothermal technologies and deliver clean, affordable electricity across the country.

"We're on the verge of harnessing a new wave of geothermal energy to meet surging electricity demand, lower prices, and address the climate crisis," said Hickenlooper. "The key will be in scaling up new, next-generation geothermal projects across the country."

"Montana has an all-of-the-above energy portfolio, from hydropower and solar to coal and other natural resources," said Daines. "Geothermal power is an important source of renewable energy for Montana communities, and I'm thrilled to work with Senator Hickenlooper on the Geo POWER Act to increase made-in-America energy and support our nation's energy independence."

New geothermal technologies have the potential to provide clean electricity across much of the U.S., but to realize that power, we need to bridge the gap between where we are and where we want to go. The bipartisan Geo POWER Act paves that path.

The bill enables the Department of Energy to move beyond limited-scale pilots and unlock the large-scale geothermal electricity generation needed to meet surging demand and drive down costs. It authorizes DOE to offer innovative financing approaches to help scale next-generation geothermal power generation and develop markets in states with limited existing geothermal facilities.

Specifically, the Geo Power Act would:

• Require the Department of Energy to provide innovative financing to projects that are planning or enabling new aggregate electricity generation of at least 30 megawatts in multiple states with limited to no existing geothermal electricity generation

• Generate public data to de-risk future geothermal projects in new geologies and regions

• Ensure fiscal accountability by requiring projects to achieve milestones to access additional financial support

• Accelerate the commercialization of next-generation geothermal technologies in new regions across the United States

Key industry supporters include: Geothermal Rising Action, The Enhanced Geothermal Systems Deployment Coalition, Eavor, Fervo, XGS Energy, and Quaise Energy.

Additional supporters also include: Bipartisan Policy Center Action, Center for Climate and Energy Solutions, Citizens for Responsible Energy Solutions, Clean Air Task Force, Clean Energy Buyers Association, ClearPath Action, Climate Innovation Action, National Wildlife Federation, Third Way, and the World Resources Institute

"When I chaired the Western Governors' Association, I focused on investing in Geothermal energy because we know the immense potential the 'Heat Beneath Our Feet' has to support our climate goals, reduce pollution, and save people money on energy. Colorado is a leader in advancing geothermal energy, and Senator Hickenlooper's bipartisan Geo POWER Act will build on our work to expand opportunities to deploy more geothermal energy across the United States. I thank Senator Hickenlooper for his leadership with this important bill and urge Congress to pass this law," said Colorado Governor Jared Polis.

"Colorado sits atop a vast, low-cost geothermal frontier that remains one of the most significant untapped opportunities in our diverse energy portfolio. Our State is uniquely prepared to lead this expansion because we have already established the regulatory and financial infrastructure required for immediate commercial liftoff. While we have the resources, the Geo POWER Act serves as the precise tactical lever needed to move these projects from potential to production." said Dan Gibbs, Executive Director of the Colorado Department of Natural Resources. "We applaud Senator Hickenlooper's leadership working across the aisle in identifying innovative opportunities to advance geothermal electricity production and we look forward to working together to ensure Colorado remains at the forefront of geothermal deployment."

Check out what they're saying HERE.

A full text of the bill available HERE. A one-pager is available HERE.

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