The Energy Policy Act of 1992 embraces and implements many of the actions recommended by the President in the National Energy Strategy. .Independent geothermal power producers may be direct beneficiaries of 1) further deregulation of IPPs through their exemption from the provisions of the Public Utility Holding Company Act and 2) potentially freer access to utility-owned transmission facilities. However, these doors will not be fully opened to geothermal energy until this resource can compete with other fuels in cost considerations. While changes in public policy, such as inclusion of externalities in the price of power or financial penalties on carbon dioxide emissions, will level the playing field somewhat, reductions in cost will be the ultimate marketing tool. This is particularly critical in the economics of power derived from "new," as yet undiscovered reservoirs which will reflect the high costs of today's exploration methods. The Department of Energy's geothermal R&D program, in cooperation with industry, is undertaking, as described in this paper, to achieve the technology cost reductions needed to permit this resource to enjoy a status equal to or better than that of competing fuels at the utility leastcost bargaining table.

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