Sad News For Salton Sea
Last updated 9/13/2017 at 2:01pm
The desperate economic state of the Salton Sea, sees no signs of receiving the long awaited upturn that residents have been hoping for. Despite Imperial Valley leaders supporting the development of the mineral rich deposits, state officials continue to withhold their support for more geothermal development in the region.
The Black Rock power plant was approved 14 years ago but has yet to be developed and it has since been announced that it looks like the developer is walking away. Controlled Thermal Resources, an Australian company is yet to receive financing however are conducting seismic testing with plans to drill exploratory wells this year to start construction by 2019.
Despite CalEnergy’s plant having the potential to generate enough green electricity to power approximately 200,000 home, the company, owned by Warren Buffett’s Berkshire Hathaway Energy, asked the California Energy Commission earlier this summer to terminate their license.
The high up-front costs of building a geothermal plant along with expensive technology and running costs, have kept investors at bay, with only one new plant opening in the Salton Sea area since 2000.
It’s a disappointing end for yet another start-up company in the area following the collapse of a lithium plant in 2015.