Burisma Geothermal, a new powerful branch of Burisma Holdings, one of the leading private oil & gas producers in Eastern Europe, that focuses on alternative energy development, attended the 39th GRC Annual Meeting & GEA Expo. Organized by the efforts of world’s largest geothermal associations, Geothermal Resources Council and the Geothermal Energy Association, the event brought together key industry players.
“The Debut of Burisma Geothermal in the West has made us the first company in Eastern and Central Europe to join global movement for the development of cleaner and safer electricity from renewable energy sources. We truly appreciate recognition of the role that Burisma Holdings and Burisma Geothermal play in promoting energy security in Europe”, said Adviser to the Board of Directors at Burisma Holdings Vadym Pozharskyi.
In order to promote greater diversification of energy sources in Europe, and realizing the need for a gradual transition from traditional to renewable resources, Burisma Geothermal gladly agreed to sponsor Forum’s International Panel.
Geothermal energy is a clean and inexhaustible resource contained in the bowels of the earth in the form of hot water or steam, and, unlike solar or wind energy, generating energy does not depend on environmental conditions. For this reason, the increase of geothermal energy share in the total energy mix has become an economic necessity and the basis for future prosperity for many countries. In addition, the cost of electricity from renewable energy sources in the world is comparable or close to gas pricing. Since 2005, around 160 geothermal projects worldwide have been finalized provide extra 4GVt of electricity. This year various projects with total capacity of 12.3 GW are already underway in 80 countries whereas in January 2015 only 24 countries were involved. In 2014 alone, 21 new geothermal power plants were put into operation best industry results since 1997.
According to Vadym Pozharskyi, if you look at the 15-year history of the global geothermal industry, Europe appears to be the fastest growing market. Over this period, the global geothermal industry has grown by 49.2%, while the European geothermal energy has increased its capacity by 91.5%. This can be easily explained. The EU imports more than half of the energy it consumes. Its dependence on crude oil imports is more than 90%, and on natural gas – more than 66%. The total amount of imported energy in the EU amounts to more than EUR 1 billion a day. Moreover, many EU countries depend on one single supplier. In response to these challenges, in May 2014 the European Commission adopted the Strategy for Energy Security, which aims to diversify its sources of energy and alternative energy development, including geothermal energy. This strategy allows to attract significant investments into European geothermal resources
“Today, Burisma Geothermal is looking at a number of investment projects in Europe, which will allow the company to become one of the largest geothermal operators and join the process of implementing the European energy strategy”, said Adviser to the Board of Directors at Burisma Holdings Vadym Pozharskyi.
Notes to editors:
Burisma Geothermal is a new branch of Burisma Holdings, one of the largest independent oil & gas producers in Eastern Europe. It is a 100% subsidiary that specializes in geothermal energy development and electricity production from renewable and environmentally friendly energy sources in Europe. Since 2015, Burisma Geothermal is a partner and a member of the US Geothermal Energy Association. The company is also a member of the Italian Network for geothermal energy RETE Geotermica and Bundesverband Geothermie eV (BVG), the largest European Geothermal Energy Association.
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