Iceland Exports geo-thermal expertise not energy...

Sue's Blog is always harping on the importance of using hydro to attract industry. Many times I use Iceland as an example - develop hydro for industrial development.

Then the usual critic from Labrador suggests that Iceland has to use it there - as it is an island. Lucky them - too bad Labrador was continentally connected during the Upper Churchill fiasco.

Of course the important point to be made - that industry will follow superior energy supply - thus Iceland has aluminum smelters - we do not. If we placed into law that export of Lower Churchill power cannot be achieved without approval of the House of Assembly - industry may start treating Labrador as an island. They will develop industry in Labrador from Labrador based power supply.

The other issue associated with energy mega-projects is technology intelligence and expertise. Hydro-Quebec has done this for years by exporting their knowledge - while taking a piece of the action in other countries developing hydro resources. This has been a very lucrative proposition for that province and its crown owned utility and the benefits achieved did not require the export of any generation.

Now - Iceland is also utilizing this opportunity by exporting expertise in geo-thermal supply. Iceland along with Norway are taking advantage of the thirst of Americans to find new sources of energy.

Glitnir said Wednesday it's planning to invest up to $ 40 billion in geothermal energy projects in North America by 2025 as the Nordic financial group eyes growth in the business of harnessing heat from the earth to produce electricity.

The firm is readying a formal announcement of a financing deal of more than $ 10 million behind Iceland America Energy Inc., a geothermal specialist with a deal to provide energy to PG&E (PGE) through the Truckhaven project in California, Magnusson said.

Glitner - Iceland's investment bank which has paved the way in the past for fisheries financing - offshore vessel financing - and energy projects has grown to an international company with offices world-wide. The goal now - to take advantage of others renewable resources - by providing financing - while Iceland America:

Iceland America Energy, through its Icelandic shareholder Enex, brings world class technical expertise and over 70 years experience in geothermal energy to the US and Canadian market. Enex, hf, a 50% owner of IAE, is a consortium composed of every significant Icelandic entity, both public and private, which comprise its geothermal industry. In late 2004 Enex joined with three domestic companies, Geolectric Power LLC, Feanaro LLC and DLFC Lawyers to form IAE.

Here we sit - with one of the most successful(technically)hydro-projects in the world - the Upper Churchill - and another on the way with the Lower Churchill and we do none of this.

Both Quebec and Iceland use their renewable energy resources for major industrial developments and their expertise for global developments. They both also finance projects in many countries and deliver the financial bacon home.

We need new vision - a new direction - and some sense of real value of the resources we have. If a government cannot deliver these types of benefits to Labrador let the river flow.