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World Geothermal Congress 2023

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Economic Feasibility of Utilizing Geothermal Energy In Colombia

Colombia has 2,210 MW resource potential for geothermal energy. However, the country’s current utilization of this resource is limited to direct uses such as bathing, swimming, and localized heating. Using the modified hotelling for geothermal resources, this report will look into the economic feasibility utilizing geothermal energy in Nevado del Ruiz Volcano Geothermal Prospect located in Colombia. Further, a review of legal and policy framework for geothermal energy within Colombia is also covered on this report.

Laura Constanza Bocanegra Rodriguez
Reykjavik University

Jeffrey Andal
Reykjavik University

Erin Renee Lawyer
Reykjavik University


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