POSCO International Diversifies Alaskan Energy Portfolio into Geothermal Power

POSCO International, an affiliate of the POSCO Group, is expanding its energy business in Alaska beyond liquefied natural gas (LNG) to geothermal power. The US Department of Energy has begun reviewing support for a roughly 200-megawatt geothermal project that POSCO International is pursuing with the state of Alaska.

The Mount Augustine Geothermal Energy Project, which is currently in the exploration and drilling phase, was selected by the DOE as a candidate for federal funding on March 21. The project involves confirming geothermal resources at Augustine Volcano in Alaska.

Geothermal power generation uses heat from deep underground to produce electricity. Unlike solar and wind energy, it can operate stably around the clock. POSCO International signed a memorandum of understanding (MOU) with the state of Alaska in May on six development projects, including the geothermal project.