Cascade Institute

The version of record of this op-ed was published in Yellowknifer on October 15, 2026.

By Jax Jacobsen (Strategic Communications Lead, Geothermal Energy Office, Cascade Institute) and Emily Smejkal (Policy Lead, Geothermal Energy Office, Cascade Institute)

With the Ekati diamond mine closing early, Yellowknife has to rethink what will drive its economy next. Jax Jacobsen and Emily Smejkal argue that the biggest barrier to growth in the North is energy: the NWT grid leans heavily on hydropower, and drought-driven low reservoirs have caused outages and pushed the territory's power corporation back onto costly, high-emission diesel.

Their answer is geothermal. The heat beneath Yellowknife itself is best suited to heating buildings, but power-grade resources lie south of Great Slave Lake, near Hay River and other South Slave communities. If the proposed Taltson hydro expansion connects the South Slave and North Slave grids, electricity generated there could flow straight to Yellowknife. With enhanced geothermal systems now delivering utility-scale power and drilling costs falling fast, they write, steady, low-cost, low-emission geothermal power could give the city the foundation for a new Northern industrial base.

Read the full op-ed in Yellowknifer.

Featured image: Old Town Yellowknife by Mike Tidd, CC BY 2.0, via Wikimedia Commons.

The Canadian Deep Geothermal Coalition (CDGC) and ORKIS Energy Cluster Iceland (ORKIS) are pleased to welcome the Joint Statement between Canada and Iceland, which will accelerate geothermal energy innovation and deployment to advance clean energy and energy security.

The agreement establishes an Embassy-led Canada-Iceland geothermal network that brings together the private sector, Indigenous partners and relevant government stakeholders to identify opportunities for collaboration, including in northern and remote communities.

The Joint Statement is an important step forward on geothermal collaboration between Canada and Iceland, complementing the memorandum of understanding (MOU) signed between the CDGC and ORKIS in June 2026. The MOU calls on the CDGC and ORKIS to collaborate in propelling geothermal energy to more widespread development and use.

Specifically, the June 2026 MOU aims to achieve the following:

• Exchange best practices in geothermal development, including in technology and innovation, regulation, financing, and policy;
• Jointly promote investment in geothermal in both Icelandic and Canadian markets, by reaching out to capital markets and institutional investors and garnering the attention of the financial sector;
• Identify opportunities for joint/coordinated research, as well as joint development and/or demonstration projects;
• Develop joint workforce, training, and capacity building to identify skills and the educational pathways required for next-generation geothermal development;
• Collaborate on educational content and communications materials to highlight geothermal energy’s role in the energy transition.

Geothermal energy has been moving forward across the world as next-generation technologies transform what’s possible. Canada and Iceland are actively driving this transformation through innovative technologies and projects. As electricity demand rises amidst growing geopolitical instability, Canada and Iceland can meet the moment by advancing geothermal energy.

“Energy cooperation is one of the most practical ways for Canada to deepen ties with trusted allies. Iceland has shown the world what a country can build when it commits to geothermal, and Canada has one of the world’s most skilled drilling and subsurface workforces. Together, we can move faster than either country could alone,” said Peter Massie, Director of the Geothermal Energy Office at the Cascade Institute. The Cascade Institute acts as Secretariat for the Canadian Deep Geothermal Coalition.

Sverrir Jan Norðfjörð, Managing Director of ORKIS Energy Cluster Iceland, said: “Iceland has spent decades turning its volcanic geology into a reliable source of clean energy and valuable know-how. Canada has the opportunity to develop geothermal on a much larger scale, and by combining Iceland’s experience with Canada’s deep subsurface expertise, we can help move geothermal from proven potential to a major part of the next generation of energy systems.”

To arrange interviews, please contact Jax Jacobsen, Strategic Communications Lead, Geothermal, at the Cascade Institute (jax@cascadeinstitute.org), or Sverrir Jan Norðfjörð (sverrir@orkis.is).

About the Canadian Deep Geothermal Coalition (CDGC)

The Canadian Deep Geothermal Coalition was established in 2025 to bring together organizations committed to advancing deep geothermal energy in Canada. Coalition members span industry, Indigenous organizations, communities, academia, government, technology developers, and other stakeholders united by a shared vision: making Canada a global leader in geothermal energy.

About ORKIS Energy Cluster Iceland

ORKIS Energy Cluster Iceland is a collaborative platform bringing together Icelandic companies, research institutions, public organizations, and other stakeholders working across the energy sector. Building on Iceland’s long experience in geothermal energy, ORKIS supports collaboration, innovation, knowledge-sharing, and international partnerships that help advance geothermal and other sustainable energy solutions. ORKIS works to connect Icelandic expertise with international opportunities and partners, contributing to the continued development and global application of geothermal energy.

By Peter Massie (Director, Geothermal Energy Office, Cascade Institute)

Two weeks ago, I attended Geothermal Rising’s annual conference in Houston to meet with geothermal advocates, company leaders, and experts to discuss ways to accelerate development of the geothermal industry and de-risk projects.

It was phenomenal to chat with and learn from so many people advancing geothermal energy in North America, and it’s gratifying to see how much energy is being put towards geothermal development. What’s most remarkable is how unified industry participants are in getting this industry up and flourishing.

There’s much going on behind the scenes in the geothermal industry. But here are five themes that stood out to me and reflect the state of the geothermal industry today:

One: Canadians were not only present, but were a substantial component of the conference cohort.

Though the conference was in Houston, Canadians figured among the largest group of attendees. There were Canadian innovators like TerraFerno Geothermal Solutions, who are developing advanced technology to improve flow control. Others are leaders like Calgary-based Rochelle Longval, VP of Innovation at Hephae Energy Technology. Adding to the Canadian presence were geothermal developers like Kirsten Marcia, President & CEO of DEEP Earth Energy Production, and Neil Ethier, leading commercial development at Eavor Technologies Inc.

Canadian geothermal researchers were also in attendance, including leading researcher at FORGE John McLennan (FORGE is catalyzing the current moment in geothermal development). Meanwhile, Canadian companies like RBC are leading the way on investment, which will support this industry as it becomes more prominent and produces more megawatts.

Two: There is widespread recognition that government has a vital role to play.

The U.S. government is playing a catalytic role in advancing geothermal. Lauren Boyd, who heads the Department of Energy’s Office of Geothermal, outlined how her office is unlocking private investment by supporting R&D, addressing exploration, and bridging the gap to commercialization. During the conference, the U.S. Department of Energy announced approximately $100M in funding for over 20 projects. A week later, a bipartisan congressional geothermal caucus was launched to advance the industry.

There is a clear takeaway for Canada: The U.S. geothermal industry is able to move forward due to public-private collaboration and strategic, industrial policy – not just passive, market-led funding. Let’s apply those lessons here.

Three: Geothermal is moving forward, but we still have a long road ahead.

Technologies to advance geothermal projects have seen major breakthroughs and led to progress. Just last month, Fervo Energy announced they’ve achieved first power.

But the industry still has a long way to go. Investors are interested, but a single mistake could shatter the fragile trust that they’ve started to build with the industry. Geothermal developers need to show that emerging technologies can deliver across geologies, and over time. There is still much work to be done to make sure this industry is adequately prepped for investment.

Four: Investors are taking notice

It was encouraging to see so many investors from across the capital stack in attendance at this geothermal conference – it shows they’re paying attention, and they are ready to consider geothermal as a worthwhile investment opportunity.

From venture capital firms like Underground Ventures, which focuses primarily on investing in geothermal energy technologies, to large-scale RBC Capital Partners, the investor appetite is there. Different investors have different risk tolerances and will not be looking for similar prospects. But they all share one thing in common: geothermal energy has captured their attention, and they are looking for opportunities.

Five: There’s a real sense that this is geothermal’s moment.

I’ve been following geothermal for over a decade, but I only jumped in with both feet a few years ago. Talking to industry veterans, they all agree that major progress has been made in the last few years.

The window is open for geothermal, and Canada can be a leader in this industry. But Canada – and particularly the Canadian government – need to take a deliberate and strategic approach to encourage projects in Canada, and to develop the technologies that will supply geothermal projects across the world.

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Wednesday, October 21, 2026 | 9 am PT (10:00 am MT / Noon ET) | Online via Zoom | Free

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Ultradeep geothermal energy could supply clean, always-on power and heat almost anywhere in Canada. But no new energy technology scales without public support — so how do Western Canadians actually feel about it?

Join the University of Victoria's Accelerating Community Energy Transformation (ACET) initiative and the Cascade Institute for a free webinar exploring the first empirical assessment of public perceptions of ultradeep geothermal energy in Alberta and British Columbia. The research, published in the Cascade Institute report Deep Listening: Assessing the social acceptance of geothermal energy by Katherine Matos Meza and Carlos Gorraez Meraz, is based on a survey of 2,603 adults.

The survey found that Western Canadians are cautiously open to ultradeep geothermal. Few people know much about it, but the low familiarity does not translate into opposition — and acceptance is built primarily on perceived benefits and endorsement from trusted messengers.

The 60-minute session will open with a short presentation of the key findings by report authors Katherine Matos Meza and Carlos Gorraez Meraz, followed by a moderated panel discussion and audience Q&A.

The panel will discuss what that means for policymakers, project developers, communities, and communicators working to build informed public confidence in geothermal energy.

• Curran Crawford (facilitator), University of Victoria / ACET
• Ann Garth, Clean Air Task Force
• Amel Barich, Geologist, Geoscience Research and Communications (Iceland)
• Emily Smejkal, Ultradeep Geothermal Fellow, Cascade Institute

Register for the webinar »(opens in new tab)

This research is supported by the Accelerating Community Energy Transformation initiative, a University of Victoria–led initiative in which the Cascade Institute is an active partner. Learn more about our ACET collaboration.