This workshop will focus on the economics of developing geothermal resources and the use of techno-economic modeling tools to evaluate the economic viability of geothermal projects. Techno-economic models incorporate analysis of the costs associated with developing, constructing, and operating geothermal projects for electricity generation or direct use, as well as installations associated with existing infrastructure that utilize geothermal resources (e.g., use of brine heat for well pad needs, coproduction of brine components like Li, etc.). Factors to consider include drilling costs and reservoir characteristics, as well as plant design, maintenance, and commodity market prices, with the goal of determining the levelized cost of electricity or heat (LCOE or LCOH) to assess a project's financial feasibility across its anticipated lifespan. The goal of this workshop is to provide an introduction to the methods used and tools available for evaluating the financial viability of potential geothermal projects to help developers make informed decisions about project and investment opportunities.

Key aspects to be discussed include:
• Resource assessment - Compiling and evaluating geological data, including characteristics like reservoir temperature, depth, and porosity-permeability, in order to assess the geothermal potential in an area of interest.
• Drilling cost modeling - Using available cost data related to the drilling of production and injection wells, generally one of, if not the largest, cost component of project capital expenditure, considering factors like well depth, rock properties, and available drilling technology.
• Plant design and cost estimation - Selecting the optimum power plant configuration (binary cycle, flash steam, organic-Rankine) for utilization of the resource based on reservoir characteristics, development type (conventional, EGS, storage), and electricity generation or heat recovery capacity.
• Operation and maintenance (O&M) costs - Estimating ongoing costs for plant operation following installation over the duration of its anticipated lifecycle, including maintenance of wells, surface equipment, and chemical treatment, as well as reservoir engineering factors like pressure management through reinjection.
• Levelized cost of electricity or heat calculation - Calculating the average cost of generating the particular commodity of interest over the project lifetime, considering the initial capital costs, cost of capital over time, and operation and maintenance costs.
• Sensitivity analysis - Using uncertainties in critical reservoir properties like temperature and flow rates, along with development costs for drilling, infrastructure, and operations, as well as project electricity prices to evaluate how LCOE/LCOH are affected and how that might impact project viability.
• Market integration and policy impacts - Examining how government incentives, electricity market regulations, and grid connection influence project economics.