PGV meaning in Business ?

Answer:

What is Puna Geothermal Venture mean?

The Puna Geothermal Venture (PGV) is a geothermal energy power plant on the island of Hawaii, the largest island in the state of Hawaii. The plant was shut down shortly after the start of the May 2018 lower Puna eruption, and resumed power generation in November, 2020. The eruption had caused lava to flow over a PGV power substation, a warehouse and at least three geothermal wells that had been preventatively quenched and capped when lava fountains erupted nearby, eventually also cutting off-road access.

PGV is the first and only commercially-productive geothermal electrical plant in Hawaii. Constructed on a site adjacent to failed experimental wells drilled and operated by the Hawaii Geothermal Project in the 1970s and 80s, construction on the generating facility began in 1989 and was completed in 1993.

Prior to the shutdown and lava damage, the plant had an installed generating capacity of 38 MW from six production wells and five injection wells along Kīlauea’s East rift zone. Its output was sold to the Hawaiian Electric Industries (also known as HELCO) to supply the island’s electricity customers. The plant had generated up to 10% of the island’s electrical energy at the beginning of 2018.

Power generation was originally planned to restart in late 2019. The plant's owners were projecting a third quarter of 2020 resumption of power generation to the Hawaii Island grid. However, that projection was incorrect, with the plant resuming limited operations in mid-November, 2020.

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