Felicity Bradstock
Felicity Bradstock is a freelance writer specialising in Energy and Finance. She has a Master’s in International Development from the University of Birmingham, UK.
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By Felicity Bradstock – Nov 23, 2024, 4:00 PM CST
- Recent technological advancements, coupled with significant government funding, have propelled the geothermal energy industry forward.
- The US and Europe are leading the charge, with new legislation and substantial investments paving the way for a geothermal boom.
- Asian countries, including China and Indonesia, are also rapidly expanding their geothermal capacities.
Following an influx of funding in the sector in recent years, there have been significant advances in geothermal energy. More countries are backing the clean energy source in a bid to diversify their energy mix and shift away from a reliance on fossil fuels towards green alternatives. In addition to government backing for geothermal projects, many private companies, including several technology giants, are investing in the clean energy source to help meet the growing electricity demand due to the commercial rollout of advanced technologies.
People have been tapping into geothermal energy worldwide from natural heat sources, such as hot springs, for centuries. However, over the last half a century, energy companies have been increasingly looking to source geothermal energy at less conventional locations. This involves the drilling of a borehole up to several kilometres deep, where the rocks are around 200°C, and injecting water and sand at high pressure. This creates fractures in the rocks, which increases their permeability and produces a reservoir of hot water that can be extracted via a second borehole. This water is then used to generate electricity.
In recent years, this process has been modified to incorporate enhanced geothermal systems (EGS). This development was only made possible by applying fracking techniques used in the oil and gas industry. Energy companies have discovered better ways to fracture rock and drill horizontally, even in high-temperature environments. This advancement has been supported by billions in government funding in the U.S. and several other countries around the globe.
This November, in the U.S., two major geothermal bills passed in the House, which is expected to clear the way for a clean energy drilling boom. The CLEAN Act and HEATS Act remove many of the federal permitting regulations that are currently required to drill for geothermal power plants. The bills saw wide support from both Republicans and Democrats and will now go to the Senate for approval.
The Department of Energy (DoE) has pumped billions into research and development in geothermal energy in recent years. It predicts that $25 billion in near-term geothermal investment could spur greater innovation that could lead to millions of homes being powered by the clean energy source. Most U.S. geothermal resources are located on federal land in the west of the country. The CLEAN Act would require the Department of the Interior to hold an annual lease auction for geothermal drilling.