Geothermal is poised to become an increasingly significant contributor to the global clean energy portfolio, thanks to technological breakthroughs and a changing investment landscape. Seequent and the International Geothermal Association have announced a two-year partnership to raise awareness of geothermal’s potential.
Energy Segment Director Jeremy O’Brien writes about the many benefits of this always-on energy source and why it can, and should, play a pivotal role in the race for clean energy.
As the world grapples with the need to transition to cleaner and more sustainable energy sources, geothermal energy stands out as a promising contender to help the world meet United Nations Sustainability Development Goals.
Seequent Segment Director Jeremy O’Brien says the possibilities for geothermal to contribute significantly to the energy transition are exciting.
Used by humans for thousands of years for heating and cooking, this old yet still innovative baseload energy source has the potential to modernise energy production, offering a reliable, consistent, and environmentally friendly alternative to conventional fossil fuels.
A recent report by the International Renewable Energy Agency (IRENA) predicted that the output of geothermal in Europe could increase eight-fold by 2050.
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Additionally, a 2019 US Department of Energy (DOE) report found that by overcoming technical and financial barriers, generating electricity through geothermal methods could increase an enormous 26-fold by 2050, providing 8.5% of the United States’ electricity, as well as direct heat.
Geothermal energy could be providing as much as 8.5% of the US’s electricity by 2050, according to the US Department of Energy.
THE GAME-CHANGING POSSIBILITIES
The environmental and economic benefits of geothermal energy are compelling. Unlike fossil fuels, geothermal energy is a renewable resource that produces minimal greenhouse gas emissions.
As one of only two clean baseload options, the other being nuclear, geothermal can supply significantly more carbon-free heat and continuous baseload power, something that other renewable but more intermittent forms, such as wind and solar power, are unable to do.
Additionally, the jobs created by development of geothermal energy can be a welcome shot in the arm for local communities, particularly in regions where there is significant geothermal potential. According to the 2023 World Bank Geothermal Energy report, jobs created by geothermal are not only more numerous than natural gas on a per megawatt basis, but also of better quality and longer duration.
And let’s not forget, geothermal energy is versatile. It can be used for electricity generation, direct heating and cooling, and even in agricultural applications. In Iceland geothermal not only generates electricity, but it also heats homes and swimming pools, grows food in greenhouses and even powers plastics recycling and the manufacturing of skincare products.
The tomatoes in this Icelandic commercial greenhouse are protected from cooler temperatures by heating provided by geothermal energy.
Meanwhile, Munich has plans to achieve carbon-neutral heating by 2040, primarily by boosting its geothermal supply and as many as 250,000 Parisian homes are now warmed by geothermal energy pulled from hot water aquifers beneath the city.
This versatility only serves to enhance the attractiveness of geothermal as a comprehensive solution for various energy requirements.
CONTINUOUS IMPROVEMENT
With advancements in technology, the efficiency and reach of geothermal energy are continually improving, making it a more viable option for a wider range of locations.
Take Google’s partnership with Fervo Energy. Fervo developed a pilot 3.5MW next-generational geothermal power plant in Nevada which now delivers carbon-free electricity to the grid that serves power to the tech giant’s data centres.
The learnings from this venture, which used Seequent’s subsurface software Leapfrog Energy, paved the way for Fervo Energy’s Cape Station project in Utah.
Fervo Energy developed a successful pilot 3.5MW next-generational geothermal power plant in Nevada which now delivers carbon-free electricity to the grid that serves power to Google’s data centres.
When finished the Cape Station plant will deliver 400MW of carbon-free electricity to the grid, as well as creating an estimated 6600 jobs during construction, another 160 operational jobs and pumping $437 million in wages into the economy.
The technology, expertise, and economic incentives are aligned to make geothermal energy a cornerstone of the global clean energy portfolio. Understanding the world beneath our feet is critical to achieving this objective, and as a key technology partner in the geothermal space, Seequent is at the forefront of the geoscience innovation that will drive us towards that goal.
By embracing geothermal energy, we can advance towards a more sustainable and resilient energy future to the benefit of both people and planet.
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THE CHALLENGE
Geothermal’s potential will not be realised without concerted effort. The US Department of Energy has noted that if geothermal develops along its projected pathway, only minimal growth and market share will be realised by 2050 – certainly not enough to shift the dial.
The department added that while streamlining regulations and policies play a role in changing the outlook, the major step change in deployment relies on technology advancements across the geothermal lifecycle, from de-risking exploration to lower-cost drilling and improved reservoir development to accurately capture geothermal energy’s market value.
Supercritical geothermal, characterised by its ability to generate significantly higher temperatures and energy outputs compared to conventional geothermal sources, could revolutionise the sector.
Last week’s announcement that the New Zealand Government plans to allocate $60m to explore supercritical geothermal underscores this potential.
The technology, expertise, and economic incentives are aligned to make geothermal energy a cornerstone of the global clean energy portfolio.
International Geothermal Association Chief Executive Marit Brommer and Seequent Energy Segment Director Jeremy O’Brien announcing a strategic multi-year partnership at the 2024 New Zealand Geothermal Workshop in Auckland.
THE ROAD AHEAD
Geothermal energy is not just a relic of the past; it is a vital component of the future. Its unique advantages make it an indispensable part of the clean energy revolution.
We need to share best practices, develop ground-breaking technologies and drive awareness and understanding of how geothermal can help mitigate climate challenges.
As we look ahead to 2025 and beyond, we must partner and we must collaborate, working together to find smart and sustainable solutions that help both people and planet.
FAST FACTS:
- Geothermal energy comes from heat in the earth’s core and has been used by people for cooking and heating for thousands of years
- The first geothermal energy plant opened in Italy in 1904. It produced enough steam to power five light bulbs.
- Geothermal energy is weather-independent unlike wind, hydro and solar, which means it can contribute to grid stabilisation
- New Zealand has a rich history with geothermal, and has played a leading role in geothermal innovation. In 2022, geothermal energy contributed 18.5% of the country’s total electricity supply. It is one of the country’s cheapest and largest sources of renewable energy.
- Iceland is a pioneer in the geothermal district heating space with more than 90% of Icelandic households now being heated by geothermal energy