Geothermal energy could surpass nuclear energy

Geothermal is about to have its moment in the sun. The heat from the Earth’s core could provide humans with a clean, constant and unlimited source of renewable energy. The trick is finding the right technology to harness that heat.

Until recently, geothermal energy for commercial use was only feasible in places where this heat naturally reaches the Earth’s surface, such as geysers and hot springs. For example, Iceland gets a quarter of its energy from geothermal energy. But Iceland is a geological anomaly. Globally, geothermal energy only represents 0.5% of renewable energy. But now, applying fracking technology borrowed from the oil and gas sector could completely revolutionize the availability of geothermal energy, and possibly even bring it to your own backyard.

Geothermal energy can be used anywhere and everywhere if you have the will and the means to dig deep enough. And this could soon be possible on an economically viable scale, through a method known as “enhanced geothermal systems” that can absorb heat far, far underground. Conformable a 2023 report from Esquire, this technology, adapted from hydraulic fracturing used in the oil and gas industry, “will allow us to tap energy from beneath our feet across the country, all with a carbon impact that’s vanishingly small compared to most sources that we depend now”. These deep wells would pump warm water, which can in turn be used to produce energy through various methods, before injecting that water back into the ground.

The potential for geothermal improvement is massive – even The Economist project that it could surpass nuclear power generation while providing similar benefits. Like nuclear power, geothermal works with proven technologies, provides baseload, on-demand power and produces zero carbon emissions. The United States Department of Energy (DoE) has projected that geothermal energy could power up to 260 million homes nationwide by 2050.

It also has major bipartisan appeala huge advantage for any new technologies hoping to obtain substantial and ongoing funding from government entities and private interests alike. DOE projects that just $25 billion in public-private investment (less than the cost of the Vogtle nuclear power plant alone) by 2030 would allow the domestic geothermal sector to “take off” and see the industry reach commercial scale by mid-century. . Already, the federal government is funding research demonstrating early-stage geothermal technology and setting the stage for privatized acceleration of research and development.

Just this month, representatives from major oil companies and tech startups, as well as scientists and climate groups, met in Houston to kick off a series of $10 million summits focused on leveraging expertise and technology obtained from oil and gas at “build a new pioneer of the American energy sector.” A animated geothermal startup scene emerged in Texas as the stars align for geothermal’s meteoric rise in the United States’ energy mix.

Despite support for improved geothermal technologies and an optimistic attitude from the private and public sectors alike, the geothermal sector still has a long way to go to reach its potential. “As it stands now, the geothermal sector has struggled with problems common to emerging industries: the difficulty of raising enough money for projects that, however promising, have yet to prove themselves,” The Hill recently reported.

But if successful, the potential applications and impacts of commercial-scale geothermal energy are nearly limitless. It would introduce a critical new source of reliable, zero-carbon energy into the energy mix and offer a potential solution to some of the most pressing energy security issues. Already, experts postulate that geothermal could feed artificial intelligence’s insatiable energy needsas well as providing a path to produce cheap green hydrogenwhich could be essential in decarbonisation sectors difficult to mitigate such as heavy transport, shipping, aviation, iron and steel, and chemicals and petrochemicals.

By Haley Zaremba for Oilprice.com

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