While geothermal energy is a small percentage of the energy mix today, as economies accelerate their decarbonization efforts, geothermal energy has great expectations. A Rystad Energy analyst estimates “global installed capacity to reach 28 GWe by 2030 and upwards of 110 GWe by 2050,” which is a significant increase from the current 16.8 GWe. Greenfield project start-ups and brownfield developments to boost productivity at existing assets are being deployed. Another Rystad analyst expects geothermal power (more than heat) to have significant growth with the “potential for 20,000+ producing wells with an annual investment of around US $60 billion by 2050.” Earlier this year, the U.S. Department of Energy’s Pathways to Commercial Liftoff report projected that next-generation technologies could expand geothermal power by a factor of 20. Many types of projects are being planned and deployed in the race against time.
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GreenFire Energy Updates
GreenFire Energy is excited to announce Rob Klenner as its President. Rob was the Director of Geothermal Technology and Innovation at Baker Hughes and was responsible for advancing geothermal energy projects and driving new and innovative technology. He has been the executive liaison to the company from Baker Hughes, who is a strategic investor in GreenFire Energy.
Our View of the Industry
Worldwide
Governments worldwide are increasingly interested in geothermal energy as a clean, renewable and resilient source of heating and electricity. Geothermal heating networks, which distribute heat from underground reservoirs, are emerging as a promising solution for sustainable energy in the UK and U.S.
Asia
In Indonesia, the 34-MW Ijen Unit 1 Geothermal Power Plant in East Java, by Medco Cahaya Geothermal is targeting commercial operations by the end of 2024. Also, Indonesia’s Ministry of Energy and Mineral Resources advocates for efforts to optimize capacity and electricity dispatch of geothermal power plants.
In Japan, INPEX will commence exploratory geothermal drilling in Gifu Prefecture where surveys will be carried out exploring the potential of geothermal resources.
In the Philippines, ThermaPrime has acquired three new rigs to support the growth of affiliate geothermal operator and developer, EDC.
In Taiwan, CNPC Taiwan, Academia Sinica and National Central University have signed an agreement to cooperate on geothermal exploration, research, and development.
In China, Sinopec will proceed with a geothermal heating pilot project in the Dagang Oilfield, which is positioned to be the largest in the Beijing-Tianjin-Hebei region in China.
New Zealand’s Tauhara Geothermal Power Station, one of the world’s largest geothermal power stations, has come online. The power station boasts the world’s largest single-shaft geothermal steam turbine generator with a capacity of 184 MW.
In India, geothermal drilling resumes for the Puga Valley geothermal project in Ladakh after a two-year pause to upgrade drilling equipment.
Europe
The European Geothermal Energy Council has published the 2023 Geothermal Market Report, which states that the development pipeline for geothermal power is active. Fifty geothermal power plants are under development, with Germany and Turkey having the most projects. Projects are also in Italy, France, and Croatia.
The EU-funded GEOFLEXheat project, led by Brunel University London, plans to harness waste geothermal heat for industrial applications.
The Paris Olympics set a new standard for sustainability for global sporting events. The Olympics goal was to reduce emissions by 50% compared to the 2012 and 2016 games. The Olympic Village was ‘built to last’ with new apartments and offices that will be inhabited after the games end. The apartments are equipped with geothermal cooling systems. Read the full story of sustainability.
In Germany, the ongoing expansion of the geothermal heating project in Grünwald will receive EUR 62.3 million in federal funding to support drilling operations. Parchim in Mecklenburg-Vorpommern in a bid to transition away from fossil fuels for district heating.
Iceland is at the frontier of geothermal energy withnew research to learn how to harness heat from volcanoes and superhot formations. Separately,at the 2024 Iceland Geothermal Conference, the Clean Air Task Force hosted a workshop aimed at identifying critical hurdles to superhot rock energy deployment.
In Poland, the government has announced USD $50 million for innovative projects utilizing geothermal energy as part of its national decarbonization strategies.
Africa and Middle East
In Kenya, the Development Bank of Southern Africa has made a $68 million credit investment to support Sosian Energy’s geothermal power project in Menengai. Also in Kenya, KenGen will invest USD 248 million for the 80.3 MW Olkaria VII geothermal power plant. AndExergy International and Rentco Africa Ltd signed a cooperation agreement for geothermal power project.
In Usak,Türkiye, planned geothermal greenhouse project in the Hamambogazi region will support the region’s agricultural potential.
North America
Helmerich & Payne, a drilling solutions provider, has acquired KCA Deutag, a global drilling company. The acquisition cements H&P as a global leader in onshore drilling, giving it scale with leading positions in the U.S. and Middle East, and increasing its Middle East rig count from 12 to 88 rigs. H&P is a strategic investor and partner of GreenFire Energy.
Colorado has 95% of all the “new energy” in the U.S. due to the huge deposits of geothermal energy found beneath the surface of the earth. They have 5 projects in progress to harness the energy.
In Texas, the San Miguel Electric Cooperative announced a deal with Sage Geosystems as part of the state’s broader boom in geothermal energy startups. Also In Texas, researchers from the University of Texas at Austin say that the state’s western border region is ripe for geothermal energy.
The U.S. Army is exploring geothermal energy for a back-up source of heat for Fort Wainwright in Alaska.
In New Mexico, Los Alamos National Laboratory recently funded a series of scoping studies to explore the possibility of leveraging local facilities, infrastructure and resources to test clean-energy technologies.
Superhot deep rock is deeper and hotter than hot dry rock, and the resource is even more bountiful, but further technology is needed. In Colorado, the state commission adopted new regulations on deep geothermal, giving projects a permitting pathway.
Conferences
Indonesia International Geothermal Convention & Exhibition 2024
September 18-20, 2024
Jakarta, Indonesia
Visit the GreenFire Energy and Baker Hughes booth A-116.
Register
Climate Week – Geothermal House
September 24, 2024
New York, NY
Visit GreenFire Energy at the Geothermal House, Hall de Lumieres, NYC, NY.
5th Philippine International Geothermal Conference (NGAP)
September 25-26, 2024
Manila, Philippines
GreenFire Energy is a Gold Sponsor.
Geothermal Rising
Oct 27-30, 2024
Waikoloa, HI
October 30 – Panel 5A: Geothermal for the U.S. Department of Defense.
Rob Klenner will participate on the panel
Register
Contact info@greenfireenergy.com to discuss your geothermal experience.