Energy Stream’s livestream featured Geothermal Rising Executive Director Bryant Jones in an insightful discussion about why oil and gas collaboration with geothermal projects is critical to the future of cleantech.
In the discussion, Jones listed Eavor as one of the companies that is showing the world that geothermal is a mature, proven, “now and anywhere” solution that is ready to be deployed.
“There’s a lot of investments pouring into these companies from the oil and gas industry, environmental and climate NGOs, and philanthropic organizations. Geothermal needs to be a part of the equation if we’re going to take climate change seriously,” said Jones on the livestream.
While momentum is gaining in policy-making for the expansion of geothermal technology, Jones urged that much still needs to be done to incorporate the unique characteristics of geothermal when drafting legislation. The lack of these policies is a major reason why geothermal still has an expensive up-front cost.
Jones also emphasized the often underestimated value of an electron. A 9MW geothermal power plant has the capacity to provide electricity for around 5,500 homes, while an equivalent 9MW solar power source could only serve approximately 1,800 homes. This difference in efficiency not only demands more land but also necessitates more mining for critical minerals.
“What’s holding geothermal back is not engineering or subsurface expertise. It’s not a technology challenge; it’s a policy challenge and a social challenge,” said Jones.
Apart from Kenya and Turkey, Jones noted that geothermal is currently a compelling subject of interest in Europe. Eavor’s first project in Geretsried is on track to initiate district heating production by the close of 2024, with full-scale operations anticipated by 2026. The power plant’s projections indicate approximately 64MW of gross energy yield for thermal use and 8.2MW of electricity generation.
Continued collaboration and investment from the oil and gas industry with geothermal is likely to be a pivotal synergy that will determine the success of geothermal in a new clean energy landscape. Consequently, this synergy is “deep and will continue indefinitely,” according to Jones.
“The assets of the oil and gas industry are a critical part of the success of the geothermal industry, globally. This is a technological reality that these two industries work together.”
