“The total installed geothermal heating capacity in Europe is expected to increase by 58% by 2030 according to a research done by business intelligence company Rystad Energy.”
In a recent article in Think GeoEnergy the topic of European investment in Geothermal energy was highlighted.
“Analysis and consultancy company Rystad Energy has published the results of their research that shows that the European geothermal heating market is expected to grow substantially in the next several years. More specifically, the total installed capacity is projected to surpass 6.2 GWt in 2030, a 58% increase from today’s total capacity of 3.9 GWt. Moreover, these future developments are expected to cost an estimated USD 7.4 billion.”
The article goes on to highlight that despite the high development costs, investments have come in light of the recent Russian conflict hampering energy supplies.
“The uncertainty of drilling success further exacerbates the risk that goes into geothermal drilling. Drilling success varies widely and is largely dependent on the location of the project and the maturity of the industry in that particular country. In Germany and Hungary, drilling success often exceeds 90%. In the Netherlands, this can be as low as 70% due to the relative infancy of the Dutch geothermal industry.”