Geothermal energy is potentially the largest source of energy in the world today—with energy supply potential vastly more than the global total of oil and natural gas combined. Geothermal is renewable and will most likely last for billions of years. Its carbon footprint is minimal. It is stable. We can predict the power output of a geothermal power plant with remarkable accuracy. Geothermal power plants can produce electricity consistently, running 24 hours a day, 7 days a week, regardless of weather conditions. Actual power output is very close to total installed capacity.
John Redfern, president and CEO of Eavor Technologies, a startup focused on closed-loop geothermal systems development, said, “Geothermal looked like a renewable answer. Looking at the skill set, it should be the automatic place for the oil and gas industry to go in the transition. Several times, we made it to the altar; then we were jilted. Finally, the two industries parted ways. The reason: scalability.”