The latest report titled Pathways to Commercialization Report from the U.S. Department of Energy (DOE) focuses on Next-Gen Geothermal as a clean energy source poised for tremendous growth. This report will be featured at the DOE’s virtual fireside chat and webinar next month.
The report positions Next-Gen Geothermal as a key contributor to establishing secure, domestic, decarbonized power generation in the United States. Leveraging advancements that borrow from the oil and gas sector, these approaches engineer human-made reservoirs from abundant hot rock resources, eliminating the need to rely solely on naturally occurring reservoirs in niche geologies.
Commercial liftoff for Next-Gen Geothermal is defined as the delivery of 2-3 GW of power at a capital cost of $20-25 billion by 2030. The report estimates that Next-Gen Geothermal could scale up to 90 GW of capacity, with an estimated investment of $225-250 billion by 2050, delivering 10% of the clean firm US power demand. Furthermore, the report demonstrates the lack of funding for Next-Gen geothermal across the spectrum of advanced clean technologies from the bi-partisan infrastructure law and the Inflation Reduction Act (IRA). Additionally, it makes a strong case for additional private and public sector funding based on market pull for clean, firm power.
The report also highlights the progress made in geothermal drilling speed and efficiency from FORGE, indicating faster drilling speeds more akin to oil and gas rates. This reinforces the scalability potential of Next-Gen Geothermal and supports Eavor’s goal to descend the cost curve as it embarks along its project pipeline, including powering up to 200 MWe in Northern California, 30MW of regenerative power for 20 thousand homes in Hanover, and establishing clean reliable power for Joint Base San Antonio, Texas.
The promising trajectory of Next-Gen Geothermal technology signifies a remarkable shift in the energy landscape, offering a sustainable and reliable solution to meet the escalating demand for clean power while advancing toward a decarbonized future for the United States.
