Geothermal’s Comeback

Geothermal’s Comeback: How New Technology is Unlocking a Hidden Energy Giant

Conversations about geothermal energy amongst Energy Considered’s opinion leaders are low key but the industry is of consistent interest to non-government organisations and specialist media, as well as academia, because technologies familiar from oil and gas now present a promising crossover opportunity.

Geothermal is not a new proposal as an energy source. It was well known that you could tap into the immense heat generated and stored within the Earth’s crust to provide a renewable energy that is controllable and – unlike most other renewables – not weather-dependent. But in the past, for most places it has been a theoretical energy source, rather than a practical option. Now Energy Considered sources suggest geothermal used for power generation could increase from just over 16GW across the globe in 2022 to reach 800GW by 2050. What is more, alongside power generation, ground-source heat pumps can use lower grade geothermal heat to provide heating and cooling for industry and commerce, using less a quarter of the energy of traditional systems.

Why has geothermal energy moved up the energy industry agenda recently, changing from being a rare proposition for part of the energy mix to being frequently on the table? New technologies have arrived.

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Geothermal’s Comeback: How New Technology is Unlocking a Hidden Energy Giant - Quarter 3 2024

Case for tracking:

While this seems to be a low volume topic to track, deeper dive into articles suggest that this renewable energy has potential. The main drawback of geothermal energy is the accessibility and the fact that the plants have to be built close to the source itself. But, recent articles state that drilling and fracking technologies already used by O&G majors can be modified and used to tap into geothermal energy in places where earlier it wasn’t accessible.

Lots of new and promising technologies are seen in this area, and it would be a good idea to keep track of them and be the early bird for when this energy is viable for major energy policies.

Volume of Mentions from Energy Considered’s Key Opinion Leaders:

Geothermal’s Comeback: How New Technology is Unlocking a Hidden Energy Giant - Quarter 4 2024

Case for tracking:

EGS has become a hot-topic, with mentions of geothermal peaking in Q4. The main drawback of geothermal energy is the accessibility and the fact that the plants have to be built close to the source itself.

Several articles about drilling and fracking technologies already used by O&G majors being modified and used to tap into geothermal energy in places where earlier it wasn’t accessible. Rapid changes expected in this field with several tech giants investing in setting up EGS for their data centres, primarily in the US.

Volume of Mentions from Energy Considered’s Key Opinion Leaders:

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To continue reading this briefing and explore deeper insights, register for access to our Energy Insights Portal. Inside, you’ll find:

  • Extended editorial briefings with in-depth analysis and empirical data drawn from 5,000 of the world’s most influential commentators on the energy industry on key issues shaping the energy sector.
  • Monthly and quarterly data identifying and tracking how energy industry leaders are engaging with critical topics.
  • In depth research explaining why energy industry leaders are engaging with these key issues and providing the context and framework for further exploration.
  • Quantitative primary research conducted with responses from energy industry leaders on our panel, providing unique answers to the issues affecting the global energy industry.
  • Power BI dashboards offering dynamic exploration of 5,000 energy key opinion leaders, social and digital narrative analysed against 14 strategic and tactical energy industry metrics.
  • Expert interpretation of what these issues really mean to the industry and what decisions can be taken on the back of unprecedented empirical evidence.
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