Advances in Geothermal Energy (Peak Energy)

12

Jul

Geothermal power heats up with newfound certainty

Posted by Big Gav in australia, geothermal energy, geothermal power, petratherm

The Age reports the new carbon tax has increased interest in geothermal powercompanies - Geothermal power heats up with newfound certainty.

SCIENTISTS estimate there is enough energy stored in hot rocks beneath Australia's surface to meet its power demands millions of times over, but bold prognostications have not been enough for the geothermal industry.

Kevin Rudd's abandonment of Labor's first proposed emissions trading scheme hit the industry hard, with share prices plummeting and investors baulking. "That policy backflip has hurt the industry, no doubt," says Terry Kallis, managing director of South Australian company geothermal Petratherm. Hot rocks power remains a highly speculative industry, but things are slowly looking up for Petratherm.

Last month, it began fracturing rock four kilometres beneath the Earth's surface in the North Flinders Ranges using part of a $7 million federal government drilling grant — the key step in proving a geothermal reservoir can be created deep underground and the project has a future. Mr Kallis said he believes his is the only company with an active hot rocks project.

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