The heat contained within the Earth can produce renewable energy for twenty-four hours regardless of weather conditions. Nevertheless, geothermal energy contributes only around 1 percent of the demand of the electric power needed in the world.
How Does Geothermal Energy Work?
Conventional power plants utilize naturally occurring hot steam and water pools under the Earth’s crust. The most modern geothermal power installations go deeper to heat rocky layers and thus produce energy in the geographical areas previously considered to be unsuitable for this process.
Where is Geothermal Energy used?
- Kenya: 43% of total electricity supply.
- Iceland: Geothermal reaches above 90% of heating needs.
- Others: The USA, Indonesia, Turkey, and Italy also play important roles in the industry.
What are Future Perspectives of this Method?
According to the International Energy Agency prediction, geothermal production is to satisfy about 15 percent of the world market. The potential is said to be high, as geothermal sources can produce more than 600 terawatt from a depth of under 8 km. In addition, the investments into the geothermal industry increased significantly going to $2.2 billion by 2025 against $22 million in 2018.
What Blocks the Way?
Cost is the biggest hurdle and the IEA calls for clear regulatory visibility over the long term for investors. Fervo in Utah drilled a 15,000-foot well at about 500 degrees Fahrenheit, a sign the technology is advancing.
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