Things are looking up for geothermal power producers. Although one of the oldest clean technologies, and widely credited with virtually limitless power generation potential then geothermal makes only a tiny contribution to the energy needs of almost all countries (Iceland being a rare exception). Within clean energy then different technologies appear to move in and out of favour with politicians, utilities, consumers and investors. Geothermal may be on the verge of a burst of growth ...
The Geothermal Energy Association and the International Geothermal Association estimate that global geothermal resources of between 35GW and 72GW, or between 65GW and 138GW with current and advanced technology respectively. Assuming 90% availability then the GEA estimates that such facilities could generate over one trillion kWh of power annually. That's an awful lot of power.
As of August 2008, the US has approximately 3GW of installed geothermal capacity, up 20% this year and with a further 4GW under construction. Recent estimates are that US geothermal capacity could reach 12GW by 2005. How much do they cost to build? Somewhere between $1 and $4 per MW of production capacity, depending upon the size of the facility. So 9GW geothermal capacity requires perhaps $18 billion investment. And that's just the US.
Well intended clean energy financiers, such as the Google Foundation, continue to invest in geothermal facilities. Slowly but surely, geothermal could present a meaningful contribution to future power supplies.
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