Geothermal Energy: A pragmatic consideration of how to commercialize Australia’s misunderstood resource
Geothermal energy is a readily available, reliable, zero-emissions resource that provides numerous advantages in a balanced energy portfolio, as well as societal and environmental benefits, that can help Australia meet its commitment to net-zero emissions by 2050.
Renewable energy projects are central to achieving Australia’s decarbonization objectives: electricity is the largest source of emissions in Australia, at ~33% of the national total. Recent trends have seen substantial decreases in power-related generation in the past decade; however, existing and planned wind, solar and battery storage projects are not capable of offsetting planned retirements of thermal power plants – especially when considering anticipated increases in electricity demand and baseload supply issues. Supply shortfalls and grid reliability issues represent serious risks to safe, secure, clean and affordable energy.
Geothermal resources address these issues by providing flexible, dispatchable, baseload power that complements solar and wind projects by providing “always-on” power, supplementing those significant, but intermittent resources. Furthermore, geothermal is highly scalable, allowing fit-for-purpose power solutions, including behind the meter provision, “islanded” grids in remote areas, and baseload or dispatchable supply to the grid in more populous areas.
This talk provides an overview of geothermal energy in an Australian context, including next-generation technologies that have transformed the global industry over the past decade; the benefits and challenges that will shape the sector in the coming decades; and critical commercial, regulatory, ESG and other success factors that will drive geothermal energy as a significant component of Australia’s decarbonized future.