Geothermal offers a number of advantages over traditional fossil fuel-based sources and is potentially a very important source of electricity generation both in Australia and overseas.
There is evidence to indicate there is considerable potential to extract geothermal energy in many parts of Australia. Much of Australia’s current exploration and development is in South Australia, however, many places across the continent have high sub-surface temperatures trapped in deep granite.
While it would require further specific exploration and analysis, the implied potential energy reserves are massive.
Australia-wide, 27 companies have applied for 166 geothermal licences. Between 2002 and 2012 these companies are currently expected to invest more than $650 million in exploring-for and undertaking proof-of-concept projects in their licenses.
Article continues below…South Australia has attracted 17 companies to apply for 142 geothermal licences with work programs worth more than $550 million for the term 2002-12. That is more than 80 per cent of the national tallies for geothermal licence applications and forecast investment.
The potential for this renewable to play a significant role in Australia’s energy mix has been highlighted with the University of Adelaide securing funding for the development of a major international research facility for geothermal energy.
The South Australian Government awarded the $250,000 grant, which will allow the university to host Australia’s first research cluster examining all aspects of hot rock enhanced geothermal systems.
Nationally, the Federal Government is also focusing on geothermal research, providing more than $28 million in funding to explore the opportunities presented by this resource.
The Federal Government has also established the Geothermal Industry Development Framework to guide the development of a viable geothermal industry in Australia.
According to Resources Minister Ian Macfarlane this framework will identify the industry’s research and development needs and deal with issues such as skills development, legislation, regulation and improving our knowledge of geothermal resources.
“Our vast untapped geothermal energy resources could ultimately pay big clean energy dividends for Australia,” noted Mr Macfarlane. “The overarching challenge is to produce affordable and consistent electricity from the resource - and lots of it.”
Based on temperature data from more than 3,500 boreholes, mostly oil and gas exploration wells, the Australian resource of hot dry rocks has been quantified to the five kilometre level.
The resulting estimate of energy available for electricity generation, evaluated in conservative terms, was 23 million petajoules, or 7,500 years of Australian energy consumption at the current level.
