Geothermal Power Technology 2009: Green to the Core
Geothermal energy is a vast, renewable, low carbon energy source that can be converted to electricity and used to condition building environments. Improved technologies have the potential to access vast untapped geothermal energy sources, which experts estimate contain 50,000 times the energy of all oil and gas resources in the world. The technology can also help to address the critical issues of global warming, pollution and energy independence, and to provide a secure, safe, domestic source of energy.
Current usage of geothermal technologies is limited. As of 2008, geothermal power supplies less than one percent of the world's energy. Out of the two million heat pumps installed in the United States each year, just over 2 percent are geothermal. However, increased development of geothermal technology will improve its acceptance and use by governments, other organizations, developers and homeowners.
Current geothermal energy production in the United States is a $1.5 billion industry. As the global demand for clean, reliable, renewable energy increases, geothermal energy is becoming an attractive solution. This is true not only in the United States, where current capacity is about 3,500 megawatts (MW), but at numerous locations on six continents. An area of increased emphasis is Enhanced Geothermal Systems (EGS).
A 2007 Massachusetts Institute of Technology report calculated the United States’ total EGS resources extracted from 3-10 km in depth to be over 13,000 zettajoules (ZJ), of which over 200 ZJ would be extractable. The potential exists to increase this to over 2,000 ZJ with technology improvements. This level of energy production is sufficient to provide the world's current energy needs for several millennia.
Tax incentives, subsidies and government policy play a large role in the speed with which geothermal technology is developed and implemented. Some of the most integrated and profound policy devel¬opments have been occurring in Australia, where signifi¬cant governmental commitment and financial support are advancing the country’s EGS Hot Dry Rock efforts. Another notable development is the Enhanced Geothermal Innovative Network for Europe (ENGINE) project.
Geothermal Energy Technologies presents a firm understanding of the technical, economic, and market potential of all geothermal technologies (hydrothermal, EGS, heat pumps). Such an understanding is required to assist decision makers in the identification of the most efficient use of resources. Both historical and projected metrics will be gathered to determine technology improve¬ments and commercialization opportunities. The report will conduct analyses of market, policy, and technology status by evaluating the impacts of research and testing options. Additionally, results of the analyses will provide information to researchers, policy makers, and investors on areas to target for greater cost reduction and market transformation.
Geothermal Energy Technologies contains comprehensive data on the U.S. and global geothermal energy market, including historical (1999–2008) and forecast (2009–2013) market size data in terms of number and dollar value of unit shipments, and level of geothermal energy production. The report identifies key trends affecting the marketplace and significant drivers of growth, and includes profiles of major marketers and producers.