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Revolution happening in geothermal energy industry
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Revolution happening in geothermal energy industry

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Revolution happening in geothermal energy industry Revolution happening in geothermal energy industry Document Transcript

  • Revolution happening in geothermal energy industry Geothermal energy supplies more than 10,000 MW to 24 countries worldwide and now produces enough electricity to meet the needs of 60 million people. It is considered possible to produce up to 8.3% of the total world electricity with geothermal resources, serving 17% of the world population. Thirty nine countries (located mostly in Africa, Central/South America, and the Pacific) can potentially obtain 100% of their electricity from geothermal resources (Dauncey, 2001). Already 24 countries are using geothermal energy source for producing electricity and another 22 countries will add to the list by 2010. In addition to large power generation, geothermal is also used for direct use purposes worldwide. In 2005, 72 countries reported using geothermal energy for direct heating, providing more than 16,000 MW of geothermal energy. Geothermal energy is used directly for a variety of purposes, including space heating, snow melting, aquaculture and more.Snapshots of status and potential of geothermal energy Renewable Capacity (GW) Market Size (billion $) Market Size Energy Growth Rate (%) Source 2008 Future Estimates 2008 Future Estimates Geothermal 14 20 7.5 13.1 8 According to market studies, investment in geothermal energy is growing at 24% a year. This exceptional investing growth rate is expected to continue - and increase even faster - for the foreseeable future. New Investments in Geothermal Energy ($ billions) 2004 2005 2006 2007 2008 2004-08 CAGR (%) 0.9 0.4 1.0 0.9 2.2 24Technology Advancement Estimated World Geothermal Electricity Potential with Present Technology with Technology Improvement
  • As seen from the chart above, with technology improvement, the total electicity generation potentialfrom geothermal increases 100%. The technology improvements are likely to come primarily frominnovative concepts such as enhanced geothermal.Until recently, geothermal power systems have only exploited resources where naturally occurringwater and rock porosity is sufficient to carry heat to the surface. However, the vast majority ofgeothermal energy within drilling reach is in dry and non-porous rock. Enhanced GeothermalSystems (EGS) are a new type of geothermal power technologies that do not require naturalconvective hydrothermal resources. EGS technologies "enhance" and/or create geothermalresources in this hot dry rock (HDR) through hydraulic stimulation.With technology advancement, it is estimated that the following countries could meet 100 percent ofelectricity demand with geothermal energy. Countries that Could Meet 100 Percent of Electricity Demand with Geothermal Energy Estimated Geothermal Capacity Required to Population Total Electricity Demand Meet Electricity Country (Thousands) (Million Kilowatt-hours) Demand (Megawatts) 1 Bolivia 9,694 5,040 639 Burundi 8,856 140 18 Comoros Islands 860 20 3 Costa Rica 4,534 8,350 1,059
  • Djibouti 848 200 25 Dominica 73 80 10 Ecuador 13,481 12,940 1,641 El Salvador 6,953 4,690 595 Ethiopia 85,219 2,860 363 Fiji 844 1,050 133 Grenada 106 150 19 Guadeloupe 448 1,100 140 Guatemala 13,686 7,280 923 Honduras 7,246 5,340 677 Iceland 303 8,530 1,082 Indonesia 234,342 120,330 15,263 Kenya 38,550 5,500 698 Madagascar 20,215 1,050 133 Malawi 14,288 1,400 178 Martinique 400 1,120 142 Montserrat 10 20 3 Mozambique 21,813 13,170 1,670 Nicaragua 5,676 2,720 345 Panama 3,399 5,660 718 Papua New Guinea 6,458 3,700 469 Peru 28,221 24,970 3,167 Philippines 89,651 53,670 6,807 Rwanda 10,009 100 13Saint Kitts and Nevis 40 130 16 Saint Lucia 167 300 38
  • Saint Vincent 121 120 15 Solomon Islands 507 60 8 Somalia 8,956 270 34 Sudan 39,445 3,940 500 Tanzania 41,464 1,880 238 Tonga 101 40 5 Uganda 31,903 1,980 251 Vanuatu 232 40 5 Yemen 23,066 4,460 566 Total 772,185 304,400 38,6101 Assuming a capacity factor of 90 percent, typical of new geothermal power plants.Government mandates and incentives for geothermal energy Currently, geothermal as a renewable energy source is being explored in a significant manner only in a fraction of the total number of countries worldwide, but this number is likely to increase with advanced technologies as Enhanced Geothermal is expanding the range of potential regions that could be sources of geothermal energy. In those countries that have existing proven geothermal resources (such as the USA and Philippines), the governments have released mandates and programmes that show exceptional support for this renewable energy source. This support is in the form of tax breaks, grants, subsidies and more. How can individuals and entrepreneurs benefit from this dramatic opportunity? Geothermal energy industry presents attractive opportunities to a wide range of people, including investors and entrepreneurs.
  • Business opportunities by scale of investments required Scale of Type of OpportunityInvestment Consulting and installation for home-based geothermal systems Low Training people for geothermal heat pump installations Setting up medium scale geothermal plants Medium Setting up manufacturing plants for components and accessories for the geothermal energy industry Setting up large-scale geothermal equipment and components manufacturing plants Setting up large geothermal power plants or home-based geothermal installations High Involving in large-scale distribution of biofuels o Centralized grid-connected geothermal plants o Installing large-scale distributed (home or location-based) geothermal heat pumps