"Geothermal
is homegrown, reliable and clean," says Rohit Khanna, program manager at
the World Bank for its Energy Sector Management Assistance Program. That is a
big part of the reason it is being pursued in developing countries such as
Chile, Indonesia, Kenya and the Philippines.
Australia's
first enhanced geothermal system, spicily named Habanero, began producing power
in May, and Europe has brought three such power plants online. A geothermal
power plant in Larderello, Italy, has churned out electricity this way in
Tuscany for more than a century, and big power plants can be built this way.
By
some estimates, the U.S. could tap as much as 2,000 times the nation’s current
annual energy use of roughly 100 exajoules (an exajoule equals a quintillion,
or 1018 joules) via enhanced geothermal technologies. With respect
to electricity, the DoE concludes at least 500 gigawatts of electric capacity
could be harvested from such EGS systems. Even better, hot rocks underlie every
part of the country and the rest of the world. The Geysers in California can
produce 850 megawatts of electricity alone.
The
idea is simple: pump water or other fluids down to the hot rocks beneath the
surface. Heat from the rocks turns the water to steam. The steam rises and turns
a turbine that spins a magnet to make electricity.
Some
places have the natural bounty of hot rocks and cracks in them. But such sites
are not plenty. That's where fracking,
the controversial practice of pumping fluid underground to shatter shale and
release oil or gas, can help. Fracking “enhances” geothermal by making cracks
in hot rocks where none existed, allowing heat to be harvested from Earth’s
interior practically anywhere, although this reduces the total power produced
because of the need to pump water through the system.
Yet,
geothermal’s abundant, renewable, clean potential for making electricity
largely languishes, producing "less than 1 percent of global energy,"
according to a recent perspective in Science. Indeed, only 6 percent of naturally occurring
geothermal resources have been tapped to date, according to Bloomberg New
Energy Finance (BNEF).
The
reason is simple: money. In addition to the $6-million to $8-million risk of
drilling a dry hole or a well that does not produce steam as it should there is
the multimillion-dollar expense of building a power plant on top of those wells
that do produce steam as they should. That adds up to a total cost for a geothermal
power plant of roughly $90 per megawatt-hour,
Gradient
holes have to be drilled to explore a particular area. Explosions need to be
set off at the surface to send seismic waves through the rock that allow for
surveying the underground landscape—a technique familiar from the oil and gas
industry. It can take years and millions of dollars to do this exploration with
the prospect of earning that money back slowly via electricity sales—or all
those funds could be lost.
BNEF puts the odds of successfully completing
a geothermal well at 67 percent, which means one third of all geothermal
projects fail. The analyst outfit has called for a "global
geothermal exploration drilling fund" of some $500 million provided by
investment agencies like the World Bank.
Another
problem: some EGS projects have been associated with small earthquakes, much
like oil and gas drilling and wastewater disposal. That has caused some
projects to be abandoned.