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Australian geothermal power industry still an emerging market

Press Release   •   Aug 23, 2012 16:29 BST

The Australian geothermal power industry is still in an emerging market in the country, and only modest use has so far been made of its geothermal energy resources.

Australia's geothermal industry is currently in the exploration phase and is yet to start commercial scale production from geothermal resources. The geothermal production capacity is expected to increase over 0.075 GW by 2022.

Exploration is currently being conducted in all states and the Northern Territory. While significant resources have been identified and there are several companies in advanced stages of exploration, presently there is no commercial production of geothermal energy in Australia.

However, there is significant potential within the Australian geothermal power market. It is estimated that one percent of the geothermal energy shallower than five kilometres and hotter than 150 degrees could supply Australia's total energy requirements for 26,000 years.

South Australia has been described as "Australia's hot rock haven" and this renewable energy form could provide an estimated 6.8% of Australia's base load power needs by 2030.

Despite its huge potential, only a minimal amount of power is being extracted from geothermal resources. However, with increasing pressure to reduce greenhouse gas emissions, the Australian government has started to promote investments in the geothermal industry.

For more information on the Australian geothermal power industry, see the latest research: Australian Geothermal Power Industry Report

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