Amid Australia\u2019s Net Zero ambitions, long-neglected geothermal energy is primed for a comeback
\nAustralia\u2019s unique geological factors, along with new global tech, new people and shifting perceptions are also factors for potential reinvigoration
\nAustralia\u2019s Steam Resources has major plans in the works in the NT, SA and WA for the 24\/7-operating, low-footprint, cost-effective renewable\u00a0<\/p>\n
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Geothermal energy is back. Did it ever leave? As far as Aussie energy investment is concerned, it largely did. But why might this time be different? Stockhead<\/em> spoke to Steam Resources\u2019 Josh Puckridge to learn more.\u00a0<\/strong><\/p>\n When it comes to the energy conversation in Australia, geothermal \u2013 which, very simply explained is energy derived from the earth\u2019s heat \u2013 has taken a back seat, actually the boot, over the past several years.<\/p>\n The chief reason for this, explains Josh Puckridge, is our reliance on thermal coal. Australia\u2019s historical abundance of natural coal and gas has supplied the nation\u2019s power needs while also being a significant component to the nation\u2019s exports.<\/p>\n However, as The Simpsons<\/em> once put it \u201cthe times, they are a\u2026 becoming quite different\u201d.<\/p>\n Some 15 years ago, when geothermal was last being pushed with any sense of vigour in Australia, \u2018Net Zero\u2019 was more a target for Socceroos defenders than the growing global ESG zeitgeist.<\/p>\n But now, as Australia, along with 140 other nations, moves closer to an agreed 2050 deadline to meet net carbon neutral targets, geothermal power production has again become a hot topic for countries around the globe.<\/p>\n And, while up to 16 coal-fired power stations are scheduled to close around Australia over the next 25 years, Puckridge believes geothermal could well be \u201cAustralia\u2019s dark horse in the race to Net Zero\u201d.<\/p>\n \u00a0<\/p>\n As the managing director of Steam Resources \u2013 a Perth-based company focused on unlocking the untapped potential of the planet\u2019s largest stored energy source, specifically in the NT, SA and WA \u2013 Puckridge believes Australia\u2019s geographical and geological aspects put it in a unique position for geothermal opportunities.<\/p>\n \u201cAustralia was super hot and bothered, if you\u2019ll forgive the pun, for geothermal 15 years ago,\u201d said Puckridge.<\/p>\n \u201cIt\u2019s just been completely off the radar since. I attended the Geothermal Rising conference in Nevada late last year, and I was one of only two Australians there. I spoke to so many people who were remembering back to 2010 when piles of Australians were at a similar conference in Indonesia.<\/p>\n \u201cThe suggestion from the Nevada attendees who remembered that, was that Australia at that time was regarded as the geothermal capital of the world.\u201d<\/p>\n Puckridge notes that South Australia\u2019s various heat anomalies and regions along with the Beetaloo Basin in the Northern Territory and the Perth Basins of Western Australia each maintain the ability to develop geothermal projects with capacities well beyond 100MWe.<\/p>\n Australia has much deeper hot dry rock systems than you\u2019ll typically find elsewhere on the planet. In fact, GeoScience Australia has estimated that the amount of heat in rocks less than 5km deep but over 150\u00b0C in temperature in our continent is over 1.9 x 1010 petajoules.<\/p>\n Translation? As a CSIRO report<\/a> noted, it\u2019s a resource estimate that suggests \u201cthe geothermal energy resource in Australia is practically limitless\u201d.<\/p>\n \u201cIt\u2019s the forgotten true renewable,\u201d said Puckridge.<\/p>\n \u201cIt\u2019s the prime renewable resource and a 24\/7 source of power. We\u2019re literally excavating heat to spin a turbine to create electricity.<\/p>\n \u201cIt works when it\u2019s raining, when the sun\u2019s shining, when the wind\u2019s up, when the wind\u2019s down. And its geographical footprint is so incredibly less invasive compared to alternatives such as wind and solar.\u201d<\/p>\n \u00a0<\/p>\n When compared with global geothermal leaders, as well as some of our geographical neighbours, Australia is well down the pecking order in geothermal-energy output, but that could very well spell a great opportunity.<\/p>\n As Puckridge notes, the USA is the largest producer of geothermal power in the world, with an installed capacity of 3.9Gwe in 2023, followed by Indonesia with 2.4Gwe, the Philippines maintaining 1.95Gwe, Turkey with 1.69Gwe and New Zealand with 1.04Gwe.<\/p>\n In this same period, Australia is estimated to maintain an installed geothermal power capacity of no more than 1MWe, seeing Australia\u2019s current geothermal power production practically non-existent.<\/p>\n \u201cIn context, a 1GWe geothermal plant could power 725,000 households per year and, in doing so by green energy, avoids the annual release of over 3,800,000 metrics tonnes of carbon emissions,\u201d said Puckridge.<\/p>\n And, while many nations around the world manage their transition and investment into a carbon neutral economy with the addition of geothermal energy production, Australia\u2019s Long Term Emissions Reduction Plan \u2013 published by the Federal Government in 2021 \u2013 makes no reference to geothermal power production.<\/p>\n \u201cGeothermal deserves a second go,\u201d added Puckridge. \u201cThere\u2019s great interest for it around the world and it deserves to be in the government\u2019s plans, which still has about 20% \u2018to be determined\u2019 in terms of where the energy actually comes from.\u201d<\/p>\n He believes this will change as companies like Steam Resources bring new technologies and practices from overseas leaders such as the United States.<\/p>\n \u201cWhile we adopt solar and wind power production into Australia\u2019s energy grids, the contribution of geothermal energy should not be discounted. Geothermal power production, being carbon free and renewable, maintains many advantages over wind and solar making it a more reliable and longer-term solution to other renewables.\u201d<\/p>\n \u00a0<\/p>\n Puckridge believes geothermal power more than stands up against two of the biggest clean-energy narratives that immediately spring to mind \u2013 wind and solar.<\/p>\n \u201cI think Australia\u2019s falling out of love with a lot of wind solutions,\u201d said the Steam Resources boss.<\/p>\n \u201cThe big Newcastle Offshore Wind project proposal, for instance, is getting a bit of pushback, while I know that some of the Victorian wind turbines face petitions to take them down on the basis of noise pollution and visual pollution.\u201d<\/p>\n Puckridge believes geothermal is a far more cost effective, stable and efficient solution longer term, also noting that:<\/p>\n \u201cOne of geothermal\u2019s main advantages over these other solutions is its actual footprint is very small.<\/p>\n \u201cThe biggest geothermal project in the world is the Geysers project in California, which has over 2Gwe of installed capacity. But if you go on Google Maps, you actually have to squint to find it.\u201d<\/p>\n Source: Google Maps<\/p>\n \u201cSo, in terms of environmental impact, it\u2019s the equivalent of building a 4\u00d72 home in the middle of nowhere. It takes up far less room than wind and solar and runs day and night. And a lot of geothermal solutions are turnkey, can run largely autonomously and require a lot less maintenance and long-term costs than wind and solar.<\/p>\n \u201cOn top of that, the commissioning life expectancy of a geothermal plant is 15-30 years \u2013 generally speaking, much better than solar\u2019s. And when it comes to decommissioning projects, the economics are also vastly in geothermal\u2019s favour compared with wind, solar and nuclear alternatives.\u201d<\/p>\n A huge solar farm in the Appalachian Mountains, Pennsylvania, USA. Source: Getty Images<\/p>\n \u00a0<\/p>\n Along with reasons already mentioned, Puckridge mentions developments in technology over the past several years that are also helping to push the neglected energy source\u2019s narrative \u2013 particularly from geothermal world leader, the United States.<\/p>\n One such technology is being developed by Fervo Energy in Houston, which is employing what\u2019s known as an enhanced geothermal system (EGS), in which water is injected into hot rock systems in order to stimulate the underlying system and bring that heat to the surface where it can be used to generate electricity.<\/p>\n However, Puckridge revealed: \u201cThe systems that we are looking at go one step further than this, by using supercritical CO2.<\/p>\n \u201cGiven we are behind the US in terms of timing, we might see Australia skip the EGS designs and move straight to the supercritical CO2 designs.\u201d<\/p>\n \u201cBut the point is, we\u2019re seeing really exciting technological developments in geothermal, which resonates particularly in what we\u2019re aiming to do at a commercial scale \u2013 which would be to develop 100MWe+ plants.\u201d<\/p>\n \u00a0<\/p>\n Steam Resources\u2019 likely flagship operation will be in the NT\u2019s Beetaloo Basin, where it will be constructing a pilot geothermal plant with strategic proximity to the port of Darwin.<\/p>\n The company\u2019s estimates indicate the region contains 84,000 petajoules in stored geothermal energy, which is equivalent to about 3.7 billion barrels of oil.<\/p>\n \u201cIn the case of the Beetaloo Basin, we have the capacity to have a 1GWe province there, or more. We know the heat\u2019s there, the total setting is there. The Beetaloo Basin could be Australia\u2019s Geysers project.<\/p>\n \u201cWith the right amount of investment, it could be a +gigawatt source of totally renewable, low-footprint, environmentally friendly energy.\u201d<\/p>\n \u201cI envision that we can supplement a lot of power onto Australia\u2019s grid that\u2019s been decommissioned by way of losing local coal-fired power stations.\u201d<\/p>\n \u00a0<\/p>\n Steam Resources is currently unlisted but has targeted some time later this year for its ASX debut.<\/p>\n By then, Puckridge says, the company will have identified a \u201cpath to feasibility\u201d on its WA prospects as well as a significant exploration plan for the Beetaloo Basin project, along with its South Australian ground, which covers in excess of 46,000km2.<\/p>\n \u201cConcentrating on seismic data gathering has been particularly valuable to us to help us get our ducks in a row regarding our exploration program,\u201d noted the Steam Resources MD.<\/p>\n Funding interest, meanwhile has been \u201csignificant\u201d said Puckridge, with further details to be provided as it manifests as this year progresses.<\/p>\n And what about competition?<\/p>\n \u201cThere\u2019s not a lot right now. There\u2019s Earth\u2019s Energy, formerly Cradle Resources, who we follow and are excited to see their developments. While we\u2019re both in geothermal, we\u2019re not really competing as they\u2019re going for a different model \u2013 sub 35MWe targets and projects in South Australia and Queensland.<\/p>\n \u201cBut I expect that by December this year, we\u2019ll be seeing plenty more competition in geothermal in Australia.\u201d<\/p>\n <\/span><\/p>\n The post The heat is on: Why the time and place is right for an Australian geothermal comeback<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"\u2018The forgotten true renewable\u2019<\/strong><\/h2>\n
Australia\u2019s geothermal opportunity\u00a0<\/strong><\/h2>\n
Stacking up against alternatives<\/strong><\/h2>\n
Tech developments on the rise<\/strong><\/h2>\n
Beetaloo could be Australia\u2019s Geysers\u00a0<\/strong><\/h2>\n
What\u2019s next?\u00a0<\/strong><\/h2>\n