There must have been a $Billion or more sunk over a decade into the quest for an economic geothermal electricity project in Australia. The aim has always been for projects on a scale that could contribute to the grid and retire some baseload coal fired generators.
Last month I wrote about pioneer hot rocks driller Geodynamics Ltd GDY – in July I wrote about Seven “green” companies I checked in January 2011 – still poor investments –
Here are share price charts for six ASX listed geothermal energy explorers – most resemble disasters if you had invested a few years ago.
Greenearth Energy Limited GER
Green Rock Energy GRK
Geodynamics Ltd GDY
Hot Rock Limited HRL
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Raya Group Ltd RYG
Australian Geothermal Energy Association – as they say – driving the development of the Australian geothermal energy industry. Link from comment 9 previous article.
Can readers point me to notable progress in the sector.
We must remember that the sector took of last decade mainly because of the IPCC AGW scare driver a perceived need for “green energy” sources. Without that I doubt if many of these companies would exist – or of multi-$millions of Govt grants would have been wasted and still are being wasted.
As far as I can determine all current geothermal plants are based on hot volcanic rocks. I couldn’t find any based on hot granite, which is what is being pushed in Australia (plus hot aquifer water in WA). Googling ‘granite geothermal’, all I get are Australian pages, which indicates there is not much interest elsewhere.
It looks to me that we are going down this track because we don’t have any hot volcanic rocks, which is proven technology.
Probably the only real success stories are those of the stock market stags & the ghosts in the underwriting brokers & promoters families. ( the borers in the un-ripe fruit)
Philips comment is essentially correct.
The successful geothermal systems are based on generally shallow recent volcanic systems such as at rotorua. Drilling is relatively shallow, the hot water flows predictable and heat exchangers a simple technology
The hot granite systems are deep requiring hugely expensive deep drilling, than followed by fracturing to connect wells followed by incredibly inefficient water injection at depth between the injector well and the collector well
Then there is the issue that along the way between injector and collector the water picks up miscible calcium, mercury and a host of other compounds that are either dangerous or precipitate somewhere higher up inside the well and blocking it….