Business Review Weekly
Thursday 14/6/2007 Page: 24
Damon Frith believes that Australia's granite deposits are the key to the country's 'geothermal future' with granite providing an alternative and renewable source of energy. Australian explorers have developed a technology to generate electricity from the heat flow from granite deposits known as 'enhanced geothermal systems' and an Australian Geothermal Energy Group has been established, directed by Barry Goldstein. The group has a vision of providing, safe and competitively priced, renewable geothermal energy that is emissions-free. Geothermal energy costs significantly more than coal, about $12-20 a megawatt more, to be precise.
However, factor in carbon taxes and carbon credits and the alternative energy source begins to look more feasible. To date, 19 exploration companies have begun to delve into this new area of energy production, and geothermal projects are being investigated in three states- Western Australia, Queensland and South Australia. Petratherm, looks set to be the first commercial producer of geothermal energy in Australia, and Geodynamics has plans to produce geothermal energy currently looking into a demonstration plant and power station.
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