Adelaide Advertiser
Tuesday 8/4/2008 Page: 37
Geothermal energy should get a 10 per cent share of the Federal Government's $500 million renewable energy fund to help drive its development, an industry body says. In its submission to the Garnaut Climate Change Review, the Australian geothermal Energy Group said a $50 million share of the renewable energy fund would help the industry through its "proof-of-concept" stage. The AGEG is forecasting a 171 per cent increase in geothermal industry field spending this year to $89 million.
But the submission argued that government assistance was needed while the industry proves its viability. "Policies that underpin the learn-while-doing phases of hot rock resource delineation, demonstration, development and deployment have been, and will remain, particularly influential in attracting multiples of private funds into the pre-competitive phase of developing Australia's geothermal resources," the submission said.
Hot rock geothermal energy is produced, in theory, by drilling wells up to 5km into the earth's crust, pumping water down and harnessing steam which returns to the surface. As at the start of this month, 33 companies were exploring for geothermal energy resources on licence areas covering 219,000 sq km across Australia, the AGEG said. Geodynamics is the most advanced of these companies and is currently testing the flow rates between its wells in the Cooper Basin.
The AGEG argued its industry could provide up to 10 per cent of baseload power by 2050, but would need government help go achieve this. The AGEG would also like an Australian geothermal Energy Centre of Excellence set up, with $20 million of federal funding over 10 years. The Garnaut Review's final report on the impact of climate change on the Australian economy is due on September 30, with a draft by June 30.
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