18 Nov 2011
The geothermal industry is eyeing the Northern Territory as a key source of inexpensive and renewable energy. Susan Jeanes from the Australian Geothermal Energy Association says the introduction of the carbon tax has made it more worthwhile to invest in exploratory drilling. Geothermal electricity is produced from energy released from superheated rocks lying km below the earth's surface. Ms Jeanes says drilling has already commenced in the Cooper Basin east of Alice Springs."What the problem for the industry is in this early exploration phase is that the rigs that we need to drill holes four and five km deep cost about 50 million dollars," she said. "There's only one here in Australia and that's the rig that's owned by GeoDynamics and that's currently located in the Cooper Basin. So anybody else who wants to drill a deep well has to bring one in from overseas."
Ms Jeanes says people need to embrace more clean energy sources. "The government has come and said we think this is a very important energy resource," she said. "They've got a policy program now that's underpinned by a carbon price that will start to move some money for us. The market has to become more interested in clean energy sources. There are lot of clean energy options around but ultimately we're the only renewable energy on the horizon that is baseload."
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