Enhanced Geothermal Energy Systems to Replace Fossil Fuels

On the 13th of January, a trade group dedicated to promoting geothermal energy in Texas was launched with support from significant oil and utility companies looking to restructure their businesses. Texas is the state with the most oil and gas production.

Many fossil fuel multinationals and startup enterprises formed the Texas Geothermal Energy Alliance (TxGEA) to transition from oil and gas to low-carbon energy. Halliburton (HAL.N), Repsol (REP.MC), Chevron Corp (CVX.N), Baker Hughes, CenterPoint Energy (CNP.N), and GeothermEx, a Schlumberger business, are among the companies in the group.

Many geothermal projects are currently under construction in the U.S., which could help grow the geothermal sector as it is struggling to compete with oil and gas. Geothermal technology uses many of the same drilling methods as the oil and gas industry, except the wells are differently designed.

What is Geothermal Energy?

Geothermal energy is the thermal energy in the Earth’s crust that comes from the planet’s formation and the radioactive decay of minerals in nearly equal proportions, which is currently unknown. Geothermal resource requires fluid, heat, and permeability to generate electricity:

• Fluid — Enough fluid must be available naturally or injected into the reservoir.

• Heat — The temperature of the Earth naturally rises with depth and varies depending on geographic region.

• Permeability — To gain access to heat, the fluid must come into touch with the heated rock, either by fractured reservoirs or by activating it.

Geothermal Energy Market

According to TxGEA member Sage Geosystems, geothermal accounts for less than 1% of global utility-scale electricity generation because of geological limitations. Currently, the United States has 3.5 gigawatts of geothermal capacity deployed.

In 2020, the global market for enhanced geothermal systems (EGS) is expected to reach $1,841.4 million. By 2030, it projects the worth to be $3,673.1 million, with a CAGR of 7.1 percent during the forecast period (2022–2030).

Why are Oil and Fuel Companies Shifting to Geothermal Energy?

Geothermal Energy has several characteristics that make it a valuable source of energy. Most importantly, geothermal energy is clean and can get extracted without burning fossil fuels such as gas, coal, or oil.

Geothermal resources emit around one-sixth of the carbon dioxide that a relatively clean natural-gas-fueled power station does, as well as very little nitrous oxide and sulfur-bearing pollutants, if any at all. Binary plants, which operate in a closed cycle, produce almost no toxins.

Geothermal energy is available 365 days a year, 24 hours a day. The availability of geothermal power plants is 90 percent or higher, compared to roughly 75 percent for coal facilities. It can be generated in any country, which reduces the reliance on imported oil.

Friendly to the Environment

Geothermal energy is less harmful to the environment than traditional fuels such as coal and other fossil fuels. Furthermore, a geothermal power plant has a low carbon footprint. While geothermal energy does produce some pollution, it is relatively minimal compared to fossil fuels.

Renewable Source of Energy

Geothermal energy is a renewable energy source that will persist till the sun destroys the Earth in 5 billion years. The Earth’s heated reservoirs, refilled naturally, makes them renewable and sustainable.

Huge Potential

The present global energy consumption is roughly 15 terawatts, significantly less than the overall potential energy accessible from geothermal sources.

While most reservoirs are now unusable, there is hope that as industrial research and development continue, the quantity of exploitable geothermal resources will grow. Geothermal power facilities may generate between 0.0035 and 2 terawatts of electricity, according to current estimates.

Stable/Long Term

In comparison to renewable energy sources such as wind and solar power, geothermal delivers a consistent stream of energy. It is because, unlike wind or solar energy, the resource is constantly available to be used.

Heating and Temperature Control

Water temperatures of over 150°C are required to operate turbines when geothermal energy generates power. The difference in temperature between the surface and a ground source canprove to be useful. Since the ground is more robust to seasonal heat variations than the air, a geothermal heat pump can serve as energy storage just two meters below the surface.

Trustworthy

The geothermal energy does not fluctuate as much as other energy sources such as sun and wind. The power generated from these resources are simple to calculate. That means we can accurately anticipate the electricity production of a geothermal plant.

Rapid Development

Geothermal energy is currently undergoing extensive research, that means there will be innovations and development to better energy production.

There are a growing number of projects underway to strengthen and develop the power sector. Many of the existing problems in energy generation will resolve due to the current rapid evolution of geothermal energy.

As a result of this rise in population and energy consumption, there is an urgent need to create alternative, sustainable energy sources. There is insufficient fuel and relying on fossil fuels is not viable. Therefore, geothermal energy has emerged as a very plausible answer, given that a combination of geothermal, wind, solar, biomass, and hydrodynamic energy could power the majority of the world.