Part 6/9:
The process of combining drilling technologies from the oil and gas industry is revolutionizing the geothermal landscape—reducing the required conditions from three essential elements (heat, water, and porous rock) to just hot rocks. This potential expansion paves the way for geothermal energy sites across a wider geographical range.
Challenges Ahead
While geothermal energy appears promising, it is not without challenges. Firstly, the high initial costs of geothermal projects—often upwards of $90 million—create barriers to entry compared to conventional gas generators. Investors must be confident in projecting long-term energy prices to ensure return on investment.