New Breakthroughs in Geothermal Energy

The explosive growth of solar, wind, and electric vehicles over the last decade has made waves. Quietly, geothermal has likewise made significant developments and is well poised to increase its share of the energy matrix. This can be done, in part, by the improvements made in the oil and gas industry, which will play a pivotal role in advancing the development of the geothermal industry. Innovations in the form of hydraulic fracturing and horizontal drilling will open up new locations for geothermal development. The ability to drill deeper and with higher efficiency can open up whole new areas to geothermal development, providing a reliable and continuous energy source across the globe.

One challenge behind geothermal is that it has been historically concentrated in a few countries with accessible resources, including Iceland, Indonesia, Kenya, Italy, and the United States. The limit for geothermal energy plants up to this point has been around 3,000 to 4,000 meters. However, new advances in the depths of geothermal drilling mean that areas of the world that were previously thought of as untenable for geothermal development could now reap the benefits. This leads to an exciting and under-discussed aspect of geothermal: it has been tested on a large scale. Geothermal energy has been around for decades, reducing the risk and negating the need to prove much of the technology.

Geothermal plants can also alleviate the intermittency challenges that are a natural result of solar and wind projects. With utilization rates of geothermal capacity over 75% in 2023, compared with less than 30% for wind power and 15% for solar projects, continuous energy production could serve to offset projects in solar and wind that are not producing energy. Even that 75% may be underestimated, as a Department of Energy report found modern geothermal plants can provide between 90-95% capacity.

This same report found that new technological developments that create more profound drilling potential could open up virtually all countries in the world to take advantage of drilling. This is due, in part, to the increase in power that results from drilling deeper into the earth’s surface. While depths below 3 km open the potential for geothermal across the world, depths as deep as 8 km can provide almost 600 TW of energy for an operating span of 25 years. Additionally, the superheated steam that can be found when drilling much deeper using new technologies could replace the coal used to run power plants, directly reducing carbon emissions.

However, to reach the promises of widespread geothermal use and potential, companies will need to find economical ways to drill efficiently. GA Drilling, a leader in geothermal innovation, has developed two products they hope will push geothermal into a more prominent role in the energy transition. The first, called the Anchorbit, is a tool that can be adapted to fit current practices while stabilizing the drilling process and increasing thrust and torque. The ability to double both the speed and life expectancy of the drilling tool will likely prove an important factor as more geothermal sites are opened.

The conversation with Kocis touched on the need for further investments, including which regions have an investment climate well-suited to geothermal. He mentioned Europe, which has seen its desire for energy independence skyrocket after the strains put on its matrix by the Russian invasion of Ukraine. Sections of the United States with strong geothermal and oil industries, such as Texas, could be early adopters. This matches the findings of the International Energy Agency, which finds that oil and gas companies, as well as governments, could be serious contributors to the 1 trillion dollars in investment that can be achieved by 2035 if cost reductions are reached.

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