BAKU, Azerbaijan, September 27. Investments in geothermal projects in Europe will skyrocket by 2030, Trend reports with reference to Rystad Energy.
The latest report from Rystad Energy shows that the European geothermal heating market, at one time dominated by only a handful of countries, is set to experience a purple patch in the coming years as governments scramble to find an affordable alternative to expensive gas-fired heating.
Total installed capacity is projected to surpass 6.2 gigawatt thermal (GWt) in 2030, a 58 percent increase from today’s total of 3.9 GWt, developments that are expected to cost an estimated $7.4 billion.
“A renewable, reliable source of heating, geothermal technology has been around for decades, but its heyday may be just around the corner. Due to its high development costs versus other energy sources and risks surrounding subsurface conditions and drilling success rates, widespread adoption has been relatively limited to date. A recent influx of new players in the geothermal market, many of which come from the oil and gas industry, is seeing companies pushing on with pilot projects aimed at solving the industry’s challenges,” the company analysts said.
The report shows that geothermal is a virtually unlimited source of consistent energy that could play a crucial role in addressing energy security and affordability in the decades to come.
“As European countries move to decarbonize their power mix and chase secure sources of heating for the winter months in light of geopolitical tensions, investments in geothermal projects will skyrocket.”
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