Fossil Fuels and Nuclear Energy Revival
- Resurgence of fossil fuels and nuclear energy in the U. S.
- Winds and solar power facing new challenges from geothermal energy.
Geothermal Energy Introduction
- Geothermal energy involves drilling into the earth to harness heat.
- It is considered affordable, reliable, and secure by Energy Secretary Chris Wright.
- The U. S. leads in global geothermal capacity with 3. 7 gigawatts but only contributes about 1% of the nation's power.
Challenges in Geothermal Development
- Bureaucratic barriers slow down geothermal projects, especially in the West.
- Outdated permitting processes create uncertainty and discourage investment.
- Rep. Celeste Maloy highlights problems in the current system, including duplicative reviews and unclear timelines.
Proposed Solutions for Geothermal Advancement
- The GEO Act aims to expedite geothermal drilling permit approvals within 60 days.
- The STEAM Act seeks to create permitting parity for geothermal projects similar to oil and gas industry standards.
Synergies with the Oil and Gas Industry
- Techniques used in oil and gas, like fracking and horizontal drilling, can be applied to geothermal energy.
- Major oil companies (Chevron, BP, Devon Energy) are investing in geothermal projects.
Investor Interest and Market Dynamics
- Over $1 billion raised for geothermal energy since 2022.
- Tech giants like Amazon, Google, Microsoft, and Meta are signing contracts with geothermal developers.
Financial Considerations
- High upfront costs for exploration, drilling, and plant construction.
- Delays in obtaining permits for long-distance power lines increase costs.
- Geothermal's high-capacity factor allows quicker cost recovery once operational.
Future Role of Geothermal Energy
- Geothermal energy's potential exceeds that of wind and solar power for America's economy.
- Phasing out subsidies for wind and solar may affect their relevance in the energy sector.
https://www.cfact.org/2025/06/26/could-geothermal-energy-pound-a-nail-in-wind-and-solars-coffins/
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