Another project allocated funds under the former Labor government has missed its target, with Petratherm advising that it is unable to raise funds for what was once considered one of the country’s flagship geothermal projects.
Greenearth Energy abandons 12MW geothermal energy project near Geelong after Victorian government withdraws $25m grant.
Geodynamics to buy KUTh Energy to expand its Pacific Island geothermal projects.
The Grattan Institute’s study into Australia’s energy future canvasses seven technologies that could help deliver an 80 per cent reduction in emissions by 2050 – wind, solar PV, solar thermal, geothermal, CCS, nuclear and bio-energy. And then there is the grid, and it’s need to be smart and play fair, and not just favour the incumbent coal and gas plants.
Geodynamics joins the flood of Australian geothermal hopefuls seeking opportunities – and revenue – overseas with a power supply deal in the Solomon Islands.
A tough year has capped off a decade of over-promising, and Australia’s geothermal industry faces an uphill battle to raise the funds needed to cover high upfront costs and prove the technology. Geodynamics soldiers on, but for many companies the answer lies in heading overseas.