Bloomberg reports that Geothermal energy may get a welcome boost from increased subsidies as Government officials begin to realise the enormous potential it offers.
Unlike wind and solar that require nature to ‘co-operate’. Geothermal is very stable and so provides a very sound platform on which to build reliable alternative power sources.
Presently, the UK has just one operating deep geothermal well, which provides heating to buildings in Southampton and long the south coast.
Devon and Cornwall are considered ‘hot spots’ for geothermal energy. The wells are drilled to a depth of around 2 miles deep, where they tap into underground steam or hot water.
Britain already has the drilling expertise to complete the bore holes but the industry fears that without increased subsidies, investors may move abroad to larger installations.
It’s a tricky business – investors often also look for certain insulation from drilling risks before committing money to such projects.
photo credit: stephen nakatani