financetom
Business
financetom
/
Business
/
Shale drilling techniques could lead to a geothermal surge, IEA says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Shale drilling techniques could lead to a geothermal surge, IEA says
Dec 13, 2024 1:29 AM

PARIS (Reuters) - The shale drilling techniques that led to a boom in oil and gas output have also spurred the development of geothermal, which in theory could provide a stable source of power equal to the demand of India and the United States combined, the IEA said on Friday.

Speaking after publication of the Paris-based agency's first report on geothermal energy, International Energy Administration (IEA) Executive Director Fatih Birol said the source was suited to providing the massive amounts of stable energy data centres require.

"The new structure of geothermal is very similar to the oil and gas revolution. We see that the new technologies are unlocking the global potential with the so-called horizontal drilling and hydrofracking as used in shale," Birol said.

"One of the drivers of this appetite for geothermal energy is the need for electricity for data centres. When you look at the United States, there is a big push for data centres, which want 24/7 electricity, making geothermal a good fit."

Unlike renewable supplies from wind and solar, geothermal energy can be a constant power source, but it is in its infancy and the IEA and Birol said it needed government backing and major investment.

The shale drilling techniques in question have also attracted opposition from environmental campaigners in the context of the oil and gas industry because of concerns over water pollution and earthquakes.

Three quarters of geothermal's global potential is concentrated first in the United States, then China and then India, Birol told Reuters.

The incoming Trump administration has said it will push for more oil and gas drilling and wants to scale back green power initiatives, but Birol said he saw no reason why that should exclude increased geothermal use.

Geothermal heating could rise to as much as 800 gigawatts (GW) globally, or 15% of global demand growth by 2050, with an annual output equivalent to the combined current demand for the U.S. and India, IEA data showed.

Global investments would need to exceed $1 trillion (951.11 billion euros) by 2035 and $2.8 trillion by 2050, with about 75% needed to be invested in electricity generating facilities, the IEA report said.

(1 euro = $1.0514)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Alamos Gold Wins Approval for Environmental Permit Amendment for Puerto Del Aire Project in Mexico
Alamos Gold Wins Approval for Environmental Permit Amendment for Puerto Del Aire Project in Mexico
Jan 29, 2025
07:48 AM EST, 01/29/2025 (MT Newswires) -- Alamos Gold ( AGI ) on Wednesday said it won approval for an amendment to its existing environmental impact assessment by Mexico's Secretariat of Environment and Natural Resources, allowing for the start of construction on the Puerto Del Aire (PDA) project located within the Mulatos District, Mexico. The U.S.-listed shares of the company...
Argentina Lithium Reports Positive Exploration Results from Rincon West Project
Argentina Lithium Reports Positive Exploration Results from Rincon West Project
Jan 29, 2025
07:49 AM EST, 01/29/2025 (MT Newswires) -- Argentina Lithium & Energy ( LILIF ) reported Wednesday positive results from the 14th exploration well at its Rincon West project in Argentina. The company said 16 representative brine samples of 2.5 meters to 3 meters collected over a 225-meter interval ranging from 277 milligrams per liter (mg/l) to 379 mg/l lithium. The...
ADP beats second quarter revenue estimates on strong demand for payroll services
ADP beats second quarter revenue estimates on strong demand for payroll services
Jan 29, 2025
Jan 29 (Reuters) - Automatic Data Processing ( ADP ) beat second-quarter revenue estimates on Wednesday due to increased demand for its employee management and payroll services, driven by strong spending from small and medium-sized businesses. ADP, which is one of the world's largest payroll processors globally, benefited from stable employment activity and low layoff rates in the U.S. labor...
Hess Q4 Adjusted Earnings, Revenue Increase
Hess Q4 Adjusted Earnings, Revenue Increase
Jan 29, 2025
07:49 AM EST, 01/29/2025 (MT Newswires) -- Hess (HES) reported Q4 adjusted earnings Wednesday of $1.76 per diluted share, up from $1.63 a year earlier. Analysts polled by FactSet expected $1.49. Revenue for the quarter ended Dec. 31 was $3.23 billion, up from $3.04 billion a year earlier. Analysts surveyed by FactSet expected $2.94 billion. ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved