The potential of geothermal energy is extensive in the Western States. From January to August 2011, the total electricity generated from geothermal energy in the U.S amounted to 10,898 Million KWh. This is an increase of 10 percent from 2008, taking into account the same period. This information was revealed from EIA’s Electric Power Monthly report, which did equally suggest that there are facilities, which generate more than 1 mw of geothermal energy. In addition, geothermal energy is used for cooling as well as heating of an estimated 3 million Americans.

Nevertheless, comparing geothermal energy production to all the various sources of energy, it accounted only for 0.4 % of the whole, for the period January to August in 2011. In western states such as in California geothermal plants generate as much as 5% of the state’s overall energy consumption. In order to produce energy from geothermal energy, it is necessary to drill a well straight down under the ground where there are water reservoirs, which is as hot as 700 degrees Fahrenheit. The steam that is generated evaporates to the surface to spin a turbine. This turbine generates electricity. The Geothermal Energy Association says that geothermal water can also be tapped from geysers and hot springs found on the surface.

The GEA states that the ground heat pumps circulate the fluids via the pipelines so that the liquid is re-introduced underground where the temperature is the same. But commonly, the heat gathered from underground is also used to heat households or commercial buildings via the typical duct system. In the hot summer days, the pipeline capture heat from buildings and return a fluid which is cooler to cool down buildings but during winter, the contrary is done.

In America, there are large geothermal resources available. Solar facilities in the U.S generated less energy than geothermal stations. But, still the growth of solar power has been significantly more than geothermal energy during the first eight month of the last three years. For solar power, the growth has been 111 % compared to 10 % for geothermal energy for the same period.

Wind energy had been even more impressive figures with a growth of 121 percent for the same period reaching 79,186 Million Kilowatt per hour. However, the largest sources of energy remain fossil fuel:
1. Coal 43 % of the total production
2. Natural Gas 24 % of the total energy production
3. Nuclear 19 % of the total energy production

Source: Finance Channel

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America’s unemployment figures are getting worse as the clock ticks by. In regions such as California the unemployment rate has reached 22 percent. Such grim figures haven’t been experienced since the Great Depression. Recent statistics suggest that 30 million people are looking for employment.

In modern economies, the clean energy industry is shining through as other industries are failing. Renewable energy jobs are having a hike. In overcoming the threat of increasing unemployment clean energy jobs are saving some. Here are some figures:

1. Solar Power
In 2009 to 2010 the solar power industry experienced a 100 percent increase in the number of employees. In 2009 there were roughly 50,000 people working in the sector and in 2010 the number rose to 100,000. For 2011, the number of jobs available in the solar industry is expected to increase by 26 percent. According to Rhone Resch, president of the Solar Energy Industries Association (SEIA), it will be hard to find any other industry, which will experience a similar growth in 2011.

The National Solar Job Census 2010 was released in October by Solar Foundation at Solar Power International. The report demonstrated that the pace at which employments is being created in the solar industry is extraordinary. More than 2,500 employers have been interviewed in the country, and almost half of the solar companies in the U.S are expected to employ more people. However, a minor 2 percent of the American solar firms are predicting a cut in the number of employees. Currently, there is an increasing demand for electricians and installers.

The reason why employment for installers is increasing is simply because more and more installations are being done. A report released by GTM Research and SEIA says that solar installation was twice as much in 2010 compared to 2009.

Solar electric and Solar Thermal installation did probably exceed 1 GW of capacity in 2010. However, the Resch claims that the goal in five years will be ten times that number. In 2015 the annual expansion of solar capacity is expected to be 10 GW. This would generate as much as 220,000 jobs per year.

2. Geothermal Energy Market

The Geothermal energy industry is expected to grow tremendously in 2011. Karl Gawell, Executive Director/ President of the Geothermal Energy Association (GEA) say that the American Reinvestment and Recovery Act (ARRA) will be the underlining magical portion of its success.

In 2011, Gawell forecasted that there will be 500 to 700 MW of new geothermal projects in the country. In fact, the final phase of the development of geothermal plants is the most costly and job-intense part of geothermal development.

In other words, nearly 3,000 jobs will flourish in regions like Nevada and California in 2011.

The Green Jobs for Geothermal Energy Report was released by GEA in the end of October. The report scrutinized the employment in the industry. According to the report nearly 1000 different individuals get work when a geothermal project is in development. Development of geothermal power projects generates income for skilled-employees like pipe fitters; mechanics; welders; plumbers; electricians; machinists; carpenters; surveyors; geologists; mechanical and structural engineers; construction and drilling equipment operators; designers and architectures; food processing specialists; attorneys; aquaculture and horticultural specialists; accountants; HVAC technicians; regulatory and environmental consultant; resort managers; researchers; spa developers; government employees; and computer technicians. The list is long.

According to Gawell, the stimulus funding will assure that the geothermal industry grows significantly during 2011 both in terms of employment and energy production capacity.

Bioenergy and Hydropower can generate remarkable growth in green energy jobs while wind power is lagging behind.

3. Bio-Energy
A report released from the World Economic Forum suggests that U.S will be a leader in bio-energy and bio-based products. Information collated from the Biotechnology Industry Organization (BIO) provides employment statistics for America’s bio-energy industry:

1. Bio-refinery Industry accounts for 40,000 jobs
2. Commercialization of 2nd & 3rd generation of Bio-fuel energy is expected to generate 800,000 new jobs – 610,000 indirect new jobs and 190,000 direct new jobs – by 2022 in the U.S.
3. Bio-refining industry is likely to generate tens of thousands of work in the upcoming 5 years.

According to a second report released by ‘The Economic Impact of Advanced BioFuels Production’ in 2009, it was estimated that 29,000 new jobs would be created in second and third generation of bio-fuels by 2012. If Indirect Jobs are considered, the number increases to 123,000 new jobs by 2012.

In this industry, the new jobs created ranges from mixing and blending machine setters, shipping and receiving clerks; operator and tenders; labourers and freight; electrical and electronics repairer; stock and material movers; wholesales and sales representative; technical specialists amidst others.

4. The Wind Power Industry

In 2010 the wind power industry experienced a hampered growth. In the first quarter of 2010 only 539 MW of new wind capacity was installed. The increase in capacity hasn’t been as low as 539 MW since 2007.

Peter Kelley, Vice President, Public Affairs of the American Wind Energy Association (AWEA) claims that the wind industry is currently in a stagnant phase of development. New policies have to be proposed by U.S government to assure that the industry steams additional growth.

There were 85,000 people employed for the wind industry in 2008; however, the figures have been falling gradually in the previous months. In 2009, 10,010 MW of new wind power was installed. Denise Bode CEO of AWEA says that the wind industry can rail back to growth very fast, as it one of the most competitive clean energy solutions available.

5. Hydro Power – Long-term employment growth

Hydropower generates the highest portion of renewable energy in America. It does currently account for approximately 7 percent of U.S energy needs. On average for each megawatt installed 2 to 3 full time equivalent workers are needed. For the 100,000 MW of hydropower capacity in the U.S 200,000 to 300,000 direct jobs has been secured.

Navigant Consulting made a research scrutinizing how many jobs could be created if hydropower was expanded through national schemes. In fact, the industry could generate as much as 1,400,000 jobs if strong national RES (25% by 2025) was introduced. This would include 280,000 indirect jobs, 420,000 direct jobs and 700,000 induced jobs (both indirect and direct jobs).

Currently 400 GW of hydropower remains untapped. The development of hydropower projects will result in various jobs; shoreline development; design and modelling, permitting, regulatory studies, licensing, manufacturing; project construction and other related jobs.

Millions of Jobs Could Flourish when the Green Industry Grows

It is hard to estimate accurate figures for the renewable industry. It is a new and emerging market. Nonetheless, more than 2.5 million people will at least be work for the clean energy industry by 2025. This means that 8 percent of the 30 million unemployed people in America would have employment. Yet, it is true that other changes will occur in the meantime. The sector can grow even more in terms of the number of employees.

Source: Scotts Contracting

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Radicondoli 2 is the latest geothermal power plant in the province of Siena. The additional unit has a capacity of 20 MW. The new capacity of the plant will go up from 40 MW to a total capacity of 60 MW.

When the plant will be operating at optimum capacity, around 140 million KWh will be produced. This is sufficient to power 55,000 homes and equally reduce CO2 emission by 200,000 tonnes. It will also reduce the consumption of oil by 55,000 tonnes per year.

This project was approved in July 2010 and has been completed in less than a year. The rapid expansion and completion of the project demonstrate the unique knowledge that Enel Green Power maintains in the field of geothermal energy. They have mastered over hundred years of experience in the operation and development of geothermal energy.

Enel Green Power’s in-house engineering unit has implemented advanced features into the facility. Enel does certainly maintain their competitive edge in the technological development of geothermal plants. There are innovative diagnostic and remote monitoring systems in the plant. This enables engineers to operate the plant remotely so that any error can be rectified easily. The structure does also sustain upmost respect to environmental and landscape standards.

Local authorities are working in collaboration with Enel Green Power. They selected the route of steam pipeline, so that the right type of material was used. Involving partners gives better assurance that environmental standards are being met.

During the project 3 new wells were drilled, and an existing well is currently being deepened.

Francesco Starace who is the CEO of Enel Green Power says that this is an additional step to expand geothermal capacity in Italy. It is also a demonstration of Italy’s technology leadership and innovative in renewable energy.

Source: Enel – Press Release

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The study was conducted by Southern Methodist University with the help of a grant provided by Google’s benevolence of $481,500. The research discovered that the geothermal energy found under the state, had been under-estimated. The repository was 78 percent more than previous calculations.

The team of researchers estimated that if only 2 percent of the geothermal energy under the state was used to harness electricity, up to 18,890 MW of renewable energy could be produced.

This research was executed with more accuracy and precision compared to previous studies. It involved more data points and well as elaborated mapping. A total of 1,455 additional thermal data points were supplemented to the previous geothermal map by using water, gas and oil wells.

Besides, the highest-temperature points were found to be positioned in the eastern region of the state. The report also mentioned that the widespread availability of alternative sources of West Virginia could lead to the use of more sustainable energy resources. This could promote U.S energy security as well as diminish the release of greenhouse gases.

Recently, active tectonically zones have been considered as an important factor to establish a cost effective geothermal plant. That is why most U.S’s current geothermal sites are in the west region of the country. However, Western Virginia isn’t such a zone but still a feasible region for geothermal energy to be harnessed.

Nonetheless, new techniques have been emerging to make it plausible to generate geothermal energy even in regions being tectonically stagnant. One example is the use of hot geothermal fluids merged with gas or oil wells. These hybrid plants are making a great change to energy production. There are also other types of geothermal systems, like those injecting fluids back to the earth so that the natural hydrothermal convection is maintained.

Revealing the large geothermal source is a great fact for the western states. However, the concretization of these projects is still under-exploited. According to a 2006 MIT report, Nevada, is an ideal example, has a potential of 146,298 MW of geothermal energy if only two percent is exploited.

The Energy Information Administration, says that the 97 percent of the 16,350 MW generated in Western Virginia comes from coal-fired power plants.

Companies such as Google are increasingly investing more money in clean energy as their large data centres consume more and more energy. They have injected more than $10 million in creating geothermal systems. Besides, it is only a part of their long-term strategy to find clean energy sources at a price competitive to coal.

Source: GreenBiz

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In the coming months, the Philippine’s government will be confirming 10 geothermal sites, while additional nine projects shall be discussed later with different companies. This is what Alejandro Oanes, who is the division chief for geothermal energy at Philippine Energy Department said to Reuters.

It was also mentioned that Geysir Green Energy, an Icelandic geothermal energy developer as well as Energy Development Corp, Philippine’s largest geothermal energy producers were amidst the bidders on the 19 contracts.

The expansion of geothermal energy capacity at these 19 sites is estimated to bring a total of 620 megawatts. This includes energy generation at two volcanoes Mt Labo in Camarines Norte with a potential yield capacity of up to 65 MW and Mt Isarog in Camarines Sur province with a possible capacity of up to 70 MWs.

There have been geothermal resources (sites) spotted at regions such as Cagayan, Oriental Mindoro, Benguet, Palawan, Laguna and Surigao Del Norte.

The Philippines is positioned in what many refer to as the Pacific Ring of Fire – The region has several active volcanoes and earthquakes. It is also surrounded by both the Pacific Ocean and some part of the Indian Ocean. Besides, most of these areas have a great potential for geothermal energy.

Currently, 17 percent of Philippine’s energy is generated from geothermal energy. It represents a total of 2 GW of energy according to the figures published by the government in 2009. However, the government has set a goal to increase this figure by 2020 from 2 GW to 4.5 GW from geothermal energy. This will be one of its measures to double the renewable energy usage.

The government is also providing tariff exemptions and tax holidays for renewable power projects. This is part of its strategy to attract investors. In the last month, a total of 87 contracts has been signed to 18 companies. These agreements include renewable projects associated to hydropower, wind, tidal and solar power.

Source: business Green

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The feed laws in Germany allow homeowners to harness renewable energy and thereafter sell the electricity back directly to the power company via the national electricity grid. This performing strategy has catapulted the country to one of the largest operators of renewable such as bio-gas, wind turbine and solar energy.

Renewable energy represents 10 percent of Germany’s energy demand. In 2006 more than 100,000 new solar collection systems were installed in the country.

In the United States of America, research bio-science is advancing at a rapid pace. The BP Company has set up the Energy Bioscience Institute (EBI) to shed light on innovative research related to the use of clean burning renewable energy, which can very soon become a dominant fuel for vehicles. Currently, the BP corporation injects US$50 million per annum in this research institute.

The institute (EBI) is situated at the University of Illinois Urbana-Champaign. EBI and the University is working together to advance research in bio-fuel as well as in the production of bio-fuel crops. The University is motivated to devote intense effort in genetic engineering, to transform the bio-fuel crops into faster growing plants.

Another area of research at EBI is to transform heavy hydrocarbons into environmentally friendly and energy efficient fuels.

In the Field of Geothermal energy GEA (Geothermal Energy Association) is making every effort to continue its research despite the oppression from the Congress. Karl Gawell, Excutive Director of GEA has made an appeal to the Department of Energy and Congress to enable further research in geothermal energy. Presently, the geothermal research is being hampered by federal institutions.

According to Gawall, a study conducted by the National Research Council, Massachusetts Institute of Technology and Western Governors Associate Clean Energy Tasks Force encourage geothermal research. They say that it is a large source of domestic energy, which is unexploited.

Those who support geothermal energy are amazed by the tiny public awareness that exists concerning the benefit of geothermal energy. Geothermal energy is a cheap source of energy, in the long-term it is even cheaper per kilowatt hour than coal energy.

Read More on:
1. Interesting Facts about Renewable Energy (Water, Geothermal and Bio-Energy): Part 1

2. Geothermal Energy Is It Really Safe?

3. Global Investment Trends in Green Energy Unveiled In Recent Reports (2010)

4. Germany Focusing on the Demise of Fossil Fuel by 2050

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There is a vast depository of water on the earth surface. Did you know?

1. Water is the most known sources of renewable energy, and it is already providing energy requirements to some 28.3 million individuals.
2. Water has been acting as a source of power for more than 2000 years (various forms of energy).

Geothermal Energy

1. The old Romans were among the first people to develop modern drainage systems, roads and to use geothermal energy to heat households.

2. Geothermal energy supply roughly 18 percent of the total energy needs in Philippines.

3. Some areas of the earth surface are closer to the core of the planet than others. In countries like Iceland, steam can be used to generate electricity directly from underground water.

Bio-energy

1. Biomass (wood) provided up to 90 percent of total world’s energy requirements some 125 years ago.

2. Bio-fuel is becoming more commonly used as vehicle fuel; it does roughly represent 2 percent of total fuel consumption, and is growing fast.

3. Waste oil, such as oil that has been used by restaurant for deep fry can be converted into bio-diesel.

4. Types of Biomass
Woody Biomass: Forest’s products as well as short rotation coppice
Non-Woody Biomass: Industrial and biodegradable products, Animal waste, food processing, energy crops like Maize, sugar cane and rape.

5. Bio-diesel relinquishes a by-product known as glycerine: Glycerine has more than 1,500 different applications ranging from pharmaceuticals, cosmetics and food.
6. In North America, ethanol has been widely used as motor fuel since the early years of 1900s while during the Second World War several states were already using blended ethanol gas.

Source: St- Louis Renewable Energy Blog

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The agreement made is for power purchase deals between CA Solar 10, L.L.C., a solar company and the Southern California Edison, as well as between Calpine Energy Services, L.P and San Diego Gas, and Electric Company.

The Southern California Edison is collaborating on the Palen Solar Power Project with CA Solar 10. The project is concerned with a concentrating solar power plant of 500 megawatt. CA Solar 10 is a subsidiary that is wholly owned by the solar developer Solar Millennium A.G. which is based in Germany.

This power plant would be raised around 10 miles east of Desert Center along Interstate 10. The power plant would be nearly halfway in between the cities of Blythe and Indio, in the Riverside country.

The Southern California would be able to purchase electricity that would be generated by the solar plant over a period of twenty years. In accordance to the commission, the solar plant would be capable of generating an anticipated 1,100 gigawatt- hours of energy of a yearly basis.

The second consent is for the Electric and Calpine and San Diego Gas. In this case the utility will achieve 212 gigawatt-hours of energy from the Calpine’s Geysers geothermal power plant found in Sonoma and Lake Counties each year until 2014.

The Palen Solar Power Project

The Palen Solar Power Project is concerned with a pair of adjacent and identical solar plants which have each a nominal capacity of 250 MW.

The Bureau of Land Management is responsible for the Palen Solar Power Project. It by designed by the latter as a fast-track project. This implies that it was given priority so that it gets all the needed approval for the permits this year itself. This project qualifies for the support from the 2009 Recovery Act.

Heat energy from the sun would be collected by the solar plant that will be equipped with solar parabolic troughs. The troughs or mirrors will then transfer the solar radiation to a particular receiver tube where the fluid will be heated up to 750°Fahrenheit. The final step will consist of producing steam for driving a traditional steam turbine that will in turn generate the electricity.

The Governor Arnold Schwarzenegger passed an executive order in November 2008 that establishes a 33-percent-by-2020 renewable energy objective for California, a leader in clean energy in the US.

Source: EcoSeed

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1. Hydro Power

Hydropower has been used for years. Countries like Canada and Norway depends heavily on hydropower. However, hydropower is limited to certain regions and there need to be large-scale potential to make it efficient. In the world’s agenda of expanding renewable energy sources hydropower might not be considered as fashionable as wind and solar energy. In the Caribbean, there is a potential for hydropower but the cost is too exhaustive.

2. Geothermal Energy

Earth’s inner temperature is roughly 9000 degrees fahrenheit. The temperature slowly decreases as we move nearer to the surface. However, the variation of temperature below the surface does exceedingly fluctuate. Geothermal energy makes use of this particular heat. Rainwater sips into the crust of the earth and this water is converted into hot stem. In some countries like in Iceland the water comes back to the surface in hot springs and geysers.

With solar energy the key is to tap into the unlimited sunlight striking earth’s surface. However, for geothermal power the trick is to find suitable regions to drill. There are mainly three ways that hot water can be converted into electricity. The first method would is to use a steam generator to convert steam directly to electricity. Nonetheless, water at a temperature of 300 to 700 degrees Fahrenheit can be converted into electricity through a Flash Power Plant. In such a system hot water is practically flashed into steam. The third method would be where the water temperature is roughly below 220 degrees fahrenheit, and a Binary Power Plant is used. In such a plant hot water is used to heat fluids, which have a lower boiling point to produce steam. The water, once used is re-fed into the heating source under the ground.

The actual capacity of geothermal power plants is above 9,000 MW. The cost of generating energy from geothermal sources is similarly to wind energy. Recently, a study carried out by MIT reported that in the US alone the capacity of geothermal energy could be increased to 100,000 MW. However, such an expansion would require an investment of approximately one billion dollars.

Geothermal energy can definitely turn into a major source world’s energy supply. A positive advantage of this source of energy is that geothermal power plants can also adjust the supply of energy to requirements. It is thus considered more reliable and consistent. This is something both solar and wind energy cannot ascertain.

Moreover, in the Caribbean, at Lesser Eastern Antilles there is a great potential for geothermal energy. In Guadeloupe, there is already a 4 MW plant established since 1984. There has also been extensive research carried out in Dominica, St. Lucia and Montserrat. In the Caribbean region Dominica is an appropriate region for geothermal energy.

3. Tidal Energy

The ebbs and odds of tides have been present for as long as we know. However, it is only recently that scientists are harnessing energy from it. Tidal energy offers a consistent source of energy, but it is complex to harness electrical from waves. One option is to create “tidal Barrage” this is a method that is extremely difficult and might even cause alteration to currents. Thus, it can likely cause severe ramifications on our ecosystem. The potential of tidal barrages is high so it is essential to discover and research more on the technology.

The next possibility is to use offshore turbines, which uses the same basic technology as windmills. The only different is that they are established underwater and do not use the wind but the tides as a source of energy. This technology causes no harm to our ecosystem. Yet, the cost of these offshore turbines is high. In the Caribbean, the potential for tidal energy is immense.

4. Biomass Energy

Biomass is an ancient source of energy; wood used to cook food is an example of biomass. The significance of wood as a source of energy is declining. The dwindling of wood is not leading to the demise of biomass, there are other solutions disposable. Processed sugar cane known as bagasse is burnt to generate power. There are many waste substitutes available for the production of energy.

Another process is to convert plants and animal waste into bio-fuel like methanol, ethanol, natural gas or oil. The various sources of this energy can be corn stalks, seaweeds, manure, wood chips and other waste products. However, burning these bio-materials leads to emission of greenhouse gases.

5. Energy Conservation

The largest consumer of electricity is lighting. It represents around 12 to 15 percent of the total level of carbon dioxide emission. The solution brought forward is energy saving lamps (CFL’s). However, these lamps aren’t perfect wondrous lamps; they are made of poisonous phosphor and mercury. The LED lamp is claimed to have a longer lifetime. However, their lifetime is only tantamount to that of the CFL’s.

A Dutch hi-tech company, “Lemnis Lighting” created a new lamp known as the Pharox. This LED lamp is known to have an exceptional lifetime of 50,000 hours. A traditional (incandescent) light bulb has a lifetime of 1,000 hours and CFL’s lamp 6,000 hours. The Pharox lamp uses a very low voltage of only 3.4 watt in comparison to 6 watts for a CFL and 40 watt for the contemporary incandescent bulb.

Large-Scale Energy Conservation

In fact, if all American households would substitute 4 incandescent light bulbs with Pharox lamps the total energy saving per annum would be 22 billion kWh. The Pharox lamps would reduce carbon dioxide emission by 347,000 tons through their lifetime. According to John Rooymans, CTO of Lemins claims that the decrease in greenhouse gases would be equivalent to planting a total of 507,000 trees. The company is gradually increasing its optimum production capacity to meet current demands. The Pharox lamp has been available in the Caribbean since 2008.

Other technologies to save energy are refrigerators and washing machines. For instance, in the western world energy efficient refrigerators are sold. Refrigerators are classified according to energy efficient indexes. The most efficient refrigerators are represented by A++ with an index of 30. The cheapest refrigerators are less efficient and classified as (G) with an index of 125. This means that the cheaper refrigerator consumes more than 4 times the energy of the A grade refrigerator. In Europe category D, E, F and G are banned. It is vital to use energy efficient appliances as a principle to reduce energy consumption..

Conclusion

Green energy is present world-wide. There are short-term and long-term options available in relation to return on investment. Moreover, in the Caribbean, most of the alternative sources of energy are applicable. The most promising solution for the short-term is solar and wind energy. They are the most affordable solutions; wind energy first and Solar energy second. Utility companies are likely going to expand the size of wind energy farms via the large-scale windmills.

Source: Tech With Us

Read Part 1: Renewable Energy Options in The Caribbean

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The use of geothermal technology has expanded to various countries thereafter. In 2005, approximately 24 countries used geothermal energy to produce a total of 56,786 GWh. This figure amounted only to a diminutive 3 percent of the worldwide demand for electricity at that time.

In reality, geothermal energy has been present since very long. It isn’t because it is new that it is representing only a small portion of world supply of energy. For instance, in the Lisan Mountains of China the hot spring of water has been used by people to bathe since Qin Dynasty in the third century.

Geothermal Energy and Technology Advancements

Typically, geothermal energy was harnessed through hot water that bursts to the surface after being heated amidst hot rocks beneath the surface. New enhanced geothermal systems are using a much more advanced system. Cold water is injected down into the hot rocks found beneath the surface of the earth. The cold water travels down to be heated by the rocks and will eventually thereafter come out from a second hole. The water that comes out is converted into electricity either through binary power plant systems or by a steam turbine.

Calculating Risk and Cost

The enhanced geothermal systems might be dangerous. Scientific research is saying that drilling and pumping high-pressurized water into the rocks beneath the surface can provoke seismic activities. In Switzerland more precisely in Basel a geothermal plant was shut down after an earthquake of a magnitude of 3.4 was experienced.

The cost and risk of geothermal energy are thus very high. The nominal cost of drilling can be around $10 million while there is a potential rate of failure that is estimated to be around 20 percent. This is why geothermal energy is still a small industry.

For geothermal energy to take a stand in the future, the real cost has to be evaluated. The cost involved in the investment and risk of seismic activities that can be a result for new enhanced geothermal systems. For this industry to arise steadily all the benefits must be weighed against the cost of the using this renewable source of energy. Geothermal Energy must become a solution that is not only green but also cost effective and safe.

Source : The Sustainable Engineering Section

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