A report issued by the State University of New York recently stated that the geothermal power generation price is not only the cheapest in alternative energy, but also the lowest cost of technology research and development. According to the report, on the current basis, the cost of R&D to make geothermal energy mature is only US$3.3 billion, which is even lower than the development cost of fossil fuel technology.
The study was led by Melissa Schilling, a professor at New York University. She emphasized that, to this day, neither the government nor the company has paid much attention to the development of geothermal energy.
The report analyzes the reasons why geothermal energy is not valued. The current installed capacity of geothermal power generation is too small, so people are prone to be short-sighted because they cannot see the development prospects, and thus reduce the investment in geothermal energy projects.
The report lists the cost of electricity generated per kilowatt-hour of energy provided by the National Renewable Energy Laboratory (NREL) directly under the United States Department of Energy: geothermal energy is from US$0.031 to US$0.08, and wind energy is from US$0.043 to US$0.055. Solar energy is 0.11 to 0.31 US dollars. Professor Xi Lin compared different energy sources and concluded that geothermal energy is the cheapest energy source.
On the other hand, investment is now hot - the cost of solar energy development is far behind other energy sources. Xilin pointed out: "People's views on the development of wind power and solar energy are deeply entrenched. It is very likely that we usually talk about these two kinds of energy more and we invest a lot in them, especially solar energy."
A 2008 study by the US Geological Survey showed that geothermal energy that can be mined in the United States can produce 530,000 megawatts. The current geothermal energy installed capacity in the United States is only 2,500 megawatts. This shows that the development of geothermal energy is lagging behind.
The federal government began to pay attention to geothermal energy. It was something from the late 1970s to the early 1980s. However, in the mid-1980s, the price of oil fell, people’s interest in alternative energy was exhausted, and the government’s research expenditure on renewable energy was drastically reduced, which led to difficult development of geothermal technology.
In recent years, the U.S. government has begun to pay attention to the development and application of geothermal energy. In 2007, the US Department of Energy sponsored MIT to conduct research on the development prospects of geothermal energy in the United States, claiming that geothermal power generation will account for a considerable share of future US power generation.
The research team member, Brian Anderson of West Virginia State University, said that the geothermal energy collection and storage technology is similar to oil and natural gas. This means that the geothermal energy industry can be closely linked with the oil and gas industry. Oil and gas producers and power companies, as well as integrated energy companies, are very convenient to enter the geothermal field. However, the enthusiasm of oil and gas companies for geothermal is not high.
Professor Xilin has his own views on this. “Companies can only enter into new industries if they are certain that new technological innovations can bring profits.†For example, GE and Siemens, the turbine manufacturing companies, are taking this opportunity to enter wind power. However, most of the oil and gas companies that are closely related to geothermal heat and are most likely to develop geothermal energy are “very limited to the benefits of geothermal energy development compared to petrochemical assetsâ€.
The report quoted the results of NREL and pointed out that as long as the government adjusts renewable energy development strategies, it can affect their development prospects. For now, the advantages of wind energy and solar energy are that they can be used on a small scale, and geothermal power generation can only be launched into large projects. Not only does it require high up-front investment, it also needs to build a special power grid. But this should not be an obstacle to the development of geothermal energy because "people always like to exaggerate the construction costs of the grid."
The study was led by Melissa Schilling, a professor at New York University. She emphasized that, to this day, neither the government nor the company has paid much attention to the development of geothermal energy.
The report analyzes the reasons why geothermal energy is not valued. The current installed capacity of geothermal power generation is too small, so people are prone to be short-sighted because they cannot see the development prospects, and thus reduce the investment in geothermal energy projects.
The report lists the cost of electricity generated per kilowatt-hour of energy provided by the National Renewable Energy Laboratory (NREL) directly under the United States Department of Energy: geothermal energy is from US$0.031 to US$0.08, and wind energy is from US$0.043 to US$0.055. Solar energy is 0.11 to 0.31 US dollars. Professor Xi Lin compared different energy sources and concluded that geothermal energy is the cheapest energy source.
On the other hand, investment is now hot - the cost of solar energy development is far behind other energy sources. Xilin pointed out: "People's views on the development of wind power and solar energy are deeply entrenched. It is very likely that we usually talk about these two kinds of energy more and we invest a lot in them, especially solar energy."
A 2008 study by the US Geological Survey showed that geothermal energy that can be mined in the United States can produce 530,000 megawatts. The current geothermal energy installed capacity in the United States is only 2,500 megawatts. This shows that the development of geothermal energy is lagging behind.
The federal government began to pay attention to geothermal energy. It was something from the late 1970s to the early 1980s. However, in the mid-1980s, the price of oil fell, people’s interest in alternative energy was exhausted, and the government’s research expenditure on renewable energy was drastically reduced, which led to difficult development of geothermal technology.
In recent years, the U.S. government has begun to pay attention to the development and application of geothermal energy. In 2007, the US Department of Energy sponsored MIT to conduct research on the development prospects of geothermal energy in the United States, claiming that geothermal power generation will account for a considerable share of future US power generation.
The research team member, Brian Anderson of West Virginia State University, said that the geothermal energy collection and storage technology is similar to oil and natural gas. This means that the geothermal energy industry can be closely linked with the oil and gas industry. Oil and gas producers and power companies, as well as integrated energy companies, are very convenient to enter the geothermal field. However, the enthusiasm of oil and gas companies for geothermal is not high.
Professor Xilin has his own views on this. “Companies can only enter into new industries if they are certain that new technological innovations can bring profits.†For example, GE and Siemens, the turbine manufacturing companies, are taking this opportunity to enter wind power. However, most of the oil and gas companies that are closely related to geothermal heat and are most likely to develop geothermal energy are “very limited to the benefits of geothermal energy development compared to petrochemical assetsâ€.
The report quoted the results of NREL and pointed out that as long as the government adjusts renewable energy development strategies, it can affect their development prospects. For now, the advantages of wind energy and solar energy are that they can be used on a small scale, and geothermal power generation can only be launched into large projects. Not only does it require high up-front investment, it also needs to build a special power grid. But this should not be an obstacle to the development of geothermal energy because "people always like to exaggerate the construction costs of the grid."
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