Could Geothermal Solve the Energy Price Crisis?

Gas prices have risen dramatically across Europe since summer 2021, owing to factors including the cold European winter of 2020, the economic backdraft of the Covid-19 pandemic and, more recently as a result of Russia’s invasion of Ukraine.

However, this so-called ‘energy crisis’ is actually a ‘gas crisis,’ and a new blog from the GEOSMART Project consortium demonstrates how geothermal energy could be the solution to this issue.

The article, which you can see below, explains how geothermal prices have remained static and that geothermal plants offer the highest capacity factor of any electricity generation technology.

In addition, geothermal provides additional benefits as part of an integrated system, such as thermal storage for heating.

With the current barriers for wider adoption being primarily economic and regulatory, the article also lays out some key steps that would increase the reach of geothermal power and reduce Europe’s reliance on gas.

You can see the article in full, below:

You can find out more about the GEOSMART Project on the dedicated project website here.

The GEOSMART project has received funding from the European Union's Horizon 2020 research and innovation programme. Grant agreement 818576.