For companies, security of supply is the key word for sourcing energy.
Geothermal is a solution for companies looking to secure the supply of cost-competitive renewable energy. Many successful example are available, and with the right framework, corporate sourcing has the potential to unlock geothermal energy's potential.
The Electricity Market Regulation considers renewable power production only as a source of instability, due to the variable or intermittent production of PV and wind technologies. It introduces Capacity Remuneration Mechanisms for dispatchable or flexible generation able to provide grid services to stabilize an electricity market with high renewable penetration. Yet, the debate ignores the potential of flexible renewable production, i.e. geothermal, to provide such grid services.
In 2018, the negotiation process for the European Union’s post-2020 climate and energy framework is coming to an end. The discussion had recognised geothermal as a relevant energy source for the future of Europe. This year, EGEC celebrates its 20 years of activity. To mark the occasion, EGEC publishes a new declaration where we highlight the contribution of geothermal to the energy transition and the decarbonisation of the European economy.
European islands often face significant challenges when it comes to energy supply and energy costs. Due to geographic location, small economies of scale, and limited or absent interconnection to the mainland or to other islands, many islands are still heavily dependent upon costly imported fossil fuels to generate electricity or to meet their heating and cooling needs. Unlike other intermittent energy sources, geothermal energy could provide a stable, sustainable, and affordable energy supply for a wide variety of potential uses that are not restricted to electricity generation, but encompass many types of direct uses.
Geothermal technologies can in many way contribute to the energy transition in regions with a long mining history. This fact sheet illustrates the potential for the technological transformation.
Geothermal technologies can contribute to the challenge of decarbonising cooling for a variety of demand profiles, in terms of temperature, capacity, and timing. They can be used in buildings for the residential and non-residential sector, as well as in the services and industrial sector.