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High Drilling Costs
All of these companies either planned to or did use oil and gas drillers.
The slow drilling methods and day rate charges used by oil and gas drilling services are simply too expensive for geothermal energy development.
Twin Well Geothermal Systems
All previous geothermal development plans were to use the twin well system.
Two wells are required for each production well with this design, adding to the capital costs and even more damaging, the requirement for fracking to create or improve communication between these wells.
Production pumps must be set deep in the well.
This means the pumps have a very short life, the energy required for pumping is very high, production is stopped every year for several weeks to replace pumps and contaminated geothermal brine is brought to the surface which corrodes all of the casing, heat exchangers and piping, all adding to the cost of production.
Low sale price for electricity
Most geothermal exploration sites would have required long and expensive transmission lines to be installed from the generators to the market.
Failed Australian geothermal developers focused on developing geothermal resources prior to establishing a market for their product.
Even if power purchase agreements were secured they were with competing electricity distributors in an unregulated market and the prices offered were unviable
Solar electricity is definitely helping to reduce our CO2 emissions, but solar energy is only capable of producing electricity during daylight hours or and is hampered by overcast weather or blocked sunlight. Because of its inconsistent output a viable baseload electricity supply is still required.
Increasing battery storage can only store limited energy, and batteries are both expensive and (come disposal) are un-healthy for the environment.
Solar energy has good potential for consumer grade applications and is a great way for households to mitigate rising electricity prices.
Nuclear power is a great low cost method of generating electricity (as low as $0.02c per KW in some countries).
The problem with nuclear energy has always been with the fuel used(Uranium) and the by product of spent rods. The potential for severe environmental damage in the even of a natural disaster, equipment failure or accident, while unlikely, is catastrophic to surrounding areas.
Every community in Australia has geothermal energy potential with Good Water Energy’s technology and systems.
Because of their minimal footprint and potential to desalinate and supply fresh water, GWE’s single well systems are able to provide remote locations with consistent baseload power, and also mitigate the use of valuable water supplies or low-grade scheme water.