The Good News: Geothermal Produces Baseload Power. The Bad News…..
This article on geothermal makes an important point: geothermal produces baseload power, just like coal or nuclear. That’s the good news.
The bad news is that exploration is expensive, and its success is hard to predict. When I was listening to the presentations at last fall’s Renewable Energy Finance Forum, I was surprised that Ormat CEO Dita Bronicki didn’t sugar-coat this in the slightest. Neither did company spokesperson Paul Thomsen when I interviewed him for my first book: “Renewable Energy – Facts and Fantasies.”
The issue is the cost of finding the resources, drilling, and hoping that you’re going to find sufficient temperatures in the underground reservoir – and porosity between two different points.
The upside, again, is the consistency of the power when you’re successful – along with the cleanliness and availability of the energy. The Earth won’t be running low on geothermal energy for one heck of a long time.