The International Energy Agency (IEA) published a new report on the future of geothermal energy today. Project InnerSpace performed the foundational analysis and resource modeling for the work. It’s an extremely proud moment and outcome for our team. 🔥
The IEA Report concluded that #geothermal energy could supply 800GW, and 15% of total electricity generation growth to 2050 at competitive costs. This is a massive outcome in its own right, and larger than any bounded resource based analysis that has come before it.
But as demand growth, fueled by artificial intelligence skyrockets beyond our grid’s ability to absorb such growth, Big Tech is becoming increasingly price insensitive as they search for bigger and faster ways to meet their increasing demand. This allows us to look beyond the current view of cost competitiveness into a world where fierce competition to win the artificial intelligence race supports the development of new energy sources at a premium - meaning potentially above the $100/mwh competitiveness threshold.
This is also where we begin to see the massive #abundance of geothermal #energy on display.
🔥 Globally, the amount of electricity that could be technically generated by EGS for less than USD 300 per megawatt-hour (MWh) is about 600 terawatts (TW) of geothermal capacity, or roughly 60 times current global electricity demand.
🔥 Growth in geothermal is expected to create 1 million jobs by 2035 and drive $2.5 trillion in investment by 2050.
🔥 The United States has the world’s largest technical enhanced geothermal capacity potential. Even at a depth of 5 km, US technical potential is over 7 TW, seven times more than the country’s total installed power capacity today.
And as we know from the shale boom in oil and gas, with scale costs come down. We’ve already seen this happen in the next generation geothermal space.
We are excited that the report focused on the breakthrough impact of #oil and #gas industry participation in the future of geothermal, providing technology, workforce, speed and scale to pull geothermal from near zero growth, into exponential growth. That prospect is central to our theory of change at Project InnerSpace, and a perspective that we are proud to see displayed prominently in the report.
This collaboration with the IEA pulled on nearly every InnerSpace team member in some way. A special thanks to the #GeoMap team in particular for their incredible work and heavy hitting outcome: Drew Nelson, Helen Doran, Stephen J. Lee, Daniel Merino-Garcia, Ryan Au, Claudia Olivares Cabello, and Veit J. Matt. 👊🍾
Project InnerSpace, including the Geomap work featured in this report, is funded by #philanthropy. Want to help us make more geothermal happen? Contribute here: https://lnkd.in/ed_5cMET
The IEA report:
https://lnkd.in/eGeVrnaZ
Our GeoMap tool:
https://lnkd.in/e4Btr9GR