Lauren Boyd, Director of Geothermal Technologies at the US Department of Energy Office of Geothermal Technologies (GTO), made a surprise appearance on stage to host a panel discussion titled “How Big Is Geothermal: How Fast Will It Grow?” during CERAWeek, 2024.
A government official joined the conversation and Lauren brought in a wealth of knowledge that captured the hearts of the audience. Conversations on “What’s new in geothermal technology” and “DOE Deploy dialogue – next generation geothermal” also took place in front of a packed house. This enthusiasm for geothermal presents a promising future for clean and efficient energy.
More than 10,000 people packed into Houston, Texas to attend this year’s CERAWeek. The oil and gas industry has been and continues to be the focal point of the event, but geothermal has had its moments as well. In addition to filling the room for Lauren’s session, GTO partnered with DOE’s Loan Programs Office and OAEM to announce the next-generation geothermal power commercial liftoff report. The report outlines a path to commercial ignition of EGS and CLOS (advanced geothermal systems). This report generated a lot of excitement at CERAWeek as representatives from across the geothermal industry showed considerable interest in the future of geothermal.
One of the reasons for this interest is the speed and impact of innovation in next generation geothermal technologies including techniques leveraged from Onshore & Geothermal (O&G). Drilling wells deep into the ground can be risky and expensive, which can slow down geothermal’s widespread commercial potential. This is why improving drilling rates as well as reducing costs is at the heart of GTO’s mission. For example, the DOE’s FORGE initiative in Utah has made significant progress, cutting drilling time by seven-fold in just three years, from over 4,000 feet to just under 2,000 feet at an equivalent depth.
Another project funded by GTO, The Geysers, a geothermal industry startup, has cut drilling time by at least 25% in the private sector, cutting costs by half. This is a major milestone in the future commercialization of next generation geothermal, and key stakeholders are beginning to recognize the visibility and viability of this technology nationwide.
CERAWeek 2024 also featured some of the world’s biggest tech companies, highlighting the need to increase grid reliability in an increasingly digitalized world, especially for AI and data center applications. Many of these companies recognize the power that geothermal can provide in terms of stability and flexibility that supports these applications. For example, Google is partnering with Fervo on the “first of its kind” next generation geothermal, and key stakeholders are beginning to recognize its importance and future of energy across the country.
