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8.6 Economics 8.6.1 Trends in Geothermal Investment Over the past three years, the Australian Government has committed AU$203 million (US$212 million) to the geothermal energy sector with the approval of seven applications under the Geothermal Drilling Program (GDP) and AU$153 million (US$160 million) with the approval of two grants under the Renewable Energy Demonstration Program (REDP). Approximately AU$12 million (US$12.6 million) of these funds have been released to companies thus far, as recipients are required to achieve certain milestones prior to payment. No additional companies listed on the Australian Securities Exchange (ASX) in 2010, although equity markets continued their support of the geothermal sector by participating in individual companies‘ capital raisings. 8.6.2 Trends in Cost of Energy Other than the Ergon Energy Birdsville Plant discussed in Section 8.3.1, commercial scale Engineered Geothermal Systems (EGS) and Hot Sedimentary Aquifer (HSA) units have not yet been commissioned in Australia. Due to the more speculative nature of EGS and HSA technology at this time, cost discussions have focussed on a discussion of the technology status and cost trends as opposed to more detailed cost and performance estimates. Modelling on Australian electricity generation costs completed by the Electric Power Research Institute (EPRI, 2009) suggested that the cost of geothermal per megawatt hour could be between AU$100 - $200 for Engineered Geothermal Systems and AU$90 - $150 for Hot Sedimentary Aquifer geothermal energy in 2030. 8.7 Research Activities 8.7.1 Focus Topics Considerable alignment exists between identified Australian research priorities (DRET, 2008a & 2008b) and international research imperatives (e.g., DoE, 2008; ENGINE, 2008; IPGT, 2008) including the GIA Research Annexes (see http://www.iea-gia.org/research_tasks.asp). The Australian geothermal sector recognises that coordinating local research efforts with those of the wider international geothermal community is important, and to this end supported the creation of the Australian Geothermal Energy Group (AGEG), comprised of members from industry, government and academia, including key research institutions. The role and structure of AGEG is further discussed in section 9.1. In addition to the AGEG, the Geothermal Research Initiative (GRI) was established in August 2010. The GRI is a group of university, CSIRO and Geoscience Australia researchers who have agreed to collaborate on the research and development of geothermal energy resources across a broad range of technologies and geographical locations in Australia. The GRI‘s aim is to perform research that supports the development of commercial and sustainable large scale geothermal power generation (electricity and heat) in Australia. The GRI has developed a collegiate and collaborative working style and the definition of the science questions that need to be addressed is well advanced. GRI‘s members are the CSIRO, Geoscience Australia, The Queensland Geothermal Energy Centre of Excellence, The Western Australian Geothermal Energy Centre of Excellence, The South Australian Centre for Geothermal Energy Research, The Melbourne Energy Institute, The Priority 87PDF Image | Geothermal Research and Tech IEA
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