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9.14 World Energy Resources: Geothermal World Energy Council 2013 Market Development The factors that must be considered when assessing the viability of a geothermal project will vary from project to project (i.e. it is site-specific), especially between electricity genera- tion and direct use. The economic factors that are common to all projects include supplying the fuel (energy) from the geothermal resource; the design and construction of the conver- sion facility and related surface equipment such as transformers and transmission lines for electricity generation plants, and pipelines and heat exchangers for district heating projects; and the operation and maintenance (O&M) of the equipment. Finally the market penetration and revenues generated from the sale of electricity or products produced from greenhouses, aquaculture facilities or industrial operations, minus the O&M costs, must be sufficient to meet or exceed the requirements of the financing package. Financing is a critical factor in the economics of any project, and thus the potential for market penetration and development. For many new projects, the largest annual operating cost is the amortisation of the cost of capital, which can be as high as 75% of the annual operating expense for new geothermal district energy projects, with O&M at 15%, and ancillary energy provisions at 10% making up the balance (Bloomquist and Knapp, 2003). Unfortunately, geothermal projects, especially in the resource development stage, have a high risk of fail- ure. Thus obtaining financing at reasonable rates (or even at all) can be difficult in the early stages of a project. Once the resource is proven, then financing is more certain and inves- tors become easier to find.. Market development is highly dependent upon competition from other sources of electricity or from direct-use product supply (fish, vegetables, flowers, minerals, etc.). Remote areas, often off-grid, are excellent candidates for electrical energy. The availability of transmis- sion lines can be critical and these are often lacking and expensive to construct over large distances. Direct-use projects must have a market and a transportation system to get the products to consumers economically. Unfortunately, geothermal resources that can be utilised are often remote, which may limit their development for commercial operations. How- ever, on the positive side, with increasing fossil fuel prices and limitations on the production of greenhouse gases, development of geothermal energy has become more competitive as a renewable and ‘green’ energy resource. Sustainability Issues Geothermal energy is generally classified as a renewable resource, where ‘renewable’ describes a characteristic of the resource: the energy removed from the resource is contin- uously replaced by more energy on time scales similar to those required for energy removal (Stefansson, 2000). Consequently, geothermal production is not a ‘mining’ process. Geother- mal energy can be used in a ‘sustainable’ manner, which means that the production system is able to sustain the production levels over long periods. The longevity of production can be secured and sustainable production achieved by using moderate production rates, which take into account the local resource characteristics (field size, natural recharge rate, etc.). The production of geothermal fluid/heat continuously creates a hydraulic/heat sink in the reservoir. This leads to pressure and temperature gradients, which in turn – after end of pro- duction – generate fluid/heat inflow to re-establish the pre-production state. The regeneration of geothermal resources is a process which occurs over various time scales, depending on the type and size of the production system, the rate of extraction, and on the attributes of the resource.PDF Image | World Energy Council 2013 World Energy Resources Geothermal
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