The Geothermal Energy from Oil and Gas Demonstrated Engineering (GEODE) Consortium, a collaborative initiative led by Project InnerSpace and the Society of Petroleum Engineers (SPE) with funding from the US Department of Energy, hosted part one of a 12-part series 24 January. The series is designed for professionals and students interested in exploring the synergies between the geothermal and oil and gas (O&G) sectors and aims to foster cross-sector innovation by leveraging O&G expertise to advance geothermal technology.
The session focused on addressing financial barriers to geothermal energy expansion. These barriers include high capital costs, resource risks, and lengthy regulatory processes, which have limited geothermal investment compared to more established renewables like wind and solar. Through this discussion, the consortium aims to explore strategies for overcoming these hurdles.
Key topics include
- The role of demonstration projects in providing reliable performance data to build investor confidence.
- Policy mechanisms such as tax credits, loan guarantees, and other financial tools to reduce costs and share risks.
- Collaborative efforts among stakeholders to drive innovation and accelerate deployment.
The discussion also emphasized geothermal energy's unique strengths, including its ability to provide reliable baseload power, its environmental benefits, and its diverse applications, from electricity generation to heating and cooling. The conversation concluded with a Q&A session, connecting these financial opportunities to GEODE’s broader objectives of advancing geothermal as a critical clean energy solution.
The event was moderated by Greg Leveille, chief technology officer at ConocoPhillips, with featured speaker Mike Matson, partner and associate director for low-carbon solutions at Boston Consulting Group.