An article from Adelaide Advertiser written by the PTR MD...
Hot rocks energy can power us for centuries
TERRY KALLIS
January 16, 2007 01:15am Article from: The Advertiser
IT has been fascinating to watch the emergence in what seems just a few short months of climate change and greenhouse emissions as high-priority issues, bringing with this elevated debate a new wave of political, social and economic implications.
As scientific evidence continues to mount that we need to reduce greenhouse gas emissions to combat global warming, aggressive renewable-energy policies and targets are now being pursued by several nations.
It gives us considerable optimism about the real upside for companies like ours, Petratherm. We're an emerging specialist in exploring and developing "hot rocks" or geothermal resources in South Australia's Outback – and increasingly translating our expertise elsewhere in Australia and overseas, including to China.
Hot rocks simply use the circulation of water at depth through hot granite rocks to create heated water and steam which, when vented back to the surface, can be used for electricity generation – all with no emissions.
Our Paralana test well program, 130km east of Leigh Creek, is about to enter its third stage, developing the underground heat exchanger.
Pleasingly, further commercial success for Petratherm will coincide with a market environment where Australian governments – state and federal – are now backing policies which can reduce greenhouse gas emissions.
This includes South Australia's objectives of having 20 per cent of the electricity generated, sourced by 2014 from renewable energy sources such as geothermal power.
Crucially, such hot rocks power is now becoming increasingly cost competitive against mainstream, often coal-based fuels for electricity generation.
Independent analysis shows geothermal energy can provide large-scale, base load power – unlike the intermittent power sources of wind and solar – and we have large reserves that can potentially satisfy Australian electricity demand for several centuries.
Other upside includes high reliability, emission-free profile and very low environmental impact. As we increasingly prove up the technologies and processes associated with commercial geothermal energy production, SA should look to ensuring it is a market leader in this field, as the domestic and international markets beckon.
* Terry Kallis is Managing Director of Adelaide-based and ASX listed geothermal energy developer, Petratherm Limited, the only Australian company to be backed by the Australian, U.S., Korean, Chinese, Indian, South Korean and Japanese governments to help develop hot rock energy sites in China.
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