Well below average.Cooper Basin
A 25 MW Cooper Basin demonstration project to assess the potential of hot-rock geothermal energy for zero-emission, base-load power was commenced by Geodynamics. However, the project was abandoned after being assessed as uneconomic due to a combination of the cost of commercialising generation and the remoteness of the site.
"The technology worked but unfortunately the cost of implementing the technology and also the cost of delivering the electricity that was produced to a market was just greater than the revenue stream that we could create," Geodynamics chief executive Chris Murray said.
Professor Martin Hand ran the South Australian Centre for Geothermal Energy Research at the University of Adelaide said, "I think it was talked up too much — it's a very nice concept on the front page of a newspaper, looks very easy to do, and I think it was over-spruiked”
Geodynamics is no longer exploring geothermal power and is instead looking at other green energy initiatives. It has therefore changed its name to ReNu Energy and changed its ASX code to RNE.
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