A Global Perspective on Aligning Resource Assessment, Technological Evaluation, and Financial Analysis for Geothermal Project Development

Abstract

Geothermal energy plays a pivotal role in the renewable energy landscape by providing reliable baseload power and a consistent heat source, unlike other renewable technologies that are affected by seasonal fluctuations and market variations. This paper explores the diverse applications of geothermal resources, highlighting their potential to create new economic sectors and boost existing markets. It analyzes and compares project development factors in geothermal power generation and direct-use heat application, such as techno-economic assessment, risk management strategy and economic outcome, which focuses on conducting comprehensive geothermal resource assessments and evaluating system compatibility based on temperature, depth, and permeability. It also addresses the financial considerations between geothermal power and direct-use projects, emphasizing the importance of pre- feasibility and feasibility studies to inform decision-making. Furthermore, it discusses the unique risks associated with legacy and next-generation geothermal power generation technologies, which persist throughout the project lifecycle. This paper draws from a selection of projects in the Asia-Pacific, Africa and Europe regions for geothermal direct-use applications such as heating for chicken broiler sheds, barramundi aquaculture, greenhouse, wellness bathing, malting plants, space heating and cooling, and heat storage in aquifers. These are presented as a comparative case study with the global geothermal power industry experience, offering a decision-making framework for practical and actionable insights to stakeholders seeking geothermal energy solutions.