Geothermal energy bid city sitting on powerful stuff

Jessica Benton
Hot water flowing under the Geelong region had potential to supply 150 times Victoria’s energy requirements, a company announced yesterday.
Greenearth Energy said the city was set to become “Victoria’s first renewable energy hub” after new tests confirmed the region as a potential target for geothermal power.
Greenearth Energy wants to drill near Moriac and the new Armstrong Creek growth area for “wet hot rocks” to generate renewable, green energy.
Managing director Mark Miller said early tests had found “significant potential” to produce 150 times Victoria’s energy requirements and more than Australia uses in a year.
“We’ve identified the potential for hot sedimentary aquifers that contain water at depth (which is) super-heated and can be drilled into,” Mr Miller said.
“The water is extracted through a binary geothermal power plant that produces geothermal energy. The water is then returned to the aquifer so it’s not depleted.
“The potential of the system could literally deliver hundreds of megawatts of power.
“This is significant. It has potential for not only Geelong’s and the new Armstrong Creek area’s requirements but the entire state’s.”
Greenearth Energy announced its test findings in a statement to Australian Stock Exchange yesterday.
Mr Miller said the next step was to securing financial backing from all levels of government and community and industrial investors.
The company still had to work out precise details of the potential power supply.
“At the moment we only have estimates and it’s not until you start drilling holes that you can determine the exact flow rates,” he said.
“What we need now is letters of support to Federal Government from local government and industries to say they back the proposal and will work with Greenearth to come up with the required funding.”
Federal Government has allocated $7 million to the project, he said.
The project needed another $13 to $17 million from other “stakeholders”. Mr Miller estimated set-up costs range from $20 million to $24 million.
Mr Miller said the cost of geothermal energy for consumers would be “in line” with other renewable resources, such as wind power.