The region is expected to invest as much as $7.4 billion on geothermal capacity by 2030.
Europe’s geothermal market is set to receive a major b oost in the coming years.The European geothermal heating market, at one time dominated by only a handful of countries, is set to experience a purple patch in the coming years as governments scramble to find an affordable alternative to expensive gas-fired heating, Rystad Energy research shows. Total installed capacity is projected to surpass 6.2 gigawatt thermal in 2030, a 58% increase from today’s total of 3.
“Geothermal is a virtually unlimited source of consistent energy that could play a crucial role in addressing energy security and affordability in the decades to come. As European countries move to decarbonize their power mix and chase secure sources of heating for the winter months in light of geopolitical tensions, investments in geothermal projects will skyrocket".
Riled by energy insecurity in light of the sudden drop in Russian gas flows, Germany is pouring money into geothermal projects and is expected to spend more than $1.5 billion by 2030. In the last 10 years, installed capacity in the country has doubled from 200 megawatt thermal in 2012 to 400 MWt today. By 2030, capacity is set to double again and approach 850 MWt.
Drilling success is variable and largely dependent on the specific location of the well and the industry’s maturity in that particular country. For instance, success rates in Germany and Hungary often exceed 90%, but similar rates in the Netherlands sink as low as 70%. This can largely be attributed to the Dutch geothermal industry being in its infancy compared to its neighbors.
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