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III. NATIONAL ACTIVITIES AUSTRALIA 8.5 Development Constraints Interest in geothermal energy development is growing in Australia, and particularly in South Australia where geothermal “prospecting” is the highest in the country. Several new companies have formed and new exploration programs are being formulated. One new geothermal company, Petratherm Limited, has listed on the Australian stock exchange. It aims to explore for radiogenic heat sources at depths of around 3-3.5 km in South Australia. 8.6 Economics Funding from the general public for geothermal has continued to increase in 2004, with Geodynamics and Petratherm having raised more than A$15 million from public share subscription during the year. Coal-fired electricity costs remain one of the lowest in the world so new renewable technologies find it difficult to compete. Renewable companies and green groups regard the renewable energy targets and incentives as pitiful Figure 8.1 Steam production from well Habanero-2 at the Cooper Basin site, Australia. 8.7 Research Activities The geothermal research focus in Australia is on EGS. An additional A$1.5 million was provided to Geodynamics from the Federal Government to top up its original $5 million grant. Industry (Geodynamics and Petratherm) also raised more than A$15 million from public share subscription during the year. IEA Geothermal R&T Annual Report 2004.doc 54PDF Image | Geothermal Energy Annual Report 2004
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