Document shows EU is looking to geothermal energy in its drive for energy security
A draft EU document revealed that the European Union plans to promote geothermal power as it searches for ways to replace Russian natural gas and lower energy prices.
According to a draft document, the 27 EU member states will endorse geothermal power for the first-time at the meeting of EU energy Ministers in Brussels, next week. They will also ask the European Commission to develop a plan that will be adopted by the entire bloc to kickstart projects.
The draft calls for an EU strategy on reducing emissions from heating and cooling, as well as specific EU measures that will accelerate geothermal projects. The document revealed that ministers would suggest financial guarantees for de-risking investments and simplified permitting rules.
Geothermal projects use drilling to reach subterranean heat. This is then brought to the surface for a steady source of heating or electricity.
The draft document stated that "geothermal energy is a way to contribute to the strategic goals of the European Union, by reducing energy dependency and fossil fuel imports."
The high energy prices in Europe for both industries and households and the fact that most Russian gas has been lost since Moscow invaded Ukraine in 2022 have led to a rapid expansion of renewable energies.
Geothermal energy, another renewable resource that the EU hopes will replace fossil fuels, has remained much smaller. The projects are still struggling with high upfront costs and complicated regulations.
EU data shows that geothermal energy produced less than 3 percent of the EU's total energy in 2022. The European Geothermal Energy Council, an industry group, says that geothermal energy could cover up to three quarters of the heating and cooling requirements in EU residential and commercial building by 2040.
The majority of EU countries have geothermal heating district systems. However, only a few - France, Germany, and Italy – use them to generate electricity. (Reporting and editing by Susan Fenton; Reporting by Kate Abnett)
(source: Reuters)
