Taking the leap from oil to geothermal energy

Geothermal energy, found in abundance in Iceland’s volcanic landscape, could provide a significant contribution to world energy needs if the investment and will-power were in place.

The super-heated steam that rises from deep in the earth is a prime source of energy, as demonstrated by the Krafla power plant which was built in Iceland in the 1970’s. Manmade bore-holes now surround the area, supplying nearby turbines with steam which in turn generate clean and cheap electricity.

In Iceland, water from hot underground rock provides around 90 percent of the island’s inhabitants with hot water in their homes. Geothermal sources also provide around 30% of the country’s electricity (with the remaining 70% coming from hydroelectric plants).

In an interview with NPR, Asgeir Margeirsson, head of the new Geysir Green Energy geothermal company, said that the capital, Reykjavik, uses energy entirely from geothermal and hydroelectric sources. He pointed out that the city took a big risk in switching from oil to geothermal energy, but that the risk paid off enormously.

“There has been a lot of development here, whereas there has been….stagnation in other countries, and not too much development, like the US, New Zealand or Italy. Until recently,” Margeirsson said.

Geysir Green Energy is attempting to export geothermal technology as an environmentally friendly alternative. California is already a significant producer of geothermal energy and there is a strong potential for the energy in the rest of the United States. One estimate said that up to 10 per cent of the electricity needed in the US could be supplied through geothermal sources.

“Today, it would cost us five times more to heat our homes with oil than it is costing with geothermal,” Margeirsson concluded.

Margeirsson said people just need to take the risk to convert to the clean and cheap energy, the way his country did a few decades ago.