The U.S. Dept. of Energy is pushing an effort to expand use of geothermal energy in regions where it is not currently feasible. The department’s “Enhanced Geothermal Shot” program, announced Sept. 8, aims to reduce the cost by 90% by 2035 of enhanced geothermal systems for generating power, as part of broader Biden administration efforts to achieve a net-zero carbon emissions economy by 2050.
U.S. Energy Secretary Jennifer Granholm said in a statement, that moving geothermal technology from research and development to the level of cost-effective commercial adoption would help transition to clean energy production. Meeting the 90% cost reduction goal would price geothermal power at $45 per megawatt hour. Wholesale electricity prices are forecast to average between $69 and more than $100 per MWh in different parts of the U.S. this year, according to the U.S. Energy Information Administration’s latest short-term energy outlook.