I am not saying that electricity generation plants are being built on top of Yellowstone water geysers and hot mineral pools but the concept is the same.
Actually in some countries like Iceland they are being built along side natural formations like what you would see in Yellowstone.
Companies such as Ormat Technologies and AltaRock Energy are a couple of electricity generation plants that generate their electricity quite differently than other renewable sources and the energy created is very cheap.
They build their power plants like they do in Iceland, on top of underground heated pools of mineral water.
The underground heated pools of water create steam that turn electricity generating turbines.
Instead of using natural gas to create steam the earth creates the steam for the generation plant and all that is needed is a turbine greased up and ready to spin.
Companies like Google and JP Morgan have invested in both of these electricity generators as they know a good investment when they see one.
This all sounds quite good to me as I appreciate a cheap electric bill like the next guy.
Google appreciates cheap energy too as they have even considered building a huge data center in Iceland just to take advantage of the cheap geothermal power.
Give me some of that “Old Faithful” electricity, it sure beats ever increasing electricity costs due to investments in the wrong types of renewable energy technologies by our government.
Consider that in Germany they pay over 25 eurocents per kilowatt hour because of a premature bet in solar energy power plants before the technology was cheap enough to be viable.
Based on the many years it will take to achieve payback in solar investment I think geothermal power is the clear winner for the time being when it comes to renewable energy investment in America.
Geothermal is capable of producing electricity at $.039 per kilowatt hour and there are no hidden government subsidies that make up this price. Sounds like a winner to me.
The MIT study projects that EGS and hydrothermal resources could supply roughly 140,000 times the total U.S. annual primary energy use in 2005 or all of the world’s current energy demand and then some. – Forbes