Australian government funds five geothermal energy projects
14 Dec 2009
Geothermal energy, has received a $35-million funding boost from the Australian government.
According to federal resources and energy minister Martin Ferguson, the money would go towards five projects - two in Victoria and one each in New South Wales, South Australia and Western Australia.
As the name suggests, geothermal energy originates from heat deep below the surface of the earth. Heat from the earth converts water to steam, which drives turbines to produce electricity.
The projects are being undertaken to prove geothermal energy's viability as a renewable method of generating power and is attracting government interest as it is environmentally friendly, reliable and sustainable.
According to the federal government, Geoscience Australia has estimated that harvesting even 1 per cent of the geothermal energy locked up deep in the bowels of the earth could suffice to meet Australia's total annual energy requirements for 26,000 years.
Ferguson said, ''Australia's geothermal resource is world class and if we can make technology breakthroughs and drive down costs, geothermal energy could play a significant role in providing clean, reliable and affordable base-load energy for centuries.''
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