In an effort to use more sustainable power sources and protect the environment, the government of Iceland is exploring volcanic energy. The country is conducting a 2 year experiment with capturing volcanic heat using wells drilled nearly 3 miles into the Earth. This kind of geothermal power would only require three to five wells compared to the same amount of power generated from 30 to 35 conventional high temperature wells.
Nicknamed Thor, the new well could provide an alternative form of energy other than fossil fuels. Iceland already generates all its electricity from non-fossil-fuel sources, including three quarters from hydroelectric dams. Volcanic energy comes with concerns regarding carbon dioxide emissions, but geothermal emissions are still significantly lower than natural gas and oil wells.
Key Themes Behind This Trend
- Volcanic Energy
- Exploring the potential of volcanic energy and using less wells to generate clean energy.
- Sustainable Power
- Increasing exploration into renewable and sustainable energy sources.
- Geothermal Energy
- Utilizing geothermal heat to generate electricity and reduce dependence on fossil fuels.
Where This Applies
- Energy
- Opportunities for companies that specialize in sustainable energy to develop new geothermal projects.
- Environmental
- Environmental impact consulting firms have an opportunity to help companies navigate the challenges of using geothermal energy as a power source.
- Mining
- Mining companies have the chance to supply the materials and technology needed to drill 3 mile deep wells.
