How will investments in geothermal energy be unfrozen?

The constitution of a stable fiscal model by the State, which will supply strong incentives to investors and let for the substantial improvement of the country’s geothermal potential, is simply a basal prerequisite for the unfreezing of this assemblage and its publication to energy generation.

In this context, the Hellenic Geological and Mining Research Authority has precocious been preparing, successful collaboration with a Company of Financial Consultants, a broad connection for a special fiscal tool for the financing of research, exploitation and absorption activities of geothermal imaginable successful areas of section interest.

The connection is successful the finalization signifier and will σύντομα beryllium submitted to the Ministry of Environment and Energy for further action. In the meantime, interventions and incentives that will let for the betterment of the organization model for geothermal vigor are being examined by the competent section of the Ministry of Environment and Energy, while developments are expected successful existing applications successful Macedonia, Thrace and Lesvos.

As highlighted astatine a caller league entitled “Geoenergy: Prospects and Challenges” co-organized by the Association of Greek Geologists and the Hellenic Geological and Mining Research Authority and with a sub-topic of “Geothermal Energy – Application and Prospects successful Greece”, geothermal vigor has not yet been afloat exploited for energy generation, contempt the country’s comparative advantages.

Problems

The main obstacles to the improvement of the assemblage see geological risk, precocious superior expenditures and the deficiency of specialized technological and technical unit successful geothermal issues. According to Apostolos Arvanitis – Head of the Department of Geothermal and Thermal Natural Resources of the Hellenic Association of Geothermal Engineers, “geological hazard is constricted by the astir imaginable broad cognition of the geothermal tract and the geothermal reservoir and, obviously, is overmuch greater astatine the stage of recognition and basal valuation of the characteristics of the geothermal resource.
Geological hazard and the drilling of unsuccessful wells impact the economics of a geothermal project, expanding the outgo of operation of infrastructure projects and, therefore, the archetypal superior expenditures (CAPEX), and making it indispensable to person a flexible and simplified organization model for licensing.”
He added that “these precocious costs hinder the concern determination for fearfulness of concern risk, resulting successful a hold successful the improvement of geothermal energy.”