The GeoSmart project, a groundbreaking initiative funded by the European Union's Horizon 2020 research and innovation programme, officially concludes today. This marks a significant achievement in the transition towards sustainable energy systems in Europe.
The project has successfully developed technologies, such as the GeoSmart flexible power plants, to become highly adaptable energy providers while maintaining baseload power sources. Coinciding with this milestone, the consortium also announces the release of a comprehensive "Techno-Economic Study of European Geothermal Power," offering critical insights into the future of geothermal energy in Europe.
As part of the EU's continued commitment to sustainable energy, the European Electricity Market Design (EMD) has called on Member States to support geothermal electricity. This support comes at a crucial time, as geothermal energy was once again identified in 2023 as the best baseload power source, achieving a load factor exceeding 80%. Geothermal systems can now ramp up or down between 100% and 20% power output in just 15 seconds, providing unmatched flexibility in balancing fluctuating energy demands. Moreover, new technologies developed by the GeoSmart project have facilitated further deployment of geothermal power and heat plants to generate flexible power.
Geothermal energy, with its ability to meet both baseload and flexible energy needs, offers a major opportunity to reduce grid infrastructure costs requirements across the EU by more than 10%. This potential is supported by a vision to deploy 250 GW of geothermal capacity across Europe by 2040. Such an expansion would not only contribute to the EU's decarbonisation goals but also enhance the local security of electricity supply in 242 regions within the EU and 16 regions in EFTA countries.
Geothermal power: Solutions to save costs in grid infrastructures
We are excited to share a brand-new video highlighting the remarkable achievements of the GeoSmart project. This video showcases the cutting-edge technologies developed to enhance the flexibility and efficiency of geothermal power plants, aligning with Europe's goals for sustainable and secure energy.
Watch now to explore how GeoSmart is transforming the energy landscape, providing critical insights into the future of geothermal power and contributing to a greener, more resilient energy system.
ABOUT THE GEOSMART PROJECT
With funding from the European Union, the GeoSmart project brought together a consortium of 19 partners from across Europe, all working collaboratively to develop and demonstrate these innovative solutions. For more information visit www.geosmartproject.eu
ABOUT EUROPEAN GEOTHERMAL ENERGY COUNCIL (EGEC)
The European Geothermal Energy Council (EGEC) is a not-for-profit organisation promoting all aspects of the geothermal industry. Founded in 1998, its objective is to facilitate awareness and expansion of geothermal applications across Europe by shaping policy, improving investment conditions and steering research. It has over 200 members from 30 countries, ranging from developers to equipment manufacturers, energy providers, national associations, consultants, research centres, geological surveys, government agencies, departments and public authorities. This allows EGEC to represent the entire geothermal sector. EGEC is listed in the European Transparency Register No. 11458103335-07. For more information visit www.egec.org
