Geothermal Powering Iceland Through Economic Hardship

Times are hard for Iceland. The cold, island country in Northern Europe recently went bankrupt. Yet, while Icelandic currency is essentially valueless in foreign market, not all the lights have gone out in Reykjavík. That's because the country now gets 99 percent of its electricity and 78 percent of its overall energy needs from geothermal power. Iceland is rife with volcanic and geologic activity. That could spell energy gold for the otherwise fledgeling economy.

Harnessing utility-scale geothermal energy involves drilling holes into the layers of rock deep below the surface where it is heated by the molten magma beneath it. Water is sent through these rock beds where it evaporates into steam. That steam then rises to the surface to spin a turbine and create electricity. Geothermal resources are abundant throughout the world and new technologies promise to make collection of that energy easier on a wide scale.

Until recently, geothermal energy was a relative unknown in the renewable energy movement in the United States. Yet its potential is vast. A potential exemplified by Iceland where electricity is cheap and abundant.

This inexpensive and readily available energy may be the key to Iceland's climb out of economic depression. They have achieved already what the rest of the industrial world is clamoring for: energy independence. And not only that, they've done it fast.

Speed is a key advantage for a renewable resource. A major and hotly debated criticism of many alternative energy options—including wind, solar, nuclear, even "clean coal"—is that they cannot satisfy our hefty energy needs in time. This too has been a criticism of geothermal power, one which is easily refuted by Iceland's example. And it is not just Iceland. A recent report by MIT and the Department of Energy revealed mass potential for geothermal, claiming the energy source could provide 100 gigawatts of power by 2050, and these are conservative estimates.

Iceland has certainly set the bar. It should be noted that they use far less energy than the US. In fact, the US is the world leader in geothermal production, albeit a tiny portion of our energy requirements. Nonetheless, working with Iceland, with their renewable energy system already entrenched, could be a win-win situation for Iceland and many energy-starved industrial countries.

Link: Renewable Energy World