Drilling has started on a 4-kilometer geothermal exploration well in the Yuanshan Township in Yilan County, Taiwan as part of a drilling campaign by CPC Taiwan.
In Iceland, where geothermal is a major source of power and heating, the researchers from the Krafla Magma Testbed (KMT) will be looking to revolutionize geothermal energy.
The global geothermal power market was valued at USD 7.87 billion in 2022. It is estimated to reach USD 11.79 billion by 2031, growing at a CAGR of 4.6% during the forecast period (2023–2031).
The Biden-Harris Administration last week approved Fervo Energy’s request to build a multi-phase geothermal plant — Cape Station, northeast of Milford.