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The problem is motivations in the capital investment market related to energy. Australia has hot rocks. We are ideally placed to capitalise on this. The last at
by ggm 2y ago
The problem is motivations in the capital investment market related to energy. Australia has hot rocks. We are ideally placed to capitalise on this. The last attempt failed at scale, when the test bore and fracking had problems and the money sucked out of the project, the entire thing ground to a halt and rusted in the tin shed in the outback for 5 years before being formally closed down.
You can make faster ROI in energy plays by doing other things. Thats the sad truth: It required public finance models of ROI, expectations on energy supply markets, basically a different approach to funding and returns to make it work.
But it definitely can work, and is used e.g. in New Zealand where its vented closer to the surface. But, we have the hot rocks. we have the deep water. we have all the mechanistic requirements to do the rock splitting to make a two or ten or twenty hole thermal energy extraction method work, and we even routinely do the fracking for gas well optimisation: we know how to do this.
It's just that other things make money faster, and thats what motivated people to do things: making money, not fixing climate