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| Chris Elmore MP |
By Chris Elmore MP and Helen Goodman MP
When people consider geothermal energy, many wrongly assume that the extraction of such energy sources is principally undertaken near to volcanic sights. Thankfully, in many respects, the UK does not give rise to such an option. In the British context, geothermal energy arises in two forms: that which occurs naturally in geological features and heat stored within former mine workings. Most importantly, these sources are virtually carbon-free.
In terms of profitability, this means there is a largely untapped sector out there which could have a turnover of up to £2.5 billion and net profits of around £250 million. The profitability of the initial ventures into this industry will, of course, prove crucial in terms of how this energy source expands in the future, but these figures and opportunities such as the ones we have discussed, provide real optimism for this policy problem.
There are few energy sources which tick all of the boxes in terms of energy policy. By addressing climate change, providing stability for consumers, improving our energy security, creating jobs and additional sources of income for businesses, local geothermal energy sources are truly unique.
It’s time to drill for our energy – sustainably, for once.