The Minister for Resources and Energy, Martin Ferguson AM MP, has told the Australian Geothermal Energy Conference the Australian industry is well placed to grow in the coming years as the Government supports the development of clean, reliable and affordable electricity generation.
The Australian Government last week awarded more than $150 million to two commercial-scale geothermal energy projects in South Australia under the Renewable Energy Demonstration Program.
This funding - combined with money from successful applicants - will drive investment of more than $535 million in these two clean energy projects and help deliver the Government's expanded Renewable Energy Target of 20 per cent by 2020.
Geoscience Australia has calculated that if just one per cent of Australia's geothermal energy was extracted it would equate to 26,000 times Australia's total annual energy consumption.
Minister Ferguson said: "Ensuring energy security in a carbon-constrained economy is an immense challenge for the Government, which is why our clean energy strategy is supporting the development and deployment of many renewable energy sources.
"Cleaner electricity generation represents an opportunity for investment and innovation, which the Government will continue to support."
Geothermal energy has the potential to supply clean baseload power, diversifying the sources of Australia's energy supply and reducing emissions.
Minister Ferguson said: "The commercialisation of geothermal energy in Australia will help meet three of the Government's major energy-related goals: increasing energy security by diversifying energy supplies, reducing Australia's greenhouse gas emissions and producing 20 per cent of Australia's electricity from renewable sources by 2020."
South Australian geothermal operators Petratherm and Geodynamics received $62 million and $90 million respectively, last week under the Renewable Energy Demonstration Program.