9 months ago
39
When considering renewable energy, most evaluations look primarily at two sources: wind and solar. Both sources are growing rapidly. Both sources are getting progressively cheaper. In recent years, both sources have seen their cost per megawatt hour fall below that of coal, helping to persuade utilities to switch to renewable sources and lowering demand for fossil fuels. In fact, it’s now cheaper to build new solar or wind power than it is to just keep an old coal plant running.
Hydro power is often mentioned, but only in the sense that while it plays a significant role in the current energy portfolio, there are few options for expansion. While wind and solar have been racing up, hydroelectric production has declined.
And then there’s geothermal power. In 2000, geothermal produced twice as much electricity as wind. In 2023, wind produces 25 times as much electricity as geothermal. Limitations on geothermal kept it restricted to a few locations as thousands of wind turbines spread across the nation. But a new breakthrough may have greatly expanded the potential growth of geothermal power. And all it takes is … fracking.
