Power April 2022 - 34

GEOTHERMAL
Iceland Offers Case Study of
Geothermal's Powerful Potential
As more countries plan on achieving a green energy transition, Iceland offers guidance
on how to effectively harness the power of geothermal.
Birta Kristin Helgadottir
and Einar Tomasson
magining Iceland without geothermal
energy would require turning back
the clock half a century. Geothermal
energy is a large part of everyday
life, and its successful utilization has
completely changed living standards
throughout the country.
Icelanders use geothermal resources
to generate electricity, heat houses and
swimming pools, grow food in greenhouses,
recycle plastics, and produce
a variety of skincare products. Furthermore,
geothermal power plants have become
a hotbed for innovation that deals
directly with future challenges such as
capturing carbon emissions.
The U.S. is experiencing increased
interest in making use of geothermal resources
under the Biden administration,
with the U.S. Department of Energy announcing
$20 million in funding for geothermal
drilling technology projects, and
$8.4 million for accessing geothermal
potential from abandoned oil and gas
wells. The U.S. has the most installed
generation capacity of geothermal in
the world, with 3,722 MW, and is looking
to make even better use of the resource
domestically.
As the U.S. and more nations explore
solutions to move from fossil fuels to
more environmentally friendly energy alternatives,
Iceland is leading the way in
advocating for a geothermal-fueled future.
I
1. ON Power, headquartered in Reykjavik, is one of Iceland's leading renewable energy
companies, with geothermal and hydropower plants. The company's Geothermal Energy
Exhibition at Hellisheidi Power Plant is shown here. Courtesy: Atli Már Hafsteinsson, ON Power
for countries that have suitable geothermal
resources for electricity production.
This is the case in Iceland, but the Icelandic
example also shows how important
it is to rely on renewable energy
for space heating, which requires lower
temperature geothermal resources than
electricity production, and can be applied
in more countries as they move toward
decarbonizing their heating systems. For
example, the European Union's work in
recent months to make progress toward
more sustainable heating and cooling
creates an opportunity to incorporate
Icelandic solutions.
Iceland's commitment to clean energy
Geothermal Power and Sustainability
In Iceland, all electricity is now produced
with renewable energy. Geothermal is
a vital part of the energy mix, powering
about 90% of the nation's central heating,
and 30% of electricity, with hydropower
accounting for the other 70% of
electricity. Iceland has both high-temperature
and low-temperature geothermal
resources, with six geothermal power
plants generating electricity (Figure 1).
The oldest, Bjarnarflag Geothermal Station,
has operated since 1969.
As a baseload renewable energy, geothermal
is a good long-term investment
34
attracted investment from energy-intensive
industries such as aluminum smelters,
drawn by competitively priced and
reliable electricity. Increased demand for
electricity from energy-intensive industries
was met by utilizing hydropower
and geothermal resources. Between
1990 and 2014, Iceland saw a 25% population
increase, and a 1,700% increase
in geothermal electricity production. In
recent years, data centers looking to operate
sustainably also have looked to Iceland,
where the cool climate allows for
free natural cooling, which further lowers
their operating costs.
Geothermal power is essential to
Iceland's electricity grid, but the incredible
achievement of having 90% of primary
energy use in Iceland come from
renewables in 2020 is largely thanks to
the country's geothermal district heating
www.powermag.com
system. The political decision to switch
from fossil fuels to renewables for space
heating was taken during the oil crisis in
the 1970s, and required a significant investment
in infrastructure. At that time,
the decision was made based on the
need for energy security, and the economic
risk of importing fossil fuels.
Iceland has profited greatly from taking
advantage of its geothermal resources.
The National Energy Authority estimates
that in 2018 the economic benefits of
using geothermal energy instead of oil
for space heating in Iceland was equivalent
to 3.5% of Iceland's gross domestic
product. The accumulated carbon dioxide
(CO2
) savings of using renewable energy
instead of oil in Iceland are estimated at
more than 433 million tons. These savings
are made possible by harnessing
the power of natural geothermal and hydropower
resources.
While Iceland has already set a great
example for green electricity production
and house heating, that is not enough.
A third energy transition is underway,
this time in transportation. Success is
essential for Iceland to realize its goals
of reducing carbon emissions by 55%
by 2030, achieving carbon neutrality by
2040, and becoming among the first nations
to be free of fossil fuels.
Geothermal Innovation
Innovative Icelandic companies have
made the most of
geothermal
resources.
Along with producing electricPOWER
| April 2022
http://www.powermag.com

Power April 2022

Table of Contents for the Digital Edition of Power April 2022

Power April 2022 - Intro
Power April 2022 - Cover1
Power April 2022 - Cover2
Power April 2022 - 1
Power April 2022 - 2
Power April 2022 - 3
Power April 2022 - 4
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Power April 2022 - 6
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Power April 2022 - Cover3
Power April 2022 - Cover4
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