As operators are racing to keep their heads above water as the energy transition continues to grow in momentum, instability in energy security is adding fuel to the fire and putting Europe’s energy market in jeopardy. Following the turbulent oil market over the past three years and the sanctions issued against Russia, heads are beginning to turn to geothermal to meet the rising demand for heating systems across the continent.
Scaling geothermal heating sources in Europe could fundamentally provide not only a big stepping stone for meeting environmental targets, but also implement a more established level of energy security regionally. For the first time, policymakers are integrating geothermal movements into frameworks and governments across the continent are increasing funding for pilot projects.
The geothermal scene is hotting up, however, a number of challenges are still holding the industry back from reaching its full potential. High financial barriers appear too big to scale with the current resources available, with international players hesitant to invest in the European market. Collaboration between geothermal experts and the oil and gas community is key to bridging the gaps presented in the market and could be the key component to utilising geothermal energy to ensure energy security.
Read Offshore Network’s full report here to understand the current state of play within the European geothermal industry and hear from experts as they share their insights into how the market can receive the boost it needs to ensure regional environmental targets are met and that energy security is assured.
