We're publishing a series of reports into different aspects of UK energy. This report considers #geothermal energy: what it is, the state of Deep Geothermal in the UK, and key policy recommendations to see the sector grow. To accelerate the growth of Deep Geothermal in the UK, we would like the incoming government take steps to: • develop a Deep Geothermal Strategy, which sets out national targets for #heat and #power, and the policies and funding mechanisms that will enable industry to deliver these targets. • deliver a Geothermal Development Incentive by the end of 2025, targeted at shovel-ready geothermal heat projects, to get the sector established in the UK. • review and amend existing financial support mechanisms so they better support routes to market for geothermal e.g., by ringfencing the Contracts for Difference budget for geothermal projects or reconfiguring the Public Sector Decarbonisation Scheme to deliver strategically important geothermal projects, such as NHS sites that require high heat loads. Our report can be accessed here: https://lnkd.in/eBdhRRXz
As we keep discussing there is a massive shortage of both equipment and competent teams to make this happen quickly. This needs incentivisation at the government level. Accelerated and preferential tax breaks for capital investment in rigs and equipment then 5-7 year tapered tax relief on income generated from geothermal well construction activities whould go a very long way to making this work for the UK
Great insights REA! Deep geothermal energy holds tremendous potential for the UK's energy mix, especially in district heating systems. Exciting times ahead for sustainable heating solutions! 🔥♻️🌱
Really nice to see the support for deep geothermal, although one thing I felt was missing under how to build the industry is around including and engaging with communities.
Decarbonising heat
2wHello REA - even better if you included shallow geothermal, aka networked heat pumps. Proven at scale, lowest bills, taking off in UK new build, social housing and USA. #futureofheatingandcooling