Geothermal energy could have bright future in South America

Geothermal energy development is progressing in almost all parts of the world. The latest report by the International Energy Association (IEA) claims that geothermal energy today provides 4-5% of global electric power, while in 2010 geothermal energy accounted for less than one percent.

Geothermal energy sector is still not developing as fast as solar and wind sectors but things are certainly looking good for global geothermal energy industry, especially because many countries now consider taking advantage of hydraulic wells that were exhausted for their oil and gas supply but are now being considered for conversion to geothermal wells.

South America is also weighing its renewable energy options, and geothermal energy looks to be a very interesting renewable energy option for many countries such as Chile, Argentina, Columbia, Peru, Ecuador and Honduras. All these countries have significant geothermal potential and geothermal energy could become major player on these energy markets.

Chile leads the way in developing geothermal energy projects in South America by having 50 early stage projects and prospects. The untapped geothermal energy potential of South America is huge and it is estimated to be at around 30,000 MW.

Geothermal energy isn't an intermittent source of energy as this is the case with the more popular renewable energy sources - solar and wind. It is very reliable and consistent source of energy because of the stable 50-60 degree Fahrenheit heat below the earth surface throughout the year.

Exploration and drilling costs are still significant but hunger for more renewable energy will no doubt overcome these obstacles and turn geothermal energy into one of the major renewable energy players in the market, not just in South America but the rest of the globe too.