News

August 30, 2007

Green Rock Energy Optimistic About Geothermal Project At Olympic Dam

The United States Department of Energy estimates that geothermy has the potential to exceed the energy of all known reserves of oil and gas by 50,000 fold, but a geothermal resource in the vast Australian continent is of little or no value without a proximal market. Green Rock Energy's Olympic Dam project in South Australia is not only situated conveniently on the national power grid, but an independent study of the site by Australia's Commonwealth Scientific and Industrial Research Organisation recently found “ideal” geography for long-term energy production.

Green Rock aims to develop a 3MWe to 5MWe pilot plant by 2011 but, further down the line, the potential exists for a 500MWe-plus base load electricity plant supplying power to the national grid. The neighbouring Olympic Dam iron oxide-copper-gold-uranium mine owned by BHP Billiton will be one major consumer.

Geothermy is the harnessing of the earth's extreme natural subsurface heat to generate energy and is one of only two renewable energy sources to provide base load electricity –...