Contents
Contents ........................................................................................................................................................................... 2
An Evolving Sector with Selective Investment Appeal...................................................................................................... 3
Winding Back the Clock .......................................................................................................................................................................................... 3
So What Happened? ............................................................................................................................................................................................... 3
Is This the End of the Geothermal Story? We Think Not ....................................................................................................................................... 3
What Is the Potential Revenue Opportunity? .......................................................................................................................................................... 3
Technology/Development Milestones 2008-09 ....................................................................................................................................................... 4
Policies Driving the Change ............................................................................................................................................. 6
Renewable Energy Target...................................................................................................................................................................6
Carbon Pollution Reduction Scheme...................................................................................................................................................6
Exploiting Geothermal: Hot Rock Process and Risks ....................................................................................................... 7
Background ............................................................................................................................................................................................................. 7
So Why Does Geothermal Energy Have Legs in Australia? ................................................................................................................................... 7
Accessing the Energy.............................................................................................................................................................................................. 8
The Geological Play Types ..................................................................................................................................................................................... 9
Using the Energy – Electricity Generation............................................................................................................................................................. 10
Steam Rankine Cycle............................................................................................................................................................................................ 11
Organic Rankine Cycle (Binary Power Plant)........................................................................................................................................................ 11
Technical and Other Risks .................................................................................................................................................................................... 11
The Economics Driving Geothermal ............................................................................................................................... 12
Transmission Costs: Expensive ............................................................................................................................................................................ 12
Geothermal vs Wind and Other Renewables ........................................................................................................................................................ 14
Reserve Certification ...................................................................................................................................................... 15
Geothermal Listed Companies....................................................................................................................................... 15
Company Profiles ........................................................................................................................................................... 16
Geodynamics (GDY.AX) ................................................................................................................................................ 17
Panax (PAX.AX)............................................................................................................................................................. 18
Petratherm (PTR.AX) ..................................................................................................................................................... 19
Geothermal Resources (GHT.AX) ................................................................................................................................. 20
KUTh (KEN.AX).............................................................................................................................................................. 21
Hot Rock Limited (HRL.AX)............................................................................................................................................ 22
Eden Energy (EDE.AX).................................................................................................................................................. 23
Torrens Energy (TEY.AX) .............................................................................................................................................. 24
Green Rock (GRK.AX) ................................................................................................................................................... 25
Greenearth Energy (GER.AX)........................................................................................................................................ 26