Geothermal Power: Finance

(asked on 1st December 2022) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask His Majesty's Government what consideration they have given to the UK’s geothermal industry and the role of the Contracts for Difference scheme in supporting new developments.


Answered by
Lord Callanan Portrait
Lord Callanan
Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
This question was answered on 15th December 2022

The Government supports the development of geothermal projects provided it can be done at an acceptable cost to consumers, and the most promising use case in the UK appears to be for heat. Government is supporting the development of low-carbon heat networks and thereby building its capability to harness heat from sources such as geothermal energy. Projects generating electricity from geothermal heat are able to bid into the Contracts for Difference scheme.

The Government is also supporting a report seeking evidence on geothermal opportunities in the UK, which will involve gathering industry’s views through stakeholder workshops and interviews.

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