Australia looks to develop geothermal

CANBERRA, Australia, April 4 (UPI) -- The Australian government is working on a long-term development plan for the geothermal industry.

At last week's first geothermal industry round table in Canberra, government representatives estimated geothermal power could supply 10 percent of the country's energy demand, The Age reported.

"The success of the sector will depend on the readiness of industry, research and government to work together," Resources Minister Ian Macfarlane said.

Torrens Energy Ltd., a Western Australia geothermal mine exploration company, debuted on the Australian Stock Exchange at a 75 percent premium to its offer price of 20 cents a share. The group will look for hot fractured rock geothermal energy sources.

Macfarlane said geothermal is a reliable energy source, able to meet base-load power demand 24 hours a day, as opposed to solar or wind energy. It's also an alternative way to produce electricity without emitting greenhouse gases. Since 2000 the government has invested more than $27 million in geothermal.

"Large-scale geothermal power plants have the potential to substantially reduce Australia's carbon dioxide emissions," said Environment and Water Resources Minister Malcolm Turnbull.

The two ministers were the co-hosts of the meeting in Canberra.