Australian Federal Resource Minister Martin Ferguson predicts that Geothermal - Hot Rock Energy could rival coal to provide Australia's base load energy needs.
Ferguson has shown great insight into alternative energy and has been an impressive force encouraging the development of Australia's Hot Rocks and other emmission free base load energy systems.
Mr Ferguson said the Federal Government was committed to supporting geothermal energy to secure Australia's future energy needs while launching Petratherm's Paralana project in conjunction with South Australia's Premier Mike Rann.
''Geothermal has great potential to supply clean base-load power and could compete with coal in the future,'' Mr Ferguson said. ''According to Geoscience Australia, if just 1 per cent of Australia's geothermal energy was extracted it would equate to 26,000 times Australia's total annual energy consumption.''
South Australia's Premier Rann said his state is at the centre of Australia's Hot Rock Industry with 97% of Australian Geothermal Energy expenditure to date being in South Australia.
Petrathem ASX Code: PTR with its joint venture Partners Beach Petroleum ASX Code: BPT and TrueEnergy predict that they will have Australia's first commercial hot rock energy system online in 20011. Intially supplying the Beverly Uranium mine and then connecting to the national grid via Port Augusta or Olympic dam.
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