2024 has been called the hottest year on record for geothermal. Next-generation geothermal players announced exciting technology advancements, hyperscaler agreements, and raised almost as much as in all years prior.

CREO’s latest report “Geothermal power generation market snapshot” provides a market update for the geothermal sector.

Geothermal has been a relatively small portion of the power mix in the US, currently around less 0.4%. But there’s more potential just below the surface, as new technologies adopted in part from the oil and gas industry have greatly expanded the generation potential.

Like nuclear, geothermal appears poised to provide clean, firm, dispatchable power at relatively low costs. Unlike nuclear, the geothermal sector is relatively new and innovation in project finance to derisk scaling the new technologies could be critical in getting the sector off the ground.