Australia: New World Energy to explore geothermal in Pilbara

Alexander Richter 26 Sep 2009

According to local news, New World Energy a new Australian geothermal company is exploring geothermal resources in Pilbara, Australia.

According to the article, “Geothermal energy is all the go in these days of carbon awareness and global warming. Almost all of Victoria and large parts of South Australia and Queensland are covered by geothermal exploration permits.

The only problem is that much of that ground is either a long way from the energy hungry metropolitan markets or the geothermal potential has to compete with the entrenched coal- and gas-fired power industries.

That’s why New World Energy, a new and soon-to-be listed vehicle from the Ted Ellyard stable, has taken a different tack.

It has just secured geothermal exploration leases covering most of the prospective geothermal ground in the Pilbara in a coastal strip between Onslow and Carnarvon.

The Pilbara is one of Australia’s high-growth regions for energy consumption. The booming iron ore industry and the huge growth in gas export projects has made sure of that.

You would think that with all the gas in the world in the offshore gasfields, gas-fired energy would be the answer. But those gas projects are all about capturing big bucks for exports, not supplying the low-yield domestic markets.

And besides, the ability to tap in to some geothermal power source would give all of those big power consumers in the Pilbara that warm and fuzzy feeling that comes with alternative ”green” energy sources.

It’s a wonder that the Pilbara entrepeneur, big-picture thinker and , Fortescue Metals chief Andrew ”Twiggy” Forrest didn’t think of it himself.

Then again, he can jump on board if he so desires as, after having just raised close to $2 million in seed capital, New World Energy expects to launch an initial public offering within the next couple of months.”

Source: Brisbane Times