OMV Halts Graz Geothermal Project: What It Means for Renewable Energy By: Robert Buluma OMV cancels its deep geothermal project for Graz district heating, highlighting the risks and lessons for renewable energy projects. Discover what this means for future geothermal initiatives. OMV’s OMV’s Surprising Stop on Graz Geothermal Project Austria’s ambitious geothermal project aimed at supplying half of Graz’s district heating has been abruptly canceled. Initially envisioned as a major step in decarbonizing the city’s heating network, the project faced delays and contractual disagreements that ultimately led OMV to halt the initiative. The decision has sent ripples through the Austrian energy sector, raising questions about governance, risk, and renewable energy planning. The Significance of the Project The canceled geothermal initiative was valued at nearly €0.5 billion and had the potential to transform Graz’s energy landscape. Currently, the city relies on a small fraction ...
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