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"US Geothermal Tax Credits 2026: What the IRA/45Q Changes Mean for Developers"

By Robert Buluma Alphaxioms
US Geothermal Tax Credits in 2026: What Is Actually Still Alive After OBBBA For an industry that spent more than a decade building financial models around a stable federal incentive structure, 2026 has been a year of whiplash. The 30% federal geothermal tax credit that developers and homeowners built forecasts around is gone in one form and still alive in another, and even the IRS’s own public guidance has been confusing enough to trigger uncertainty across the market. That confusion is not a minor clerical issue. It is shaping investment decisions, contractor sales pitches, homeowner timelines, and project finance assumptions right now. If you work in geothermal, the key question is no longer whether federal incentives exist, but which incentive applies, to which project type, and under what ownership structure. The law that changed the timeline To understand where things stand in 2026, you have to start with the Inflation Reduction Act of 2022, which created a long runway for clean e...
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Hungary Unlocks 29 Billion Forint for Geothermal Drilling: Jedlik Ányos Program Fuels Major Expansion in Europe's Geothermal Hotspot

By Robert Buluma Alphaxioms
Hungary's Geothermal Boom: Jedlik Ányos Energy Program Unlocks 29 Billion Forint for Deep Earth Exploration and Green Heat By: Robert Buluma Posted by: Alphaxioms Geothermal News    Date: March 6, 2026 Hungary is stepping up its game in the geothermal arena with a major push under the Jedlik Ányos Energetikai Program (Jedlik Ányos Energy Program). As of early March 2026, fresh funding calls have opened, making a combined 29 billion footprint (approximately USD 80-85 million) available specifically for geothermal projects. This includes non-repayable grants to de-risk exploratory drilling and interest-free loans for larger-scale developments. For a country already in Europe's top tier for geothermal utilization thanks to the favorable geology of the Carpathian Basin, this is a game-changing injection that could accelerate the shift toward energy independence, lower heating costs, and reduced fossil fuel imports. Hungary's Exceptional Geothermal Advantages Hungary sits on som...
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Kaishan KK01 Geothermal Milestone: All Tests Passed – Commercial Operations Imminent in Kenya's Menengai Field

By Robert Buluma Alphaxioms
Milestone Alert: Kaishan Group's KK01 Geothermal Power Plant in Kenya Completes All Tests – Set for Commercial Operations (COD)! Posted by: Alphaxioms Geothermal News   Date:March 6, 2026 Kenya's geothermal sector has achieved yet another significant milestone in the push for clean, reliable, and sustainable energy. On March 5, 2026, Kaishan Group Co., Ltd.(开山集团), a leading Chinese innovator in geothermal technology, proudly announced the successful completion of all independent third-party witnessed tests for their fully owned and operated KK01 (Kaishan Kenya 01) geothermal power station. Located in the prolific Menengai geothermal field in Nakuru County, this 35 MW net capacity plant has now cleared every hurdle, including a rigorous 30-day stability run that began on February 2. With all performance parameters meeting or surpassing design expectations, the independent engineer is poised to issue the final certificate and notify Kenya Power and Lighting Company (KPLC), marki...
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Vinkovci’s Geothermal Breakthrough: Unlocking Croatia’s Clean Energy Future

By Robert Buluma Alphaxioms
Vinkovci Uncovers Massive Geothermal Potential: Studies and Documentation Underway By:  Robert Buluma Vinkovci, Croatia – November 3, 2025 Recent research at the Vinkovci GT-1 well has confirmed significant geothermal potential in the area, positioning Vinkovci as the third Croatian city—after Velika Gorica and Osijek—to record reservoir temperatures above 100°C. These findings continue a successful series of exploratory activities led by the  Croatian  Hydrocarbons Agency (Agencija za ugljikovodike) as part of the project “Preparation and Exploration of Geothermal Potential in the Context of Centralized Heating.” Energy of the Future Beneath Vinkovci Mayor Josip Romić expressed his excitement on social media, stating: "Research has confirmed what we believed from the start—Vinkovci and our region hold enormous geothermal potential. Beneath our feet lies the energy of the future, enabling us to reduce dependency on external factors and fluctuating energy prices. This is ...
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Aarhus Turns Up the Heat: Europe’s Largest Geothermal District System Begins to Flow”

By Robert Buluma Alphaxioms
🌍 From Vision to Reality: Aarhus Powers Its Future with Geothermal Heat By:  Robert Buluma Aarhus, Denmark has officially turned a bold vision into a living reality. The city has become the latest symbol of Europe’s clean energy transition — as geothermal heat now flows directly into Aarhus’ district heating grid for the very first time. This milestone didn’t happen overnight. It’s the result of three years of visionary planning, engineering excellence, and environmental determination by Innargi , in close partnership with Kredsløb and the City of Aarhus. Together, they’ve taken the silent power beneath our feet and transformed it into a renewable energy solution that is set to redefine how cities heat their homes and power their future. 🔬 The Science Behind the Heat At the heart of this transformation lies the Skejby geothermal plant, a marvel of modern engineering. From sandstone reservoirs located 2.5 kilometers beneath the earth’s surface, naturally warm water — reaching temp...
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Košice Ignites Its Geothermal Future: A 30-Year Dream Becomes Reality”

By Robert Buluma Alphaxioms
Košice Turns Up the Heat: Geothermal Energy to Warm the City After 30 Years in Waiting By: Robert Buluma After three decades of anticipation, the city of Košice, Slovakia, is finally set to tap into one of the Earth’s cleanest and most sustainable energy sources geothermal heat. On Wednesday, drilling begins on the long-awaited project “Utilization of Geothermal Energy in the Košice Basin”, marking a major leap toward energy independence and carbon neutrality for Slovakia’s eastern metropolis. From the site of Svinica–Ďurkov, a new deep geothermal well will be drilled, expected to reach a temperature of 135°C and a flow rate of 55 liters per second. Two reinjection wells each plunging roughly 3,700 meters deep  will accompany the main production well, ensuring a closed-loop system that reuses and reheats the geothermal water beneath the Earth’s surface. The third and final well is expected to be completed by mid-2026. Turning Vision into Reality The geothermal heating project is be...
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Innargi Deep: Seismic Surveys Spark Geothermal Heating RevolutionHeading: Łódź DiINNARGI Digs Deep: Seismic Surveys Spark Geothermal Heating Revolutiong Revolution

By Robert Buluma Alphaxioms
🌍 Seismic Surveys Kick Off Geothermal Exploration in Łódź Why Łódź is Going Underground for Clean Heat By:  Robert Buluma In an exciting development for climate-focused energy innovation, the Danish company Innargi has teamed up with Veolia Energia Łódź to explore the geothermal potential beneath the city of Łódź, Poland. A letter of intent signed in late 2024 formalized their long-term partnership to decarbonize the city's district heating system by tapping into renewable geothermal resources. Mapping the Earth: What’s Happening & When Starting around August 11, 2025 , seismic surveys are scheduled to begin across four routes covering approximately 160–186 km throughout the city. Specialized vibro‑trucks will send controlled vibrations—lasting roughly 20 seconds—into the ground. These signals are captured by geophones placed in advance along the planned routes. The data will be used to build a detailed subsurface map in just 4 weeks . Survey operations are prima...
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Alphaxioms Interviews Rystad Energy: Geothermal's Inflection Point, Policy, and Drilling Breakthroughs

By Robert Buluma Alphaxioms
Geothermal at an Inflection Point: Why Policy, Conventional Resources, and Drilling Breakthroughs Will Define the Next Decade This interview was conducted by Robert Buluma on behalf of Alphaxioms,  responses delivered by  Alexandra Gerken Product manager, Geothermal solution at Rystad Energy   Introduction: The Strategic Crossroads for Geothermal Geothermal energy is entering a decisive phase. After decades of steady but regionally concentrated development, the sector now faces a confluence of technological innovation, policy ambition, and market demand that could either unlock global scale or confine geothermal to niche applications. Alexandra Gerken, Product Manager for Geothermal Solutions at  Rystad Energy , offers a clear-eyed assessment of where the industry stands, which technologies will drive near-term growth, and what must happen for geothermal to become a globally significant source of firm, low-carbon power. Her analysis emphasizes three pillars: the imme...
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Green Therma Selects H&P to Drill Denmark’s Longest Geothermal Well

By Robert Buluma Alphaxioms
Green Therma Selects H&P to Drill Denmark’s Longest Geothermal Well for Aalborg Heat4Ever Demonstration Denmark is moving from geothermal ambition to execution. Green Therma has selected Helmerich & Payne to drill the Heat4Ever demonstration well near Aalborg, a project that could become one of the country’s most technically ambitious geothermal developments and a meaningful test of closed-loop district heating.   A milestone for Danish geothermal The Aalborg Heat4Ever project matters because it is designed to prove that geothermal heat can be delivered without relying on a natural hot-water reservoir. Instead of producing groundwater from a conventional geothermal field, the system uses a closed-loop pipe-in-pipe design that circulates the same fluid downhole, heats it in contact with hot rock, and returns it to the surface for district heating use.  That distinction is important for Denmark, where district heating is already a major part of the energy system ...
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Serbia Advances Mišeluk Geothermal District Heating Project in Novi Sad

By Robert Buluma Alphaxioms
Serbia Advances Geothermal Drilling for the Mišeluk District Heating Plant in Novi Sad Serbia is moving forward with plans to develop a geothermal district heating system in Mišeluk, a rapidly urbanizing area of Novi Sad. The project is intended to place geothermal energy at the centre of a new low-carbon heating network, supported by solar power and natural gas backup. Exploratory drilling and construction of the heat distribution network are being carried out by JKP Novosadska toplana, Novi Sad’s public district heating utility. The initiative is supported through the United Nations Development Programme’s “Geothermal Energy in Serbia” programme, with financial backing from Slovakia.  The Mišeluk project is important not only because it could provide a new renewable heat source for Novi Sad, but also because it demonstrates how geothermal energy can be integrated into urban development from the earliest planning stages. Rather than retrofitting a geothermal system into an establi...
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North America Geothermal Energy Investment Opportunities, Companies, Resources, and Market Outlook

By Robert Buluma Alphaxioms
Investment Opportunities in North American Geothermal Energy North America is entering a new investment cycle in geothermal energy. The United States offers the region’s deepest commercial market and the largest advanced-geothermal pipeline; Mexico provides proven high-temperature volcanic resources and an established utility-scale industry; while Canada presents an earlier-stage opportunity centered on sedimentary-basin geothermal, direct-use heating, closed-loop systems, and oil-and-gas technology transfer. The investment case now extends well beyond conventional geothermal power plants. It includes enhanced geothermal systems, advanced closed-loop systems, geothermal heat pumps, district heating, industrial heat, geothermal storage, lithium extraction from geothermal brines, data-center power, and hybrid renewable-energy projects. In the United States, utilities had already procured or agreed to procure 1,007 MW of next-generation geothermal capacity through 12 power-purchase agreem...
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New Mexico Tribal Geothermal Development: Energy Sovereignty, Jobs, Investment

By Robert Buluma Alphaxioms
New Mexico’s Tribal Lands Poised for Geothermal Development: Opportunity, Challenges, and Pathways to Energy Sovereignty Image:  Located in Lordsburg, Lightning Dock is the only utility scale geothermal power plant in New Mexico. (BLM New Mexico via Flickr) Why geothermal matters for New Mexico tribes, nations, and pueblos Geothermal energy uses heat from the earth to produce electricity or heat buildings directly. For New Mexico — a state with abundant subsurface heat resources — geothermal offers a reliable, low‑emission complement to wind and solar. Unlike intermittent renewables, geothermal provides baseload power capable of supporting grid stability and reducing reliance on fossil fuels. For tribal communities, geothermal has particular appeal: it aligns with many Indigenous values around stewardship, can be developed with relatively low water demand compared with some thermal technologies, and offers long‑term revenue, jobs, and enhanced local control over energy resources. E...
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NYC Subway Thermal Energy Network Pilot: Geothermal Heat Capture, Radiant Cooling, Seasonal Storage

By Robert Buluma Alphaxioms
New York’s Subway Heat Turned into Winter Warmth: The City’s First Transit Thermal Energy Network Pilot Turning platform heat into usable energy — what the Chambers Street and Brooklyn Bridge–City Hall pilot means for urban energy systems New York City has launched a study to design and test a Thermal Energy Network (TEN) that would capture excess heat from two of Lower Manhattan’s hottest subway stations and reuse it to heat nearby municipal buildings. The proposed pilot, centered on the Brooklyn Bridge–City Hall 4/5/6 complex and the Chambers Street J/Z station, is notable for being the first time TENs are being considered inside a U.S. transit system. The plan pairs radiant cooling on platforms with geothermal borehole storage under an abandoned center platform at Chambers Street, converting otherwise wasted heat into a supply that can be stored seasonally and delivered to surrounding municipal facilities during colder months. This initiative sits at the intersection of urban heat r...
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€200 Million Dutch Geothermal Financing Accelerates Sustainable Greenhouse Heat Growth

By Robert Buluma Alphaxioms
€200 Million Financing Accelerates Dutch Geothermal Energy Cluster in Centraal Oostland A new financing framework of up to €200 million is set to accelerate the development of a major geothermal energy cluster in Centraal Oostland, a greenhouse horticulture region in South Holland, the Netherlands. The facility, arranged by ING and Rabobank for renewable heat infrastructure platform 85 Degrees Renewable, will support the next phase of geothermal development in the region. The funding is expected to finance new geothermal wells, expand heat distribution infrastructure and strengthen the long-term growth of an integrated renewable heat platform serving greenhouse growers. The transaction is significant not only because of its size, but also because it demonstrates the growing ability of geothermal heat projects to attract institutional and bank financing. It highlights a shift from treating geothermal energy as a collection of individual drilling projects toward developing integrated hea...
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Innargi Geothermal drives Europe's renewable district heating decarbonisation from Aarhus to Poland

By Robert Buluma Alphaxioms
Innargi Geothermal, Decarbonising Europe's Heat, One City at a Time In an era defined by the urgent need to decarbonise Europe’s energy systems, one critical sector often remains overlooked, heating. Accounting for a substantial portion of the continent’s energy consumption, the heating sector has long been dominated by fossil fuels and biomass. Enter Innargi Geothermal, a Danish company on a mission to change that, one community at a time. Founded in 2017 by A.P. Møller Holding , Innargi has rapidly evolved from a single-project venture in Aarhus into an international geothermal energy company with a growing portfolio across Northern and Eastern Europe. By applying decades of subsurface expertise from the oil and gas industry to the untapped potential of geothermal energy, Innargi is industrialising geothermal district heating at a scale never before seen in the European Union. This article takes a deep dive into Innargi’s operations, exploring its revolutionary business model a...
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Nowy Dwór Mazowiecki GT-1 Thermal Water Exploration Well: Project Overview, Funding, and Investment Potential

By Robert Buluma Alphaxioms
Nowy Dwór Mazowiecki GT,1 Thermal Water Exploration Well: Project Overview, Funding, and Investment Potential Project background and objectives The town of Nowy Dwór Mazowiecki signed grant agreement No. 52/2025/Wn07/FG,hg,dg on 20 February 2025 with the National Fund for Environmental Protection and Water Management (NFOŚiGW) under the “Making Poland’s Thermal Waters Accessible” priority program. The grant fully funds the execution of a single exploration and appraisal borehole, Nowy Dwór Mazowiecki GT,1, aimed at locating and characterizing geothermal waters for heating, recreational and balneotherapy uses. The direct objective is to perform geological works to identify and appraise thermal water resources and to make them available for municipal and commercial uses. The drilling target is one borehole to a design depth of 2,070 m (±10%). The project’s declared operational target is to assess thermal water yield and temperature to determine suitability for district heating, spa, recr...
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Blowout at Cape Station: Fervo Energy’s First Major Crisis After Blockbuster IPO

By Robert Buluma Alphaxioms
Just weeks after a record-breaking IPO, the flagship project of the "geothermal unicorn" faces its first major operational crisis. By : Robert Buluma   Beaver County, Utah – The morning of May 27, 2026, began like any other at the Cape Station construction site in rural Utah. Workers for Fervo Energy, the newly public darling of the renewable energy world, were engaged in the complex task of drilling deep into the Earth’s crust to unlock what the company promised would be the future of 24/7 clean power. But by the afternoon, the routine had turned into a crisis. The site had experienced a blowout—an uncontrolled release of fluid or pressure from a well. For any energy company, a blowout is a serious matter. For Fervo Energy, which had just raised $1.89 billion in a blockbuster Nasdaq debut two weeks prior, it represents an immediate stress test of its technology, its safety protocols, and its $7.7 billion market valuation. While the well has since been contained and no injur...
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