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Global Geothermal Power Market Review 2026.

Global Geothermal Power: Policies, Funding, Wells, Strengths, Opportunities and Barriers Geothermal is moving into a broader investment cycle. In 2026, the story is no longer limited to volcanic power plants in a few classic markets; it now includes enhanced geothermal systems, closed-loop designs, district heating, superhot rock, lithium from brines and industrial heat. Across the United States, Canada, Germany, the United Kingdom, Australia, New Zealand, Japan, Iceland, France and Italy, the sector is being shaped by a simple question: who is de-risking the first wells, and who is ready to finance the next ones?  United States: the next-generation testbed The United States has the broadest geothermal innovation ecosystem in this group, with a mature conventional base in the West and a fast-growing next-generation pipeline. The main policy signal in 2026 is the Department of Energy’s US$171.5 million funding opportunity for next-generation geothermal field-scale tests, exploration...

Iran’s First Geothermal Power Plant Connects to the National Grid, Marking a New Era in Clean Energy

Iran’s First Geothermal Power Plant Connected to the Grid: What Meshgin-Shahr Means for the Country’s Energy Future Image: A thematic image of a geothermal power plant  Iran has taken a notable step in clean power with the Meshgin-Shahr geothermal plant in Ardabil province, which has now been connected to the national electricity grid and begun generating electricity. The first phase is 5 MW, supported by a reported investment of 10 million euros, while the broader geothermal reservoir is described as having a potential production capacity of about 250 MW.  A Landmark for Iranian Geothermal The significance of this project goes beyond the first megawatts delivered to the grid. It marks Iran’s formal entry into commercial geothermal power generation at a time when many countries are looking for firm, low-carbon electricity that does not depend on weather conditions. According to the report, the plant is being developed by the Thermal Power Generation Holding Company and is loca...

Exergy, Baseload Sighn LOI For Kopsvatn Geothermal Plant In Iceland

Revolutionizing Geothermal Energy: Exergy Partners with Baseload Power Iceland to Transform Kopsvatn  By: Robert Buluma Image: Baseload Iceland,C.E.O Marta Ros Karlsdottir and Exergy's Luca Pozzoni shake hands upon signing of the LOI , Image source Exergy on LinkedIn In a groundbreaking development for geothermal energy, Exergy has signed a Letter of Intent (LOI) with Baseload Power Iceland to supply two Organic Rankine Cycle (ORC) units for the Kopsvatn geothermal power plant in Flúðir, Iceland. This partnership signifies a monumental leap in the utilization of small-scale binary systems that combine heat and power, paving the way for a global revolution in sustainable energy production.    A Milestone in Small-Scale Geothermal Innovation   The Kopsvatn geothermal power plant project embodies innovation at its finest. By integrating Exergy’s state-of-the-art ORC technology with Baseload Power Iceland’s strategic vision, this collaboration underscores the i...

Warmeverband To Start Geothermal Power Plant Construction Upon a Succeful Geological Survey Come 2025

Harnessing Earth's Energy: Riehen's Groundbreaking Geothermal Endeavor By: Robert Buluma In the heart of Riehen, Switzerland, a quiet revolution is underway, one that promises to reshape the community's energy landscape for decades to come. For the past 30 years, Riehen has been tapping into the Earth's natural warmth to power its heating systems, pioneering the use of geothermal energy in the region. Now, with a newfound zeal for sustainable energy solutions, the town is embarking on an ambitious journey towards expanding its geothermal infrastructure. The latest chapter in Riehen's geothermal saga unfolds with the revelation of a prospective site for a second geothermal facility. The announcement, made by the Riehen District Heating Company (Wärmeverbund Riehen AG), marks a significant milestone in the town's quest for energy independence. After meticulous assessments and geological surveys, a parcel of land in the Grendelmatten area emerged as the prime locat...

Construction Started of Wai-2 Geothermal Power Plant In Kumamoto Japan

Unveiling the Future: Construction Begins on Wai-2 Geothermal Power Plant By: Robert Buluma In a groundbreaking move towards sustainable energy, Furusato Thermoelectric Co., Ltd. has embarked on an ambitious project to build the Wai-2 Geothermal Power Plant. Led by the visionary leadership of CEO Kazuyuki Akaiishi, the company announced this momentous endeavor on March 22, 2024, marking a significant step forward in the realm of renewable energy. Located in the picturesque town of Oguni, nestled in the heart of Kumamoto Prefecture's Aso District, the Wai-2 Geothermal Power Plant is set to revolutionize the region's energy landscape. With a planned commercial operation slated for March 2026, this state-of-the-art facility aims to harness the Earth's natural heat to generate clean, sustainable electricity. What sets the Wai-2 Geothermal Power Plant apart is not just its cutting-edge technology but also its commitment to community collaboration. Building upon the success of th...

Mercury Collaborates With Ormat To Expand Nga Tamariki Geothermal Station With Additional 45 MW

Unveiling a New Era: Ngā Tamariki Geothermal Station Expansion Underway! By: Robert Buluma In a symbolic gesture marked by the clinking of shovels against the earth, a new chapter in renewable energy dawned as the groundbreaking ceremony for the fifth generating unit at the Ngā Tamariki geothermal commenced. The air was filled with anticipation and reverence as representatives from Tauhara North 2 Trust , Tahu Ngati Whaoa , and their esteemed delivery partner, Ormat gathered to bless and celebrate this momentous occasion. At the heart of this expansion lies a profound commitment to sustainability and cultural preservation. Collaborating closely with their valued partners,  Tauhara North 2 Trust and the wider mana whenua Ngāti Tahu Ngati Whaoa ,They had meticulously crafted a plan that not only ensures the long-term health of the land but also honors its sacred significance as a taonga. The addition of this new unit marks a pivotal milestone in  Mercury ongoing mission to cha...

PT PLN(Persero) Kamojang's Power Plant leads the way in Green Hydrogen Production

Harnessing Geothermal Energy: Kamojang Power Plant Leads the Way in Green Hydrogen Production By : Robert Buluma In a significant leap towards sustainable energy, the Kamojang geothermal power plant in West Java, Indonesia, has embarked on a pioneering journey by commencing the production of geothermal-based green hydrogen. Operated by the state-owned electricity company PT PLN, this initiative marks a pivotal moment in the realm of renewable energy production, not just for Indonesia but for the entire Southeast Asian region. Green hydrogen, a clean fuel source, is derived from the condensation water generated during the geothermal power production process at Kamojang. This innovative approach underscores the plant's commitment to environmental stewardship while tapping into the abundant renewable energy resources available in the region. With the commencement of operations at Kamojang, PT PLN's green hydrogen output is set to increase by up to 4.3 tons annually. This boost in ...

Globeleq 35 MW Menengai Geothermal Plant Project To Start by April 2025

 Bringing Sustainable Energy to Kenya: Globeleq's 35 MW Geothermal Power Project in Menengai In a significant stride towards sustainable energy development in Kenya, Globeleq, a leading independent power producer, is set to embark on a groundbreaking 35 MW geothermal power project in Menengai. With the project slated to commence construction next week, the collaboration between Globeleq and its partners marks a pivotal moment in Kenya's renewable energy journey. Mobilization of Construction Teams and Commencement of Civil Works Globeleq has joined forces with prominent EPC contractors, Toyota Tsusho Corporation and CFAO Kenya Limited, to kickstart the mobilization of construction teams. The commencement of civil works signals the beginning of a transformative phase for the Menengai region and the broader Kenyan energy landscape. Timeline and Project Scope The construction phase is estimated to span 23 months, with full operation expected to commence around the quarter of 2025. ...

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Top 10 Critical Geothermal Energy Problems Costs Risks Seismicity

Top 10 Geothermal Problems: Why a 24/7 Resource Still Struggles to Scale Image credit : Fida, C.E.O Geosilica... This is what scaling looks like downhole in geothermal pipes Intelligence; Strategy for the Geothermal Decade Geothermal energy is often presented as the clean firm resource that can support a renewable electricity system around the clock. It does not depend on sunshine, it can operate through calm weather, and it can provide heat and power for decades. Kenya already relies heavily on geothermal generation , Iceland uses geothermal heat across its economy, and next generation developers are now signing large power contracts with technology companies seeking reliable carbon free electricity. Yet the global geothermal sector remains small compared with solar and wind, with installed electricity capacity still near 16 GW.  That gap is not caused by one obstacle. It is produced by a chain of interlocking problems involving geology, drilling, finance, permitting, public acce...

Serbia Advances Mišeluk Geothermal District Heating Project in Novi Sad

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...

Global Geothermal Power Market Review 2026.

Global Geothermal Power: Policies, Funding, Wells, Strengths, Opportunities and Barriers Geothermal is moving into a broader investment cycle. In 2026, the story is no longer limited to volcanic power plants in a few classic markets; it now includes enhanced geothermal systems, closed-loop designs, district heating, superhot rock, lithium from brines and industrial heat. Across the United States, Canada, Germany, the United Kingdom, Australia, New Zealand, Japan, Iceland, France and Italy, the sector is being shaped by a simple question: who is de-risking the first wells, and who is ready to finance the next ones?  United States: the next-generation testbed The United States has the broadest geothermal innovation ecosystem in this group, with a mature conventional base in the West and a fast-growing next-generation pipeline. The main policy signal in 2026 is the Department of Energy’s US$171.5 million funding opportunity for next-generation geothermal field-scale tests, exploration...

Alphaxioms Interviews Rystad Energy: Geothermal's Inflection Point, Policy, and Drilling Breakthroughs

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...

North America Geothermal Energy Investment Opportunities, Companies, Resources, and Market Outlook

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...

PT Geo Dipa Energi Launches Strategic Minor Overhaul Tender for Dieng Unit 1 to Strengthen Geothermal Reliability

PT Geo Dipa Energi Opens Tender for Minor Overhaul of Dieng Unit 1 in 2026 Image: Indonesian Geothermal power plant PT Geo Dipa Energi (Persero) has opened a tender for the minor overhaul of the Dieng Geothermal Power Plant Unit 1 in 2026, signaling a continued focus on preserving the reliability of one of Indonesia’s most important geothermal assets. The procurement is aimed at selecting a qualified contractor with proven experience in turbine and generator maintenance for thermal power plants, underscoring the technical complexity and operational importance of the work. The tender, identified as RKS-004-PST/GDE/I/2026, uses a post-qualification bidding method and applies strict administrative, technical, and safety requirements. The schedule places document registration and collection between 26 and 28 January 2026, followed by a mandatory RKS explanation session and field visit on 29 January 2026. Procurement Scope and Process The procurement procedure requires prospective bidders...

New Mexico Tribal Geothermal Development: Energy Sovereignty, Jobs, Investment

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...

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

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...

Green Therma Selects H&P to Drill Denmark’s Longest Geothermal Well

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 ...

Geothermal Innovation, Superhot Systems, Social License, and the Future of Global Geothermal Energy

In this interview, Dr. Amel Barich, Founder & CEO of Geoscience Research and Communications (GRC) , shares insights into the future of geothermal energy, covering superhot geothermal systems, advanced drilling, international collaboration, social license to operate, developing-country opportunities, and the growing role of geothermal in integrated energy systems.  Image : Dr. Amel Barich Founder & CEO, Geoscience Research and Communications (GRC) Geoscientist | Geothermal R&D&I | Social License to Operate Q1. Could you briefly introduce yourself and describe your current role in advancing geothermal innovation? I am a geoscientist and geothermal professional with a background spanning geothermal research and innovation, international collaboration, policy and science diplomacy, stakeholder engagement, and strategic communication. Over the past decade, I have worked from Iceland across major European and international geothermal initiatives, leading collaborative R...