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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...

Geothermal Energy Stocks to Watch in 2026 , Top 5 Companies Leading the Revolution

Geothermal Energy Stocks to Watch in 2026: Top 5 Companies Leading the Revolution Image : A Thematic Image of an Ormat Power Plant  Geothermal energy is becoming one of the most closely watched areas of the global clean-energy industry. For decades, geothermal power remained a specialized technology concentrated in regions with naturally accessible underground heat. Today, improvements in drilling, reservoir engineering, well construction, digital monitoring, and power-generation technology are creating the possibility of developing geothermal resources in a much broader range of locations. Investors are paying closer attention because the electricity system is changing rapidly. Demand is rising from data centers, artificial-intelligence infrastructure, electric vehicles, industrial electrification, manufacturing, and population growth. At the same time, utilities and governments are seeking reliable low-carbon electricity that can complement intermittent solar and wind generation....

5 km Deep and Back Again: United Downs Overcomes Pump Failure to Put UK’s First Geothermal Power Plant Within Weeks of First Electrons

United Downs: Britain’s First Deep Geothermal Power Plant Edges Closer to the Finish Line After High-Stakes Pump Swap at 5.2 km Cornwall, UK – November 2025 By:  Robert Buluma Five kilometres beneath the rolling hills of Cornwall, in one of the deepest onshore wells ever drilled on British soil, a quiet but pivotal drama has just played out. After months of frustration, the failed downhole pump that threatened to derail the United Downs deep geothermal project – the UK’s first attempt to generate electricity from hot granite – has been pulled to surface. In its place, a new high-temperature Electrical Submersible Pump (ESP) supplied by SLB (formerly Schlumberger) is being readied for deployment 1,400 metres below the rig floor, inside a 5,275-metre production well that still holds the record as the deepest onshore borehole in the United Kingdom. The man at the centre of the operation, Ryan Law, Founder and CEO of Geothermal Engineering Ltd (GEL ), has been unusually candid on Linke...

SLB and Ormat Join Forces to Accelerate Next-Generation Geothermal Development

A groundbreaking partnership to commercialize Enhanced Geothermal Systems (EGS) and redefine clean energy for the AI era By:  Robert Buluma In a major leap for global clean energy innovation, SLB  (NYSE: SLB) and Ormat  Technologies (NYSE: ORA) have announced a strategic partnership aimed at fast-tracking the development and deployment of integrated geothermal assets , including Enhanced Geothermal Systems (EGS)   the next frontier in geothermal technology. Unveiled on October 27, 2025 , this collaboration brings together SLB’s deep expertise in subsurface engineering and well construction with Ormat’s six-decade legacy in geothermal power plant development and operations . The goal? To unlock the Earth’s untapped heat potential and make geothermal energy accessible far beyond conventional hydrothermal hotspots. 🔥 The Future of Geothermal: Enhanced Geothermal Systems (EGS) Traditional geothermal relies on naturally occurring steam or hot water reservoirs. E...

The Future of Geothermal Energy: How Google Cloud, SLB, and Project Innerspace are Redefining the Game

  The geothermal revolution just got a powerful boost. By: Robert Buluma In a groundbreaking collaboration, Google Cloud, SLB, and Project Innerspace have joined forces to fast-track the global adoption of geothermal energy, leveraging cutting-edge data analytics, AI, and deep industry expertise. This partnership is not just a technological breakthrough it’s a bold move toward making geothermal energy a dominant force in the clean energy landscape. A Tectonic Shift in Geothermal Development Geothermal energy has long been hailed as the holy grail of clean, baseload power . Unlike solar and wind, it provides constant and reliable electricity, yet its global potential remains largely untapped due to exploration and development challenges . That’s where this alliance steps in. At the core of this partnership is GeoMap , an advanced mapping tool developed by Project Innerspace with contributions from over 100 researchers and scientists. Hosted on Google Earth Engine , GeoMap inte...

U.S. Companies Designated as ‘Awardable’ for Air Force Geothermal Projects

Advancing National Security and Military Preparedness Through Geothermal Innovation By:  Robert Buluma The  United State Department of Defence (DOD) has officially designated several U.S. companies as ‘Awardable’ for the United States Air Force’s Geothermal for National Security and Military Preparedness initiative. This recognition, facilitated through the Tradewinds Solutions Marketplace, streamlines procurement processes by emphasizing innovation, scalability, and mission impact key factors in strengthening the nation’s energy resilience.   What Does ‘Awardable’ Mean?  Being labeled as ‘Awardable’ by the DOD means that these companies have met the stringent criteria required for direct contracting opportunities with the U.S. government. This designation simplifies the acquisition process and ensures that cutting-edge geothermal technologie can be rapidly deployed to support military bases and critical infrastructure.   The Role of Geothermal Energy...

Pioneering Canada's Energy Future: DEEP Partners with SLB for Next-Generation Geothermal Innovation

Deep Earth Energy  Energy Partners with SLB : Ushering in a New Era of Geothermal Innovation in Canada   By: Robert Buluma In an ambitious leap towards redefining Canada's energy landscape, DEEP Earth Energy Production Corp.  Deep has joined forces with global energy technology leader  SLB (NYSE: SLB). This groundbreaking partnership aims to drive the development of Canada's first next-generation geothermal project in southeastern Saskatchewan. The project promises up to 30 MW of emissions-free baseload power once the initial two phases are complete — a significant milestone for Canada's renewable energy future.   In addition to this partnerships ,SLB has been on the forefront in geothermal capacity building even marging with Universitys Overcoming Geothermal Barriers with Innovation   Canada boasts enormous geothermal potential, but the sector has largely remained untapped due to economic and technical challenges. Conventional extraction m...

Geothermal Fully Funded PhD at Sheffield With SLB

Exploring Buoyancy Effects in Advanced Geothermal Systems: A Fully Funded PhD Opportunity at the University of Sheffield By: Robert Buluma Image: Sheffield Home Garden The global demand for sustainable and scalable renewable energy has positioned geothermal energy as a critical player in the clean energy transition. However, traditional geothermal systems often face geographic limitations, restricting their deployment to specific locations. Enter Advanced Geothermal Systems (AGS)—a revolutionary approach poised to unlock geothermal energy's global potential. If you are passionate about tackling the challenges of geothermal energy and possess a solid background in engineering or applied sciences, the University of Sheffield is offering a fully funded four-year EPSRC iCASE PhD studentship in collaboration with SLB, a leader in energy technology innovation. We reported earlier on on how SLB , formerly Schullumberger joined forces with Ormat in Geothermal energy expeditions The Focus o...

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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...

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...

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...

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...

"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...

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...

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...