Key Market Indicators
Belgian geothermal generation is projected to remain virtually unchanged over the next five years, reaching approximately 40 gigawatt-hours by 2028 from its current level of around 40 gigawatt-hours in 2023. This represents a negligible growth rate of 0% annually. Since 1995, however, the supply has seen a steady increase of 3.7% each year. In 2023, Belgium was ranked 17th globally in geothermal generation, just behind Macedonia, which also produced around 40 gigawatt-hours. Leading the rankings were Iceland, France, and Germany, occupying the top three spots respectively. Similarly, Belgian geothermal energy consumption is expected to stay flat over the next five years, maintaining a constant level of about 146 terajoules from 2023 to 2028. The demand has shown a consistent annual growth rate of 3.7% since 1995. Belgium also ranked 17th in geothermal energy consumption in 2023, with Macedonia slightly ahead at the same consumption level. Iceland, France, and Germany again led the global rankings, holding the second, third, and fourth positions respectively.
