In 2023, the gross available energy from geothermal power in the UK stood at 34 Terajoules. The forecast from 2024 to 2028 shows that this value will remain constant at 34 Terajoules each year. This implies that there will be no year-on-year variation, standing at 0% over the forecast period. Additionally, with the annual average growth (CAGR) over the last five years being 0%, the trend indicates a stagnation in the growth of geothermal energy production in the UK.
Future trends to watch for:
- Potential technological advancements that could increase geothermal energy extraction efficiency.
- Government policies and incentives aiming at boosting renewable energy sources.
- Changes in market demand for renewable energy in response to environmental concerns and sustainability goals.
- Investment flows into the renewable energy sector, particularly geothermal projects.
