JOURNAL ARTICLE

Austria Plans Funding Help to Encourage More Geothermal Drilling.

  • Published In: Bloomberg.com, 2025. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Tirone, Jonathan 3 of 3

Abstract

Austria is planning to provide funding incentives to encourage more geothermal drilling in order to secure clean and sustainable energy sources and reduce reliance on Russian gas. The high upfront costs of drilling have hindered the expansion of the geothermal industry, but advances in technology have made drilling faster and deeper, allowing for tapping into higher temperatures below the Earth's surface. The government aims to support companies like OMV AG and SBO in curbing development costs and risks, with the goal of generating clean electricity and heat crucial for meeting net zero goals. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2025/04, pN.PAG
  • Document Type:Article
  • Subject Area:Power and Energy
  • Publication Date:2025
  • Accession Number:184177152
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