The disadvantages and weakness of the Geothermal from economic aspect, economics homework help

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Economics

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This is a paper assignment from energy economics class. It is also a draft of my presentation. The content of this paper should be include the disadvantages and weakness of the Geothermal from economic aspect. And the length of this paper should be 3 pages and a half to 4 pages. Thank you for your help!

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Running head : ECONOMIC WEAKNESSES OF GEOTHERMAL INDUSTRY

Economic disadvantages and weaknesses of the geothermal industry
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ECONOMIC WEAKNESSES OF GEOTHERMAL INDUSTRY
Economic disadvantages and weaknesses of the geothermal industry
Geothermal power plants have for long been considered some of the most effective alternative
energy sources. In this case, Hlebčar (2006) notes that this industry has been targeted as an
alternative energy to traditional sources such as coal, natural gas, and petroleum products that
lead to adverse environmental effects, and negative impacts have already begun being
experienced. Although the geothermal industry has been considered as a good source of
sustainable energy, it possesses a number of weaknesses and disadvantages that heavily
impact its efficiency and sustainability. The following section will analyze some of the
economic weaknesses and disadvantages of the geothermal industry.
High investment and installation requirements
Geothermal has been shown to have relatively lower production costs as compared to
other forms of energy. In this case, its efficiency is estimated to be at an average of 400%.
Although other methods of energy generation have a lower efficiency, their initial setup costs
are low. In this case, geothermal requires a very large amount of funds to establish. The
industry requires extensive exploring and drilling of reservoirs which consume resources
despite most of them being unsuccessful. The exploration may also pose a threat to the
environment, in addition to the high costs that will go to waste when these sites fail to
produce sufficient energy. In this case, DiPippo (2016) reports that industry demands at least
US$ 2-7 million to ...


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I was struggling with this subject, and this helped me a ton!

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