Eesti Energia AS and Geothermal Baltic OÜ signed an agreement of shared intentions, according to which Geothermal Baltic will begin construction of a geothermal test borehole in Narva, on Enefit Power's property. If the pilot project is successful, the proposed solution will supply the city of Narva with green thermal energy at competitive prices and without CO2 emissions.
"The heat stored in the earth's crust is a source of renewable energy similar to wind and solar. The use of geothermal energy will help us reach carbon-neutral energy production," Margus Vals, member of the management board of Eesti Energia said.
"We will start testing in Narva whether the use of geothermal energy on a larger scale is possible in Estonia."
Narva has the second largest district heating network in Estonia, supplying heat to its nearly 60,000 inhabitants. Heat is currently produced in Narva at an Enefit Power combined heat and power plant for residents at the most affordable price in Estonia: €39.83 per megawatt hour.
"If the pilot project is successful, we will be able to offer the people of Narva carbon-free district heating at a reasonable price," Vals added.
Eavor-Loop, a patented technology owned by the Canadian company Eavor Technologies Inc., uses heat stored in rocks kilometers deep to generate energy, which is channeled through a closed system to consumers. Eavor's solution is scalable form of clean, which is achieved by mitigating or eliminating many of the issues that have hindered traditional geothermal solutions.
"Depending on the results of the pilot project, we can design a borehole for heat production with a capacity of at least 15 MW," Kaido Kõrm, head of Geothermal Baltic, said.
"The price of geothermal heating will be very competitive even in Narva where it is currently one of the lowest in Estonia. In addition, geothermal energy is stable and its price does not depend on the sudden price increases of other types of energy."
Geothermal energy is thermal energy produced by the Earth and stored in the earth's crust, which can be used for the production of heat and electricity. It is an environmentally friendly production method that provides consumers with affordable energy.
"We are confident that our technology will contribute to the reduction of greenhouse gases in the atmosphere and to the improvement of the living environment," executive vice president of Eavor Technological Inc, Robert Winsloe, said. "The ecological footprint of geothermal energy is the lowest among known forms of energy production."
Eesti Energia is an international energy company whose home markets are the Baltic States, Finland and Poland. The group is engaged in both energy production and sales, as well as providing beneficial and convenient energy solutions to customers.
Eavor is a technology-based energy company dedicated to creating clean, reliable and affordable energy.
Geothermal Baltic is a company owned by Estonian investors representing Eavor's technology in Estonia and other Baltic countries. The company aims to develop geothermal energy production that is completely emission-free.
Eavor uses drilling techniques from the oil and gas industry to cut through hard granite rock and install liquid-filled pipes underground. This includes horizontal drilling to lay pipe offshoots at the bottom of the well, right next to the hot-rock formation, to absorb heat like a radiator before bringing the heated liquid back to the surface, where it turns into steam to run a turbine generator.
Editor: Kristina Kersa