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From The Australian:
AUSTRALIA'S leading "hot rock" outfit, Brisbane-based Geodynamics, will this week begin final "proof of concept" trials ahead of construction of the nation's first electricity generator powered entirely by heat "mined" from deep in the earth's crust.
The company is so confident of success it has already committed nearly $12 million to the 1 megawatt demonstration plant, predicting it will be delivering eco-friendly geothermal power to outback Innamincka by January.
Geodynamics aims to have more than 1000MW of capacity at the site by 2020. Managing director Gerry Grove-White predicted that eventually it could contribute up to 10,000MW to the eastern states' national electricity market which, in turn, provides 85 per cent of Australia's electricity. Most of the market's 22,000 MW now comes from coal-fired plants.
The firm's progress comes as the geothermal energy sector anticipates an announcement by Resources Minister Martin Ferguson, detailing special funds to be available this year.
An election pledge of $50 million was deferred until the 2009-2010 financial year in the May budget squeeze, tarnishing the Rudd Government's green credentials.
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