Thursday, June 13, 2024
HomeGeothermalHungarian delegation explores Iceland's geothermal energy innovations

Hungarian delegation explores Iceland’s geothermal energy innovations

Join the Budapest Geothermal Energy Summit, a flagship annual geothermal conference on 20 September 2024, where high-level policymakers, industry leaders, academics and innovators will gather to discuss the potential of geothermal energy.

A Hungarian delegation visited Iceland to explore geothermal energy innovations underscoring Hungary’s commitment to enhancing its geothermal energy sector, supported by a new regulatory framework and the forthcoming National Geothermal Strategy.

Hungary’s State Secretary for Energy and Climate Policy, Attila Steiner and Vice President for Strategic Affairs of the Supervisory Authority for Regulatory Affairs of Hungary, Bence Gonda discussed the applicability of geothermal energy with Guðlaugur Þór Þórðarson, Iceland’s Minister for the Environment, Energy and Climate, in Reykjavík.

The parties agreed that geothermal energy is of great importance today as a safe, sustainable, and renewable energy, a valuable alternative in the energy mix. They also touched upon Hungary’s National Geothermal Strategy, which is nearing completion and expected to strengthen Hungary’s position in the international geothermal sector, responding early to the European Parliament’s January resolution urging accelerated sectoral investments.

State Secretary Attila Steiner underlined that the upcoming Hungarian EU presidency starting in July will prioritise geothermal energy. This focus is justified as Hungary has long been among the top five European countries in geothermal utilisation, yet there are still untapped opportunities in this rapidly growing and developing global sector.

He noted that the measures outlined in the forthcoming National Geothermal Strategy could make geothermal energy a leading sector in the Hungarian green economy. The current 6.4 petajoules of domestic energy use could double by the early 2030s. “The future lies in green energy, and more efficient exploitation of favourable conditions strengthens energy sovereignty, contributes to zero-emission energy production, and keeps energy prices affordable,” he highlighted.

The Hungarian delegation learned about Iceland’s best practices and innovative solutions, discovering the country’s most modern power plant and the famous Krafla power plant, where the world’s hottest geothermal well was drilled. The delegation gained insight into the complex solutions used in Iceland, a leader in geothermal energy.

Vice President for Strategic Affairs of the Supervisory Authority for Regulatory Affairs of Hungary, Bence Gonda emphasised that although Hungary has been involved in geothermal energy for decades, the goal is to exploit favourable conditions as efficiently as possible under the new regulatory environment and the National Geothermal Strategy. As he explained the Hungarian Parliament created a new regulatory framework for geothermal energy exploration, extraction and utilisation in autumn 2022, which supports Hungary’s energy sovereignty in an environmentally friendly and sustainable manner through increased geothermal use.

“The simplified system that came into effect last year enables efficient and swift administration. The success of the new regulation is evidenced by the nearly 100 valid research permit applications submitted to the Regulatory Authority for Regulated Activities in 2023. Thanks to these upcoming investments, by 2035, it may be possible to replace 1-1.2 billion cubic metres of natural gas annually,” he pointed out.

Bence Gonda, Vice President for Strategic Affairs, Supervisory Authority for Regulatory Affairs of Hungary will be among the speakers of the Budapest Geothermal Energy Summit.

Sign up for our newsletters

    Monthly newsletter – Delivering the most important energy stories of the month selected by our Editor-in-chief
    Weekly Oil&Gas roundup - All major news about the oil and gas industry, LNG developments, the upscaling of new gases and related EU regulations arriving in your mailbox every Monday.
    Weekly Renewables&Climate roundup - All major news about investments in renewable energy sources, environment protection, green hydrogen and new innovative ways to tackle the climate crisis arriving in your mailbox every Tuesday.

    Most Popular