Hungary aims to double the amount of geothermal energy in its energy use by 2030 and the government is offering state-subsidised loans to mitigate investors’ risk in research, the Energy Affairs Ministry said on April 18.
Hungary has been among the top five countries in Europe in the direct utilisation of geothermal energy as a clean alternative to fossil fuel in district heating, but due to the country’s geological conditions, it has still vast untapped reserves.
More than 650,000 Hungarian homes are connected to district heating networks, but geothermal energy makes up barely 2% of Hungary’s heating needs and only three dozen municipalities in Hungary use it for that purpose. The EU’s largest geothermal heating system is operated by the local government in Szeged, in the southern part of the country, near the Serbian border.
Enteq Technologies plc (LON:NTQ) develops and supplies equipment for Measurement, Logging and Geo-steering while drilling of wells for the Geothermal, Oil and Gas markets.