On the costs front, in 2022, Energy Secretary Jennifer Granholm announced the Enhanced Geothermal Shot, a target to reduce the cost of EGS by 90% to $45 per megawatt hour by 2035. Fervo’s costs for the Nevada project are “significantly higher” than that target, Latimer said, in part because it’s a first-of-a-kind project, but he said he expects next year’s EGS cost forecast to “decline rapidly.”
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On the costs front, in 2022, Energy Secretary Jennifer Granholm announced the Enhanced Geothermal Shot, a target to reduce the cost of EGS by 90% to $45 per megawatt hour by 2035. Fervo’s costs for the Nevada project are “significantly higher” than that target, Latimer said, in part because it’s a first-of-a-kind project, but he said he expects next year’s EGS cost forecast to “decline rapidly.”
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