'Hot rock' energy valued at $10b.


A new report has predicted Australia's geothermal, or "hot rock", energy could inject $10 billion into the nation's economy by 2030.
The Centre for International Economics says hot rocks could also generate 10 per cent of Australia's electricity capacity.
The report estimates recoverable hot rock resources across Australia equates to the nation's current electricity consumption for 450 years.
The centre's Kerry Barwise says there would also be environmental benefits if the industry was developed.
"Hot rocks enable you to generate electricity without CO2 emissions, in fact without any emissions," he said.
"The thing about the hot rock technology is that it uses all of the components that are in existence today ... the standard mining technologies [and] standard generation technologies, there's nothing new about them.
"All you've got to do is apply them like building blocks to produce something that doesn't have any of the problems of alternative energy sources.
"I think it could make a major difference."
The resource in the Cooper Basin, which straddles the South Australia and Queensland borders, is estimated to be the equivalent of 12 times the gas reserves of the North West Shelf or 60 times bigger than the Snowy Hydro Scheme.
Mr Barwise says he hopes the analysis encourages further investment.
Exploration company Geodynamics is drilling in the Cooper Basin, currently testing resources in South Australia and is expected to explore in Queensland's south-west shortly.