FINWIRES · TerminalLIVE
FINWIRES

US Department of Energy Backs $14 Million Pennsylvania Geothermal Initiative

-- The US Department of Energy on Tuesday announced a $14 million geothermal project in Pennsylvania aimed at advancing enhanced geothermal systems technology.

The DOE's Hydrocarbons and Geothermal Energy Office announced plans to support field demonstrations of enhanced geothermal systems.

The initiative is being carried out in coordination with the Pennsylvania Department of Environmental Protection to expand the potential for reliable, lower-cost electricity generation, the department said.

The project will focus on the Appalachian Utica Shale, leveraging its thermal resources to evaluate whether enhanced geothermal systems can be effectively scaled across the eastern US, the department said.

Enhanced geothermal systems enable energy production by circulating fluids through hot underground rock, even in areas lacking natural water flow or the permeability needed for traditional geothermal extraction.

The initiative seeks to improve understanding of how these engineered reservoirs perform across varying geological conditions, which is key to broader geothermal deployment, the department said.

As part of the project, an existing horizontal shale gas well will be converted for geothermal use, while testing well placement strategies and fracture creation techniques, the department said.

If successful, the initiative could establish a scalable blueprint for deploying enhanced geothermal systems across multiple regions in the US, enabling broader adoption of the technology, the department said.

Related Articles

Australia

Jefferies Raises Quest Diagnostics Price Target to $225 From $220

Quest Diagnostics (DGX) has an average rating of overweight and mean price target of $219, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $204.33, Change: $+8.02, Percent Change: +4.09%

$DGX
Australia

Truist Securities Cuts Tractor Supply Price Target to $44 From $55, Hold Rating Kept

Tractor Supply (TSCO) has an average rating of overweight and mean price target of $56.19, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $39.92, Change: $-4.90, Percent Change: -10.92%

$TSCO
Sectors

Sector Update: Energy

Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.2%.The Philadelphia Oil Service Sector Index was climbing 1.8%, while the Dow Jones US Utilities Index fell 1.3%.Front-month West Texas Intermediate crude oil was rising 4.8% to $93.94 a barrel, and the global benchmark Brent crude contract was advancing 4.4% to $99.68 a barrel. Henry Hub natural gas futures increased 0.3% to $2.70 per 1 million BTU.In corporate news, Halliburton (HAL) shares gained 4.1% after it reported lower Q1 adjusted net income and revenue that still topped analysts' expectations.

$HAL