“For the first time in years, the US federal government has leased every parcel of public land it has opened for geothermal development — and at record prices.

Average prices for public land leases for geothermal energy development soared by 282% this year to $127 per acre, driven by growing energy demand from data centers and President Donald Trump’s administration embracing the energy source. The record prices are a major step up from a $33 per-acre average last year, according to data from the US Bureau of Land Management, the agency that conducts the auctions…

Artificial intelligence’s voracious appetite for energy has also driven interest in geothermal to new highs. Alphabet Inc.’s Google and Meta Platforms Inc. are among the data center operators who have inked deals with geothermal companies to provide much-needed power.

Advances in geothermal drilling techniques are also helping give the industry new life. Companies are deploying methods traditionally used to extract oil and gas, including fracking, to use the Earth’s heat. New technology is making the process cheaper and easier to deploy, while also expanding the areas suitable to drill for geothermal energy.”

From Bloomberg.