Risk-Based Evaluation and Ranking Model for Determining the Feasibility, Desirability and Commercial Viability of Geothermal Power Installations

Abstract This paper presents a novel risk-based evaluation and ranking model specifically designed for identifying optimal localities suitable for geothermal energy development. The model assesses locations that offer geologically appropriate, logistically favorable, and economically viable conditions. The main objectives of this approach are to standardize existing data, implement a "Risk-Based Characterization Process" for prospect ranking, and populate Characterization Modules for effective scoring and ranking to minimize prospect failure. The workflow of the model encompasses six critical steps: 1) data collection, 2) quality control, 3) data evaluation and import, 4) completion of characterization and ranking tables, 5) production of additional evaluation maps and data analytics, and 6) final interpretation and report generation. Using public domain data, the model populates input data into selected scoring categories, develops verbal definitions for numerical scores, identifies reliable data sources, and integrates these into the modeling environment to generate a composite score reflecting overall attractiveness. Application of this model in various regions, including the Caribbean Islands, has successfully identified low-risk areas for geothermal development and provided insights into potential enhancements by adjusting drilling depths. Notably, the model's innovative approach has yet to be implemented elsewhere in the U.S. for evaluating geothermal potential, marking a significant advancement in utilizing modern technological methodologies in this field.