Geothermal Power Venture Formed

[International Herald Tribune] Origin Energy, the second-biggest energy retailer in Australia, has agreed to take a 30 percent stake in a joint venture with Geodynamics, which is seeking to develop a geothermal power project fueled by buried hot rocks.  Origin expects to spend about 150 million Australian dollars, or $138 million, on the venture in the next two to three years, the Sydney-based company said. The initial venture agreement is worth 105.6 million dollars, Geodynamics said.