The interim government is considering a proposal from a Sydney based company Mitchell Morgan Investments to exploit Fiji's underground hot rocks and provide cheaper power supply through Geothermal Energy.

A report by Kontiki stockbrokers revealed that Fiji's current outflow to the overseas sector for the imports of fossils are more than $98 million and is meeting 55% of Fiji's total power demand while 45% is through the hydro electric plants.

It said according to reports from the Ministry of Lands and Mineral Resources, the entirely renewable source of energy will be cheaper for Fiji as energy could be sourced from about 400 meters underground compared to 3000 meters in Australia and the United States.

The exploration work is expected to start around Viti Levu and Vanua Levu once Mitchell Morgan is given a license to commence the work.

Interim Minister for Lands and Mineral Resources Netani Sukanaivalu is yet to comment.