Source: http://arstechnica.com/science/2014/01/drilling-surprise-opens-door-to-magma-powered-electricity/

Can enormous heat deep in the earth be harnessed to provide energy for us on the surface? A promising report from a geothermal borehole project that accidentally struck magma – the same fiery, molten rock that spews from volcanoes – suggests it could.

The Icelandic Deep Drilling Project, IDDP, has been drilling shafts up to 5km deep in an attempt to harness the heat in the volcanic bedrock far below the surface of Iceland.