Leading news: National Geothermal Summit (June 2015) to Focus on Future Market Share

This post brings you the latest updates on GEA events and GEA members; policy and legislative summaries on action in Washington, DC and in Sacramento that are relevant to geothermal energy; the Department of Energy’s next steps in creating an Enhanced Geothermal Systems underground lab; and more.

Geothermal101_final2-01_0
Source: Department of Energy, graphic by Sarah Gerrity

Above: Five teams have been selected by the U.S. Department of Energy to further analyze potential demo sites for the Frontier Observatory for Research in Geothermal Energy (FORGE), a field laboratory dedicated to cutting-edge research on enhanced geothermal systems (EGS).

Click below to read this week’s leading geothermal news.

*As California Heads Toward 50% Renewables, National Geothermal Summit to Focus on Future Market Share
*GEA Welcomes New Member Companies Kenai Drilling and Ram Energy, Inc.
*Senate Energy Committee Leadership Takes Steps Toward Crafting Broad Energy Bill
*Sites Announced for Next Phase of Enhanced Geothermal Systems Program in Idaho, Oregon, California, Nevada and Utah
*Two Bills in California Advance to Appropriations Committee That Could Affect Geothermal Power
*New California Goal Aims to Reduce Emissions 40% Below 1990 Levels by 2030
*EnergySource Names Eric Spomer as CEO; Succeeds Dave Watson, Who Led Development Of Featherstone Geothermal Plant in Imperial Valley
*Ormat Technologies Announces Closing of its Equity Transaction with Northleaf
*U.S. Geothermal Provides Company Update

As California Heads Toward 50% Renewables, National Geothermal Summit to Focus on Future Market Share
Reno, Nev. (April 30, 2015) – California is the major power market in the West, and it is moving quickly towards 50% renewable power. This opens major new opportunities for expanded market share for in-state and regional geothermal power, and the National Geothermal Summit will focus on how to achieve that goal.

The Geothermal Energy Association (GEA) stacked the agenda for the upcoming National Geothermal Summit with the who’s who in the California energy market. Attendees of the event scheduled June 3-4, 2015 at the Grand Sierra Resort in Reno, Nev. will hear from Commissioner David Hochschild, California Energy Commission; Karen Edson, Vice President, Policy and Client Services, California ISO; Barry Dong, Manager Geothermal/Biomass, Los Angeles Department of Water and Power; Andy Horne, Deputy County Executive Officer, Natural Resources Development, County of Imperial among many other influential members of the sector. The Summit is being supported by the Geothermal Resources Council, Western Area Power Administration, UC Davis California Geothermal Energy Collaborative, and the Imperial Valley Economic Development Corporation (IVEDC).

“IVEDC is pleased to support the Geothermal Energy Association’s annual National Geothermal Summit,” said Timothy E. Kelley, President & CEO of IVEDC. “Imperial Valley currently produces more than 600 megawatts of geothermal energy and has the potential to produce at least an additional 1,500 megawatts. The summit provides a perfect forum to bring together experts from throughout the globe to discuss new technologies and opportunities.”

During the event, legislatures, regulators, utility professionals and energy providers will cover the gamut of pressing topics stymieing the future growth of the geothermal industry and steps needed to overcome the obstacles toward successful development.

“This forum gives us the chance for thought-provoking conversation with the key players interested in seeing more reliable, renewable energy solutions for California, and beyond,” said Commissioner Hochschild. “It puts us face-to-face to discuss ways we can all work together for the common good. Fact is, renewable energy accounts for nearly all new generation capacity and future procurement needs to be at the forefront of those to-do lists nationwide. As California leads that charge, we should do everything we can to set the example to keep this momentum going.”

The following California speakers have also been confirmed to date: Supervisor Anthony Farrington, Chair, Lake County Board of Supervisors; V. John White, Executive Director, CEERT; Timothy Kelley, Executive Director, Imperial Valley Economic Development Corporation; Carl Stills, Energy Manager, Imperial Irrigation District; Elaine Sison-Lebrilla, Senior Project Manager, Sacramento Municipal Utility District; Ken Speer, Assistant General Manager, Northern California Power Agency; Randy Keller, Director of Development, Transmission and Land Assets, CalEnergy.

To register for the National Geothermal Summit, or for more information, please visit http://www.geo-energy.org/nationalgeothermalsummit/Main.aspx. Visit the Facebook event page at https://www.facebook.com/events/1571209836491431/. Join the conversation on Twitter with #GEASummit2015. For sponsorship opportunities or to request press credentials, please contact Yasmin Romitti, 202 454 5263, yasmin@geo-energy.org.

About the Geothermal Energy Association:
The Geothermal Energy Association (GEA) is a trade association comprised of U.S. companies that support the expanded use of geothermal energy and are developing geothermal resources worldwide for electrical power generation and direct-heat uses. For more information, please visit www.geo-energy.org.

GEA Welcomes New Member Companies Kenai Drilling and Ram Energy, Inc.
Yasmin Romitti, GEA staff–The Geothermal Energy Association extends a warm welcome to our new members. GEA is dedicated to providing our members with the valuable information, resources, and networking opportunities companies need to grow and thrive. Membership dues provide the bulk of financial support for GEA and directly facilitate our efforts to engage policy makers on key industry issues, organize events, and produce industry data, reports, and publications. We would like to thank all of our members for their support.

Our newest GEA members are:

Kenai Drilling is one of the largest drilling contractors in California with rigs available to conduct oil, gas and geothermal drilling on land as well as offshore. Kenai operations also include rig activity in the Mid-Continent and Texas. You can view their Website here: http://www.kenaidrilling.com/.

Ram Energy, Inc. aims to provide excellence in the geothermal industry through complete resource development and cost-effective services with their partners and clients. Their mission is to become a leader in the geothermal industry and supplier of clean and reliable energy! You can view their Website here: http://www.ramenergyinc.com/.

Senate Energy Committee Leadership Takes Steps Toward Crafting Broad Energy Bill
This week the Senate Energy and Natural Resources Committee, led by U.S. Sen. Lisa Murkowski, R-Alaska, began consideration of legislation “to improve how Americans use energy as part of her work to get the first broad energy bill signed into law in nearly a decade.” The Committee began by receiving testimony on 22 energy efficiency proposals that address a wide range of issues, including building retrofits, federal energy management, appliance efficiency, workforce development, and efficiency grants.

“Thursday’s hearing was the first of four that Murkowski has scheduled through May to consider legislative proposals for the broad energy bill she is assembling. That effort will pull together legislative proposals under four general titles – efficiency, infrastructure, supply, and accountability,” the Committee explained in its press statement.

The Geothermal Energy Association’s Executive Director Karl Gawell said, “These bills could represent major steps forward toward addressing the high risk and cost posed by geothermal exploration. By forging a more collaborative government-industry effort they would make a significant expansion of geothermal power possible.”

Among the geothermal measures that are expected to be addressed are legislation sponsored by Senators Heller and Wyden:

S. 562, Geothermal Exploration Opportunities Act of 2015, Sen. Heller and Sen. Risch
S. 822, Geothermal Production Expansion Act of 2015, Sen. Wyden, Sen. Risch, Sen. Merkley, Sen. Murkowski, and Sen. Crapo
S. 1057, A Bill to Promote Geothermal Energy, Sen. Wyden and Sen. Tester

These geothermal bills, and any others introduced in the immediate future, are likely to be reviewed at a Committee hearing in mid-May after which the Committee is expected to work towards crafting and passing a broad bi-partisan energy policy bill in June, according to Committee sources.

Some expect that, if successful, passage of a broad, bi-partisan energy bill will impact other measures and Committees. There is discussion of adding an energy “tax” title to the bill and other Senate and House Committees are also looking at their own energy policy agendas.

Sites Announced for Next Phase of Enhanced Geothermal Systems Program in Idaho, Oregon, California, Nevada and Utah
This week the U.S. Department of Energy announced awards to five teams as part of the Frontier Observatory for Research in Geothermal Energy (FORGE) program. The DOE is partnering with private scientists and engineers to test and develop enhanced geothermal system (EGS) technologies and techniques. The five projects will share a total $2 million for the first phase of FORGE.

With the announcement of the awards, teams will be able to advance work on each FORGE site and will analyze the potential for further EGS demo development. A statement on the DOE Website noted, “All R&D activities at FORGE will focus on strengthening our understanding of the key mechanisms controlling EGS success–specifically, how to initiate and sustain fracture networks in basement rock formations. This critical knowledge will be used to design and test a methodology for developing large-scale, economically sustainable heat exchange systems, paving the way for a rigorous and reproducible approach that will reduce industry development risk and facilitate EGS commercialization.”

The FORGE teams are each made up of several partnering groups, several of which are members of the Geothermal Energy Association(*):

IDAHO NATIONAL LABORATORY’s proposed FORGE site on the Snake River Plain, Idaho has been designated as a 100 km2 Geothermal Resource Research Area with likelihood of temperatures and rock characteristics favorable for EGS reservoir stimulation. The team will begin planning, modeling and public engagement on adapting existing technologies to geothermal systems. Key Partners: Snake River Geothermal Consortium, which includes the National Renewable Energy Laboratory, Lawrence Livermore National Laboratory, the Universities of Idaho, Oklahoma, and Wyoming, Idaho State University, Boise State University, Energy & Geoscience Institute at the University of Utah, Geothermal Resources Group Inc.*, Baker Hughes*, U.S. Geothermal Inc.*, Mink GeoHydro Inc., Campbell Scientific, U.S. Geological Survey, Idaho Geological Survey, and Idaho Department of Water Resources.

PACIFIC NORTHWEST NATIONAL LABORATORY’s proposed FORGE site is at the Newberry Volcano, Oregon location where EGS technologies have been tested and applied for the last four years. PNNL will develop plans and procedures to “initiate rigorous and reproducible methodologies” to accelerate cost-competitive EGS power in the U.S. Key Partners: Oregon State University and AltaRock Energy, Inc*.

SANDIA NATIONAL LABORATORIES’s proposed FORGE site at Coso, California involves the requisite modeling and site characterization of the Coso geothermal production field within the U.S. Navy’s Naval Air Weapons Station China Lake in order to determine whether the Coso field is suitable for the large-scale EGS demo. Key Partners: Lawrence Berkeley National Laboratory, U.S. Geological Survey, University of Nevada-Reno, GeothermEx/Schlumberger*, U.S. Navy, Coso Operating Company LLC*, and Itasca Consulting Group.

SANDIA NATIONAL LABORATORIES proposed FORGE site at the U.S Navy’s Naval Air Station Fallon in Nevada will analyze rock samples, natural seismicity, surface and borehole characteristics, and other geological analyses and will generate a 3-D model for a potential EGS demo. Key Partners: Lawrence Berkeley National Laboratory, U.S. Geological Survey, University of Nevada-Reno, GeothermEx/Schlumberger*, U.S. Navy, Ormat Technologies Inc.*, and Itasca Consulting Group.

Nevada officials showed their support for the state’s selection:

“Nevada is the perfect location for the Department of Energy’s new geothermal laboratory. The nation’s lab for advancing geothermal belongs in Nevada; it would further establish Nevada as a leader in renewable energy,” said Nevada Senator Harry Reid. “It is important this research in Enhanced Geothermal Systems – the next generation of geothermal technology – takes place in the Silver State. For decades, Nevada has been the epicenter of geothermal energy in the United States. This lab will continue Nevada’s history of turning our geothermal resources into jobs and economic growth. Nevada can lead the nation and the world in this new technology and help to expand the scale and benefits of geothermal energy all across the country.”

“Nevada’s proud history of innovative geothermal development perfectly matches the FORGE concept to enable cutting-edge research, drilling, and technology testing,” said Nevada Governor Brian Sandoval. “Being selected as a host state for FORGE confirms Nevada’s status as a leader in geothermal energy.”

“Nevada is blessed with tremendous geothermal resources and streamlined permitting processes that speed development,” said Paul Thomsen, the Nevada Governor’s Office of Energy Director. “The Geothermal Energy Association ranks Nevada #1 in the U.S. in installed geothermal per capita, and we are excited to add the ground breaking FORGE project to our rapidly growing portfolio of clean energy production projects.”

UNIVERSITY OF UTAH’s proposed FORGE site at Milford City, Utah will conduct tests and refine models on an area with prior drilling and with a likelihood for high-temperature granite. Key Partners: Utah Geological Survey, Murphy-Brown LLC, Idaho National Laboratory, Temple University, Geothermal Resources Group Inc.*, and U.S. Geological Survey.

“This is really game-changing technology in terms of being able to develop self-sustainable energy for the U.S.,” team leader Joseph Moore of University of Utah’s Energy & Geoscience Institute told local press.

The GEA congratulates all of the FORGE teams. Next year the DOE is expected to choose three finalists who will share an additional $29 million in the second phase of the effort.

Two Bills in California Advance to Appropriations Committee That Could Affect Geothermal Power
Ben Matek, GEA staff — S.B. 350 directs Public Utilities Commission and California Energy Commission to implement sn RPS to obtain the target of generating 50% of total retail electricity sales from renewable energy resources by December 31, 2030. Meanwhile, S.B. 180 would redefine the “GHG emission performance standard” to mean permissible levels of emissions of GHG for peaking and nonpeaking generation of electricity. Both bills advanced to appropriations 5 to 2 with environmental and health groups supporting both bills. However, the clean energy industry only showed support for S.B. 350. See the next newsletter for more information.

New California Goal Aims to Reduce Emissions 40% Below 1990 Levels by 2030
California Governor Brown’s announcement this week to increase the state’s emissions reduction target is expected to help support the geothermal work and further potential in areas like Imperial Valley. An April 29 press release from Sacramento says: “Governor Edmund G. Brown Jr. today issued an executive order to establish a California greenhouse gas reduction target of 40 percent below 1990 levels by 2030 – the most aggressive benchmark enacted by any government in North America to reduce dangerous carbon emissions over the next decade and a half.”

Governor Brown is quoted: “With this order, California sets a very high bar for itself and other states and nations, but it’s one that must be reached – for this generation and generations to come,” said Governor Brown.” At the same time the California Legislature is working on climate law.

International leader United Nations Framework Convention on Climate Change Executive Secretary Christiana Figueres told press, “California and Governor Brown have clearly understood, internalised and articulated the science of climate change and today have aligned the state to the growing global understanding of the step changes and strategies needed over the coming years and decades. Resolving climate change requires a swift peaking of emissions and a deep decarbonisation of the global economy by the second half of the century. California’s announcement is a realisation and a determination that will gladly resonate with other inspiring actions within the United States and around the globe. It is yet another reason for optimism in advance of the UN climate conference in Paris in December.”

Specifically, according to the Governor’s office, the executive order
– Incorporates climate change impacts into the state’s Five-Year Infrastructure Plan;
– Updates the Safeguarding California Plan – the state climate adaption strategy – to identify how climate change will affect California infrastructure and industry and what actions the state can take to reduce the risks posed by climate change;
– Factors climate change into state agencies’ planning and investment decisions; and
– Implements measures under existing agency and departmental authority to reduce greenhouse gas emissions.

To read the executive order and for more information visit http://gov.ca.gov/news.php?id=18938.

EnergySource Names Eric Spomer as CEO; Succeeds Dave Watson, Who Led Development Of Featherstone Geothermal Plant in Imperial Valley
Press Release (CALIPATRIA and SAN DIEGO, Calif.) April 30 — EnergySource, an independent renewable energy generation company that develops utility scale geothermal power plants, has named Eric Spomer as its president and chief executive officer.

Spomer, a founding shareholder of EnergySource, with more than 30 years experience in energy industry financing and operations, joins the company on May 1. He succeeds Dave Watson, who is leaving after nine years at EnergySource to pursue new ventures. Watson remains a shareholder in EnergySource.

Watson led the development of Hudson Ranch I, later renamed the John L. Featherstone plant – the first new stand-alone geothermal plant in the Salton Sea area in 20 years. The $400 million plant sells its energy, capacity and environmental attributes to Salt River Project, a municipal power and irrigation district in Tempe, Arizona.

Spomer has been founder and president of Catalyst Renewables, an owner of EnergySource, since March 2001. He has specialized in creating and growing renewable energy projects in different parts of the U.S. The current EnergySource team remains unchanged: 35 employees at the plant and 10 in development, finance and asset management.

“We have a strong team at EnergySource and confidence in the long-term future of the geothermal industry in California,” said Spomer. “The Salton Sea geothermal resource can be a source of renewable energy for communities throughout the Southwest for generations to come. We are looking forward to attracting new investors to support our long-term goals.”

Ormat Technologies Announces Closing of its Equity Transaction with Northleaf
RENO, Nevada, April 30, 2015 — Ormat Technologies, Inc. (NYSE: ORA) announced today that its wholly-owned subsidiary Ormat Nevada Inc. (Ormat) fulfilled all conditions precedent and achieved financial closing under the previously announced equity transaction with Northleaf Capital Partners.

Pursuant to the purchase agreement, which the parties executed on February 5, 2015, Northleaf acquired a 36.75% equity interest in a newly established Ormat holding company subsidiary for a purchase price of $162.3 million. The joint venture includes Ormat’s Puna geothermal power plant in Hawaii, the Don A. Campbell geothermal power plant in Nevada, and nine power plant units across three recovered energy generation assets known as OREG 1, OREG 2, and OREG 3.

The purchase price implies an aggregate transaction value of approximately $442 million. The actual purchase price and the percentage interest acquired by Northleaf were adjusted based on the Canadian Dollar / US Dollar exchange rate and was affected by the devaluation of the Canadian Dollar.

Northleaf is a leading independent global private equity and infrastructure manager, with offices in Toronto, Canada, London, UK and Menlo Park, USA and more than $6 billion in commitments under management. Northleaf’s infrastructure program is focused on long-term investments in core assets in OECD member countries.

“We are pleased to accomplish the transaction closing with our new proven and strong capital partner,” said Isaac Angel, Ormat’s CEO “This transaction will strengthen our balance sheet and will enable us to leverage our financial capabilities to support future strategic opportunities. We are looking forward to the next milestone with Northleaf, adding Don A. Campbell phase 2 to the JV when it reaches final completion.”

About Ormat Technologies
With five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company currently engaged in geothermal and recovered energy generation (REG), with the objective of becoming a leading global provider of renewable energy. The company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. With 69 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 470 employees in the United States and over 600 overseas. Ormat’s flexible, modular solutions for geothermal power and REG are ideal for the vast range of resource characteristics. The company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 1,900 MW of gross capacity. Ormat’s current 647 MW generating portfolio is spread globally in the U.S., Guatemala and Kenya.

U.S. Geothermal Provides Company Update
Boise, Idaho – April 29, 2015 (NYSE MKT: HTM, TSX: GTH) U.S. Geothermal Inc., a leading renewable energy company focused on the development, production and sale of electricity from geothermal energy, provides this update on the results of its three operating projects for the first quarter of 2015, and the status of development activities.

OPERATIONS
Our three operating plants produced 95,926 megawatt-hours during the first quarter, which compares to 98,884 megawatt hours during the first quarter of 2014, a 3% reduction in generation. Mild winter temperatures across the west, which averaged 6-7°F warmer than normal during the quarter, reduced generation during the period. Planned annual maintenance outages for all three facilities will take place during the second quarter.

Neal Hot Springs, Oregon
First quarter availability for the facility was 96.9%. The vaporizer on Unit 3 suffered plugged tubes from scale during January that required 181 hours (7.5 days) of outage to repair. Generation for the first quarter was 53,500 megawatt-hours, with average generation of 25.56 net megawatts per hour of operation. This compares to 56,047 megawatt-hours for the first quarter of 2014.

Under the terms of our Power Purchase Agreement (“PPA”), the average contract price for 2015 is $106.79 per megawatt-hour. January and February were paid at the average contract price, while March was paid at a seasonally adjusted price of $78.28 per megawatt-hour.
San Emidio, Nevada

The plant performance was again exceptional, with first quarter availability of 99.9%. Total generation for the first quarter was 21,754 megawatt hours with average generation of 10.1 net megawatts per hour of operation. This compares to 21,223 megawatt-hours for the first quarter of 2014. Despite the warmer than normal weather, San Emidio was able to generate above last year’s first quarter due to the addition of hotter fluid from Phase II well 61-21 which began production in September 2014.

Under the terms of our PPA, generation during 2015 will be paid at the average contract price of $92.08 per megawatt-hour. There is no seasonal adjustment under this power purchase agreement.

Raft River, Idaho
The plant performance was also exceptional, with first quarter availability of 99.7%. Total generation for the first quarter was 20,672 megawatt-hours with average generation of 9.60 net megawatts per hour of operation. This compares to 21,614 megawatt-hours for the first quarter of 2014.

Under the terms of our PPA, January and February generation was paid at the average contract price for 2015 of $62.00 per megawatt-hour, while March was paid at the seasonally adjusted price of $45.57. In addition to the price paid for energy, Raft River currently receives $4.75 per megawatt-hour under a separate contract for the sale of Renewable Energy Credits, with the Company preferentially receiving 70% of the REC income.

DEVELOPMENT
WGP Geysers, California
Engineering optimization of the power plant design is continuing with a focus on the new hybrid plant design that includes both water and air cooling. This design will dramatically increase the volume of water available for injection back into the reservoir. Traditional water cooled steam plants re-inject approximately 20% of the water that is removed during power generation, while a hybrid design may re-inject up to 65% of the water. This higher injection rate will provide longer term, stable steam production, and will result in increased power generation over the life of the project.

An updated steam reserve estimate, which incorporated the past five years of wellfield pressure data and the increased injection rate from the hybrid plant design, was completed in March by an independent geothermal reservoir consulting firm. The report supports past analysis that the project has 30 megawatts gross steam capacity already behind pipe and that a 27.4 net megawatt plant can be supported for a 20-30 year project life. A detailed reservoir analysis will be prepared upon completion of the flow test planned for this spring. Upon completion of the reservoir analysis and power plant optimization, the size of the new plant will be finalized.

The flow test program was designed by the same independent consulting firm, and preparations are underway to run the test during the second quarter. The three wells with the best steam production will be tested at three different flow rates to determine the reservoir pressure characteristics. Steam samples will be taken to determine the various components of the steam for plant design purposes.

Our new transmission interconnection application was accepted by the California Independent System Operator and has now entered the evaluation process. The new conditional use permit application is being prepared for submittal to local regulatory agencies to replace the current conditional use permit that expires in July.

In addition to pursuing a PPA, with associated construction of a power plant, we continue to pursue a steam sale agreement.

San Emidio Phase II, Nevada
Permitting an expanded temperature gradient drilling program is underway for an area south west of the current resource. Results from the recent OW drilling program combined with 1970s era, shallow temperature gradient data, indicate a high temperature trend into this south-west zone. Geophysical surveys have also identified structural trends in this area. Several 1,000 foot deep temperature gradient wells are being permitted to investigate this portion of the resource.

NV Energy issued a Request for Proposal (“RFP”) for 100 megawatts of renewable energy on October 1st. We submitted a bid for an air cooled power plant to be developed on the Phase II project site. In early December, NV Energy submitted a request to the Nevada Public Utilities Commission (“NPUC”) to combine the 2014 solicitation with the 2015 solicitation for a total of 200 megawatts to be procured in 2014. An alternative option for Phase II that incorporated a water cooled plant was submitted to NV Energy on February 16th, and on March 3rd we were notified that our bid was advanced to the initial short list of projects. NV Energy has not announced the final short list for this round of bidding.

El Ceibillo, Guatemala
The modified development schedule has received approval from the legal, technical, environmental, and mining departments of the Guatemalan Ministry of Energy and Mines (“MEM”), and the Vice-Minister of MEM has approved the new schedule as well. Final paperwork is being prepared for the Minister’s signature and his approval is expected in the near term. Once the modified development schedule has received final approval, we intend to commence drilling well EC-2, which is targeted at the high temperature anomaly defined by the 2014 temperature gradient drilling program.

Crescent Valley, Nevada
Well CVP-001 (67-3) was completed on March 27th to a depth of 2,746 feet. The well exhibited modest permeability making the well suitable for duty as an injection well. The next phase of drilling is currently in the planning process.

Neal Hot Springs, Oregon
The drilling of a water supply well that would be used for hybrid cooling is planned for early May. If the well finds an adequate flow of fresh water, it will be tested and determined if the aquifer can provide enough water to support the installation of a water cooling system for the facility. The ability to use water cooling during the 5-6 months of summer and fall would increase power generation, when current air cooling results in a significant reduction in plant output.

MERGERS AND ACQUISITIONS
Our focus on M&A activities remains very active. We are continuing due diligence on a number of excellent opportunities that encompass operating projects, advanced development projects and green field opportunities.

“During the first quarter, our operations team continued to do an outstanding job of providing high operational availability at all of our facilities”, said Dennis Gilles, Chief Executive Officer of U.S. Geothermal. “Our optimism for growth this year remains high considering the numerous opportunities we are evaluating.”

About U.S. Geothermal Inc.:
U.S. Geothermal Inc. is a leading renewable energy company focused on the development, production and sale of electricity from geothermal energy and is operating geothermal power projects Neal Hot Springs, Oregon; San Emidio, Nevada; and Raft River, Idaho. The company is currently developing a project at the Geysers, California, a second phase project at San Emidio, Nevada, a project at Crescent Valley, Nevada, and a project at El Ceibillo, in Guatemala.

 

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