Thursday, August 3, 2017

USA, Nevada: Ormat Reports Geothermal Electricity Generation Increased 2.4%

Ormat Technologies Reports 2017 Second Quarter Earnings (News Release)

Ormat Technologies, Inc. today announced financial results for the second quarter ended June 30, 2017.

Second Quarter 2017 Highlights and Recent Developments:
  • Total revenues of $179.4 million, up 12.2% compared to the second quarter of 2016:
  • Electricity segment revenues of $111.8 million, up 7.5% compared to the second quarter of 2016, mainly due to higher performance of our Puna plant as well as the consolidation of our Bouillante power plant in Guadeloupe;
  • Electricity generation increased 2.4%, compared to the second quarter of 2017, from 1.30 million MWh to 1.33 million MWh;
  • Executed a new portfolio power purchase agreement (portfolio PPA) with Southern California Public Power Authority (SCPPA), under which SCPPA will purchase 150MW of power generated by a portfolio of Ormat’s new and existing geothermal power plants beginning in the fourth quarter of 2017 at a fixed price of $75.50 per MWh; and
  • ORIX acquired 22% ownership stake in Ormat and the previously reported Commercial Cooperation Agreement entered into by Ormat and ORIX is now effective.
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Ormat Technologies, Inc. will be exhibiting at the GRC Annual Meeting & GEA GeoExpo+ from October 1-4 in Salt Lake City, Utah, USA.