Total Revenues increase 10.1% to $140.5 million
Isaac Angel, chief executive officer of Ormat, stated, "We essentially matched last year's revenue in our Electricity segment, mainly due to the McGinness Hills complex performance, overcoming lower oil and natural gas prices, as well as reduced generation at Puna due to last summer's hurricane, which impacted our revenue in this segment."
"We remain confident in the multi-year plan we outlined at our analyst day in March," continued Mr. Angel. "We are focused on expanding our geographic reach and broadening our technology offering with a vision to position Ormat as a leading provider of renewable energy. We remain excited about the growing number of opportunities before us and believe the tailwinds expected from the potential PTC extension and other regulatory initiatives in the regions we are targeting, will complement our efforts."
Ormat, a GRC Member company, will be exhibiting at the GRC Annual Meeting & GEA Geothermal Energy Expo, September 20-23 at the Peppermill Resort Spa Casino, Reno, Nevada, USA.