U.S. Geothermal Inc. announced today its financial and operating results for the six months ending June 30, 2016, reaffirmed guidance for 2016, and highlighted notable achievements for the three months ending June 30, 2016.
Development Projects Update
- Received draft Generator Interconnection Agreement from Nevada Energy for the 10 MW San Emidio II expansion, increasing San Emidio interconnection allowed from 16 MW to 19.9 MW.
- Drilled second production leg on well RRG-2 at Raft River which could add up to 3 MW to project generation.
- Drilling started on production size well at El Ceibillo in Guatemala to test resource.
- Deepened two existing temperature gradient wells into observation wells for reservoir testing at San Emidio II encountering resource that is 40°F hotter than existing resource.
- Selected by the Department of Energy for a $1.5 million grant for Crescent Valley and San Emidio to advance the resource evaluation through identification and validation of new subsurface signals with planned drill testing of results.
“Our power plants and well fields continue to perform admirably. Excluding a forced outage at San Emidio and a production pump breakdown at Raft River, our generation would have been 3% greater than the same period last year” said Dennis Gilles, Chief Executive Officer. “Unfortunately our Net Income was also negatively impacted by onetime expenses associated with financial advisory and marketing services engaged to enhance our share valuation.”