Thursday, August 10, 2017

USA, Idaho: Market for Baseload Renewable Energy is Gradually Improving - U.S. Geothermal Interim CEO

U.S. Geothermal Inc. Reports Second Quarter 2017 Results and Reaffirms 2017 Guidance (News Release)

U.S. Geothermal Inc. announced today its financial and operating results for the second quarter of 2017, ended June 30, 2017, reaffirmed guidance for 2017, and highlighted notable achievements in the first six months of 2017.

"Our operating power plants continued to perform well during the second quarter," said Douglas Glaspey, Interim Chief Executive Officer. "We believe the market for baseload renewable energy is gradually improving, as evidenced by our recent RFP proposal submittals to the San Francisco PUC and NV Energy.

We remain focused on our goal to grow the company through a combination of new power plant construction, the expansion of existing operations and increased capacity from potential acquisitions."

Development Projects Update:

  • Successfully intersected high temperature resource in the three additional wells drilled in the Southwest Zone of the resource area at San Emidio II development project. The three newly completed wells extend the proven portion of the Southwest Zone approximately 1,000 feet further south.
  • A July update to the San Emidio reservoir estimate has increased the P90 (90% probability) from 18.7 net megawatts up to 25.9 net megawatts.
  • Filed application for a Large Interconnection Agreement ("LGIA") with NV Energy on June 26, 2017.  The LGIA would provide for the interconnection of 45 megawatts of generation capacity.
  • Continuing bilateral discussions with several potential California based power purchasers for the generation from the WGP Geysers and San Emidio II projects.
  • Submitted a PPA proposal to NV Energy on July 6, 2017, in response to their Request for Proposal for a 25-megawatt PURPA Power Purchase Agreement from the San Emidio II development project.
  • Submitted a PPA proposal to the San Francisco Public Utilities Commission on July 26, 2017, for a renewable energy Request For Offers for 30 megawatts from the WGP Geysers development project.
  • On April 20, 2017, the Company was awarded a $150,000 Small Business Voucher grant to evaluate the installation of an integrated solar topping turbine at the Raft River project.

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