Thursday, August 8, 2019

USA, Hawaii: Puna Geothermal Power Plant Refurbishment Should be Completed by End of Year - Ormat CEO

Ormat Technologies, Inc. (ORA) CEO Isaac Angel on Q2 2019 Results - Earnings Call Transcript (Seeking Alpha)

CEO Isaac Angel: We continue to make good progress in our efforts to resume operations at Puna. We expect that our power plant refurbishment activities including the work on the substation will be completed on schedule by the end of the year.

Our plants will resume operations as soon as local permitting and transmission network upgrades being undertaken by our local utility partner are completed by early 2020. On the field side during work to renew the plugs from our geothermal wells, we found that two of the production wells were damaged and we will have to repair or re-drill them.

In addition, we continue to work on the other wells. We believe that once we resume operation, capacity would gradually increase as we continue to complete necessary well repairs and trailing. As a vertically integrated company, we have the unique advantage of controlling the entire value chain of geothermal development, this will help us to bring Puna online.

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Ormat Technologies will be exhibiting at the GRC Annual Meeting & Expo, 15-18 September at the Palm Springs Convention Center in Southern California, USA.