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Those aren't T trades lol there after hour trades
Geothermal power producers seem to be the one strong sector in Alt energy this year going up, still scratching my head over the why
A rare interlude of lucidity in a manic market?
A better question IMHO is why some of the most poverty-stricken countries on the planet are hot on geothermal while the wealthiest are mostly cool to the cheapest, greenest energy source on earth - Mother Earth her own self - not to mention geothermal is vastly more potent than all other sources of all kinds put together.
The U.S. leads in the world production of geothermal generation of electricity but that is only because of the heroic pioneering efforts of B. C. McCabe. BC lost his first born to a hostile takeover by a predatory oil company. Vampire management destroyed the rep of Mother's own power in the land of its first flowering.
Of course BC became very wealthy very quickly but the old spirit was destroyed along with his beloved.
Thanks for asking.
Best, Terry
I know one thing, HTM looks as if it will really break higher...we have some good Institutional Investors and my guess would be that after the stock repurchase the Institutional Investors may be buying as well...one thing was obvious over the past few days "Someone Is Certainly Buying".
So here is looking for the break toward 1.00... :)
Geothermal power producers seem to be the one strong sector in Alt energy this year going up, still scratching my head over the why with all the other energy and alt energy sectors in a death wobble sell off? I have two gethermal stock charts on my board I follow, the other is in Canada and it has a similar rally pattern. The live 24/7 chart on both, including HTM is here in the intro page
http://investorshub.advfn.com/Ecomikes-Favorite-stock-picks-and-Stock-DD-topics-26971/
Feel free to drop by and comment and follow....
a nice break of the 67.5c range would be a continuation at this point.
2 t trades after the bell...
t $0.667 100 NSD 16:26:50
t $0.67 900 EDGX 16:26:50
US Geothermal (NYSEMKT:HTM): 1H15 EPS of $0.01
Revenue of $14.34M (-0.1% Y/Y)
Looks possible after second quarter release ...
Less costs for maintenance in SanEmidio ... more revenue ... .01$ per share ...a bit above estimation! Strong quarter!
Would be interesting to get more details in M&A acctivities.
A break of .65 this week would be a nice continuation into next week.
In the U.S.: NYSE MKT: HTM and in Canada: TSX: GTH
U.S. Geothermal Inc. Announces Stock Repurchase Program
and Plan to Evaluate Other Strategic Alternatives
BOISE, IDAHO – U.S. Geothermal Inc. (NYSE MKT: HTM, TSX: GTH) (the “Company”) a leading renewable energy company focused on the development, production, and sale of electricity from geothermal energy, today announced that its Board of Directors has authorized the repurchase of up to $2.0 million of the Company’s outstanding common stock through the end of July 2016. In addition, its Board of Directors has taken steps to evaluate other strategic alternatives in order to increase shareholder value.
John Walker, Chairman of the Board of U.S. Geothermal stated, “The Board is confident in U.S. Geothermal’s strategy and fully supportive of the senior management team and their operating performance and growth plans. At a time when the North American financial markets have large cash reserves and renewable energy projects with long term power sales contracts are in high demand, U.S. Geothermal is trading at a discount to the fair market value of its operating assets, below valuations seen in recent geothermal power plant or other renewable power plant transactions. The repurchase plan and our review of strategic alternatives demonstrates our commitment to delivering shareholder value.”
The authorized purchases under the stock repurchase program announced today are expected to be made from time to time in the open market on the NYSE MKT and may commence following the release of the Company’s second quarter earnings. The Company intends to pay for any stock repurchased with existing cash balances.
The timing, volume and nature of stock repurchases will be at the sole discretion of management and will be dependent on regulatory restrictions, market conditions, price and availability of shares of the Company’s common stock, applicable securities laws and other factors. The repurchase program may be suspended or discontinued at any time.
“Our current liquidity combined with our reliable cash flow is more than sufficient to support ongoing operations and near-term growth opportunities” said Dennis Gilles, U.S. Geothermal’s Chief Executive Officer. “We have recently made significant advances in two of our development projects which will have a positive impact on our growing megawatt output. At current share prices we believe that repurchases of our common stock represents an attractive opportunity and effective use of cash, to enhance stockholder value.”
The process of evaluating strategic alternatives will be overseen by a Special Committee of the Board consisting of three independent directors: Leland Mink, Paul Larkin, and John Walker, who will serve as Chair of the Special Committee. The Special Committee will consider all alternatives to increase stockholder value and will recommend a course of action to the
U.S. Geothermal Inc. 390 E Parkcenter Blvd, Ste 250, Boise, ID 83706 208-424-1027
www.usgeothermal.com
company’s full Board. The Special Committee has selected Marathon Capital to serve as its financial advisor. Dorsey & Whitney serves as the Company’s legal advisor. This process will consider a wide range of strategic alternatives to maximize shareholder value, including unlocking trapped cash, optimizing financing and evaluating potential strategic transactions.
The Company has not set a definitive timetable for completion of its evaluation and there are no assurances that the process will result in any transaction being announced or completed. The Company does not intend to comment further regarding the evaluation of strategic alternatives, unless the Company proceeds with a specific transaction or the process is concluded.
About U.S. Geothermal Inc.:
U.S. Geothermal Inc. is a leading and profitable renewable energy company focused on the development, production and sale of electricity from geothermal energy. The company is currently operating geothermal power projects at: Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho for a total power generation of approximately 45 MWs which are fully contracted plants, collectively generating annually over $31 million in consolidated revenue, more than $17 million in consolidated adjusted EBITDA, and yielding approximately $10 million in free cash flow to the Company. U.S. Geothermal’s growth strategy is to reach 200 MWs of generation by 2020 through a combination of internal development and strategic acquisitions.
About Marathon Capital:
Marathon Capital is a leading financial advisory and investment banking firm focused on providing financial advice in the areas of M&A, structuring and raising debt, equity, tax equity capital, financial restructuring, and workout situations in the global energy and infrastructure markets. Marathon Capital is a two-time recipient of the "Best Renewable Asset M&A Advisor" award in Power Finance & Risk’s Annual Power Finance Deals and Firms Awards (2013 & 2014). For more information, visit www.marathon-cap.com.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Saf Dhillon - Investor Relations
U.S. Geothermal Inc.
Tel: 866-687-7059 Fax: 208-424-1030 saf@usgeothermal.com
Please visit
I wonder why news is hitting so late.
Good news not getting picked up by IHUB
News for 'HTM' - (*DJ US Geothermal to Buy Back up To $2 Million in Common Shares Through End of July)
News for 'HTM' - (*DJ US Geothermal: to Consider Range of Strategic Alternatives to Maximize Shareholder Value >GTH.T)
Great news today. Would be a nice week to break .60 cents. I would like HTM to ad a visual or table on their website that shows the individual and cumulative MegaWatts that they are producing on each site and as a whole company.
That would be a nice addition.
August 06, 2015
TRADING SYMBOLS: In the U.S.: NYSE MKT: HTM and in Canada: TSX: GTH
U.S. GEOTHERMAL INC. ADVANCES TWO SIGNIFICANT DEVELOPMENT PROJECTS
BOISE, Idaho – August 6, 2015 (NYSE MKT: HTM; TSX: GTH) U.S. Geothermal Inc., a leading renewable energy company focused on the development, production, and sale of electricity from geothermal energy, is pleased to announce it is advancing two significant development projects. The Company’s wholly owned subsidiary, U.S. Geothermal Guatemala, S.A., started drilling well EC-2 at the El Ceibillo Project today. Additionally, the Company has successfully completed a flow test program on the three largest production wells at the WGP Geysers project in northern California confirming the existence of approximately 30 MW of steam. Together, both projects have the capability of adding some 80 megawatts of electricity to the company’s annual capacity
At the El Ceibillo project in Guatemala, drilling started on Well EC-2 which has a planned depth of 1,968 feet (600 meters). EC-2 will test a high temperature anomaly identified by a 2014 temperature gradient drilling program. Drilling was suspended after well EC-1 was drilled in June of 2013 until the project schedule for the concession could be modified. The Ministry of Energy and Mines approved the modified project schedule on July 21, 2015. The 8 day public comment period, which followed that approval, concluded without receiving any comments. We expect to receive the amended concession contract before the end of August.
At the WGP Geysers project, located about 1½ hours north of San Francisco, in Sonoma County, the three production wells with the highest flow rates were tested. All three wells produced superheated steam with estimated flow rates at or above the rates measured when the wells were first drilled during 2008 and 2009, confirming that the wells are open and available for production. An independent, world recognized geothermal consulting firm, GeothermEx Inc., designed and monitored the flow tests, and collected test data for their analysis. The reservoir report is expected by the end of August, and will be used to guide final development of the project.
“With approximately 30 megawatts of steam drilled, tested and ready for production at Geysers, we are actively pursuing discussions in support of a power purchase agreement for this, our most advanced stage development project” said Dennis Gilles, CEO of US Geothermal. “Additionally, our geothermal concession in Guatemala holds great promise and we anticipate that the drilling results from our next few wells will allow us to confirm the geothermal resource. We expect to be able to produce from 25 to 50 megawatts of electricity when the project is completed. The government of Guatemala strongly supports renewable energy, and we look forward to continuing to work with them to make the development of this first, 100% private geothermal concession a big success.”
U.S. Geothermal Inc. 390 E Parkcenter Blvd, Ste 250, Boise, ID 83706 208-424-1027
www.usgeothermal.com
About U.S. Geothermal Inc.:
U.S. Geothermal Inc. is a leading and profitable renewable energy company focused on the development, production and sale of electricity from geothermal energy. The company is currently operating geothermal power projects at: Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho for a total power generation of approximately 45 MWs. The company is also developing projects at: the Geysers, California; a second phase project at San Emidio, Nevada; the El Ceibillo project located near Guatemala City, Guatemala; and at Crescent Valley, Nevada. U.S. Geothermal’s growth strategy is to reach 200 MWs of generation by 2020 through a combination of internal development and strategic acquisitions.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Saf Dhillon - Investor Relations
U.S. Geothermal Inc.
Tel: 866-687-7059 saf@usgeothermal.com
News for 'HTM' - (*DJ U.S. Geothermal Inc. Advances Two Significant Development Projects)
(MORE TO FOLLOW) Dow Jones Newswires (212-416-2800)
August 06, 2015 08:01 ET (12:01 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.- - 08 01 AM EDT 08-06-15
oh I was looking at past years filings... and I was off by 3 days... oh my!
Nope! Your suggestion ...
Earnings usually hits around the 15th of August ...
what suggestion is that? .70... I think its a perfectly fine suggestion.
Earnings are announced for August, the 12th after the market close.
Your suggestion doesn't make any sense in 2015.
http://www.usgeothermal.com/News.aspx
Earnings usually hits around the 15th of August if I am not mistaken.
Now a nice break of the .60 level would be welcome.
$HTM Strong chart, testing resistance on some longer term highs.
http://chartdiligence.com/htm-strong-chart-setup-testing-10-month-highsresistance/
This needs to break .56 for continuation. Would love to see it hit that .70 again.
Next leg up. How about profit report soon.
I added a little today fyi
Come on HTM climb into the .70 level.
It would be nice to see this one break to .70's and hold for 6 months... leg up HTM, leg up.
I still own shares in it. I think if they keep adding megawatts they will eventually be back to a buck.
Hello frankie, been ages!!!! You still keeping up with this geothermal power sector?
I am seeing this stock and another Canadian geothermal power stock making signs of a rally move on the charts. Not sure why??? I agree it is looking like a possible rally starting here. Not sure about the summer timing though?
This one is really slow to move... would be nice to see it break out once in a while. But it seems to just move sideways most of the time.
Good luck with that request!
So somebody fill me in on the last 1-2 years of signifcant changes please so I do not miss any clues. I was the MOD here and stayed on top of it till about 2012-13
I guess it is time I got back into this one since the CEO is buying in volume here. I like the great intro updates my replacement MODs made here last year. I will need to read up on the latest details.
I am just talking about this one company. Not the whole geothermal world.
Frankie,
Just add up the plants.
The Geysers Geothermal Complex located about 121km north of San Francisco, California, is comprised of 18 power plants making it the biggest geothermal installation in the world. The complex has an installed capacity of 1,517MW and active production capacity of 900MW.
-
Production from the geothermal field commenced in 1960 and reached its peak in the 1980s.
Larderello Geothermal Complex, Italy
Larderello Geothermal Complex, comprising of 34 plants with a total net capacity of 769MW, is the second biggest geothermal power plant in the world. The power produced from the geothermal field, located in Tuscany, Central Italy, accounts for ten percent of all geothermal energy produced worldwide and caters for 26.5% of regional power needs.
Cerro Prieto Geothermal Power Station, Mexico
At 720MW, Cerro Prieto Geothermal Power Station in south Mexicali, Baja California in north Mexico, is the second third geothermal plant in the world.
Just add up the plants. Geothermal is always small singular units... we have units that are 13 mwatts... 30 mwatts... 39 mwatts.. in those ranges... it is going to take a little while to equal one nuke power plant.
Frankie,
How much capacity do we have?
as far as US geothermal goes they don't have the capacity of a nuke power plant yet. I know I worked at one in my checkered past.
it was 474 mwatts How much capacity do we have?
Frankie Fillet,
They need more power. I don't think the wattage they are selling adds up to a nuke power plant yet
United States
The U.S. industry had about 3.5 GW of installed nameplate capacity and
2.71 GW of net capacity at the end of 2014.
In total the U.S. market had about 1,250 MW of geothermal power under development...
Insider Trading Relationship Date Transaction Cost #Shares Value
Walker John H Chairman of the Board Jun 04 Buy 0.51 21,500 10,858 40,257 Jun 04 01:57 PM
Walker John H Chairman of the Board Jun 01 Buy 0.50 11,000 5,500 83,000 Jun 02 02:21 PM
Walker John H Chairman of the Board Jun 01 Buy 0.50 2,000 1,000 18,757 Jun 02 02:21 PM
Walker John H Chairman of the Board May 29 Buy 0.50 25,000 12,500 72,000 Jun 02 02:21 PM
Walker John H Chairman of the Board May 27 Buy 0.50 500 250 47,000 May 29 01:43 PM
Walker John H Chairman of the Board May 26 Buy 0.50 13,000 6,500
He bot 21000 shares yesterday
Within the last 2 weeks the Chairman has bought about $17,465 worth of stock with an average of .50-.51 something's coming.....
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Landmark Legislation Could put Geothermal back on track for California
by: Leslie Blodgett, GEA
June 09, 2014
http://www.renewableenergyworld.com/rea/news/article/2014/06/landmark-legislation-could-put-geothermal-back-on-track-for-california
WASHINGTON, D.C. -- The California Assembly is up next to consider a 500-megawatt (MW)-by-2024 geothermal procurement bill. This follows the May 28 passage of S.B. 1139 by the state Senate in a 21-11 vote. Electricity procured under this new geothermal bill would be separate from RPS-counted electricity. Industry, utilities, government agencies, and environmentalists say this bill is an answer that solves many time-sensitive problems at once. Some opponents, as stated in the May 28 Senate floor analysis, asked whether a mandate for geothermal in the case of this bill is fair and cost-effective. But geothermal companies working in California find fairness to be something they have been lacking and see this bill as a potential way to get geothermal valued properly.
BOISE, IDAHO -- (Marketwired) -- 05/21/14 -- U.S. Geothermal Inc. (NYSE MKT:HTM)(TSX:GTH) a leading renewable energy company focused on the development, production, and sale of electricity from geothermal energy, is pleased to announce that Dennis Gilles, CEO, will be a featured presenter at the 3rd Annual Marcum Microcap Conference on Thursday May 29, 2014 in New York City at the Grand Hyatt Hotel. Mr. Gilles will present a corporate overview and business update highlighting the strong 2013 and first quarter 2014 corporate performance, as well as a summary of the exciting growth opportunities the company is pursuing.
The presentation is scheduled to begin at 9:00am EDT and will be webcast live and available for replay for up to 90 days using the following link http://wsw.com/webcast/marcum2/htm or on the home page of our corporate website www.usgeothermal.com.
The Annual Marcum MicroCap Conference is a signature showcase for superior quality, public companies with less than $500 million in market capitalization. For more information on the conference or to register, please visit the conference website at http://www.marcumllp.com/microcap.
Read more: http://www.nasdaq.com/press-release/us-geothermal-inc-to-present-at-the-marcum-microcap-conference-on-may-29th-20140521-00304#ixzz34AzdhGxO Geothermal power production has a positive impact on local economies, and creates significantly more jobs per megawatt than natural gas.
Geothermal power has a smaller land footprint than most other energy sources, particularly when compared with other renewables.
Geothermal power has very low emission levels. Binary plants produce near-zero GHG emissions while flash and dry steam plants represent a significant reduction compared to fossil fuel based generation.
Geothermal power’s established history of consistent output demonstrates a level of reliability unmatched by other renewables and fossil fuel based generation.
For further reference and knowledge: http://geo-energy.org/reports/Values%20of%20Geothermal%20Energy%20Draft%20Final.pdf
U.S. Geothermal's team brings together decades of corporate executive experience and operating management expertise in the many facets of natural resource development and the business of running an ethical company.
Age 65, is a director and the Chairman of the Board of Directors of the Company. He has held that position since December 2003. Mr. Walker is also a Managing Director of Kensington Capital Partners with responsibility for the infrastructure fund business and is a member of Kensington’s investment committee. He is a director of the Kensington Crowsnest Power Plant LP, a heat recovery unit in British Columbia. Mr. Walker has a 40 year history in urban planning, energy security and power plant development in North America and internationally as well as experience on both public and private sector boards. Mr. Walker was a founding director of the Greater Toronto Airports Authority in 1992 and chaired the first Planning and Development Committee of the Board which provided oversight in the construction of C$4.4 billion terminal complex at Toronto Pearson Airport, completed in 2004. He was instrumental in doing energy security studies in 2002 and 2003 which led to the development of an 117MW cogeneration power plant at Toronto Pearson Airport which commenced operations in 2005. John is a Registered Professional Planner in the Province of Ontario and a member of the Canadian Institute of Planners. John has a BSc. from Springfield College and a Masters of Environmental Studies (Urban and Regional Planning) from York University.
Age 55, has served as US Geothermal’s Chief Executive Officer since April 2013. He has also served as a member of US Geothermal’s Board of Directors since September 2011. Prior to joining US Geothermal, Mr. Gilles worked for Calpine Corporation, where he served as Senior Vice President from 2004 thru 2011 with responsibility for all Western Operations , and Vice President of Geothermal from 2000 thru 2004, where he managed the company’s geothermal portfolio of 750 megawatts at the Geysers geothermal field. Mr. Gilles was instrumental in consolidating the majority of the ownership interests at the Geysers in the late 1990’s into a single entity. Mr. Gilles was part of the expansion and growth of Calpine Corporation from 1989, when he started with Calpine after building what became Calpine’s very first megawatt, to what is now the largest independent power producer in the United States. Mr. Gilles is a senior executive with over 30 years’ experience in the management, operations, maintenance, engineering, construction and administration of power and petrochemical plants and their related facilities. Mr. Gilles’ is also experienced in the identification, evaluation and acquisition of existing renewable projects or portfolios, as well as heading development of new green-field opportunities. Mr. Gilles holds a Masters of Business Administration and a Bachelor of Science in Mechanical Engineering.
Age 61, is the co-founder, President and Chief Operating Officer and a director of the Company. He has served as a director of the Company since March 2000, President of the Company since September 2011, and Chief Operating Officer of the Company since December 2003. Mr. Glaspey served from March 2000 until December 2004 as the President and Chief Executive Officer for the TSX Venture Exchange (“TSX-V”) listed U.S. Cobalt Inc. until the acquisition of Geo-Idaho in December 2003. He also served as a director and the Chief Executive Officer of Geo-Idaho from February 2002 until the acquisition of Geo-Idaho in December 2003. During his career in the mining industry, he has held operating positions with ASARCO, Earth Resources Company, Asamera Minerals, Atlanta Gold Corporation and Twin Gold Corporation. Mr. Glaspey has 35 years of operating and management experience. He holds a Bachelor of Science in Mineral Processing Engineering and an Associate of Science in Engineering Science. His experience includes public company financing and administration, production management, planning and directing resource exploration programs, preparing feasibility studies and environmental permitting. He has formed and served as an executive officer of several private resource development companies in the United States, including Drumlummon Gold Mines Corporation and Black Diamond Corporation. He is currently a director of TSX-V listed Thunder Mountain Gold, Inc., which is also quoted on the OTC Bulletin Board. Mr. Glaspey’s qualifications to serve as a director of the Company include his over 35 years of experience in the natural resource industry and his many years of senior management and director experience.
Age 60 serves as the Chief Financial Officer and Corporate Secretary of the Company. He has served as the Company’s controller since July 2003, and became CFO as of January 1, 2005. From July 2003 to December 2004, he also provided consulting services to Triumph Gold Corp. From 1998 to June 2003, Mr. Hawkley served as controller, director and treasurer of LB Industries. Mr. Hawkley has over 35 years’ experience in all areas of accounting, finance and administration. He holds Bachelor of Business Administration degrees in Accounting and Finance. He started his career as an internal auditor with Union Pacific Corporation and has held various accounting management positions in the oil and gas, truck leasing, mining and energy industries.
Age 58, serves as the Treasurer and Executive Vice President, Finance of the Company, a position he has held since September 2011. From January 2009 to May 2009, Mr. Zurkoff served as a financial consultant to the Company. He then served as the Vice President Finance of the Company from June 2009 until September 2011. Mr. Zurkoff served as CFO of Tamarack Resorts from 2004 to 2008. Mr. Zurkoff has over 25 years of experience in engineering, construction, and all phases of project development with an emphasis on project and corporate finance. Mr. Zurkoff holds a Masters of Business Administration, a Masters of Science in Groundwater Hydrology, and a Bachelor of Science in Geology. Mr. Zurkoff has held positions in Tamarack Resort (CFO), Process Technologies (CFO & COO), and Morrison Knudsen Corporation (now URS).
Age 63, serves as a director of the Company, a position he has held since March 2000. He served as Secretary of the Company from March 2000 until December 2003, and served as a director and the Secretary-Treasurer of Geo-Idaho from February 2002 until its acquisition in December 2003. Since 1983, Mr. Larkin has also been the President of the New Dawn Group, an investment and financial consulting firm located in Vancouver, British Columbia, and a director and officer of various TSX-V listed companies. New Dawn is primarily involved in corporate finance, merchant banking and administrative management of public companies. Mr. Larkin held various accounting and banking positions for over a decade before founding New Dawn in 1983, and currently serves on the boards of the following companies which are listed on the TSX-V: Esrey Energy Ltd., Condor Resources Inc., Tyner Resources Ltd. Gstaad Capital Corp., DraftTeam Fantasy Sports Inc. and Westbridge Energy Corp. Mr. Larkin’s qualifications to serve as a director of the Company include his many years of senior leadership and management experience in corporate finance, merchant banking, Corporate Governance and administrative management of public companies.
Age 74, serves as a director of the Company, a position he has held since November 2006. He served as Program Director for the Geothermal Technologies Program at the U.S. Department of Energy (DOE) from February 2003 to October 2006. Prior to working for the DOE, Dr. Mink was the Vice President of Exploration for the Company from June 2002 to February 2003. He has also worked for Morrison-Knudsen Corporation, Idaho Bureau of Mines and Geology and Idaho Water Resources Research Institute. Dr. Mink’s qualifications to serve as a director of the Company include his many years of senior leadership and management experience in the geothermal energy industry. Dr. Mink currently serves on the Geothermal Resources Council Board of Directors and remain actives in geothermal consulting through Mink GeoHydro Inc.
Mr. Kitz, Boise, Idaho, is a registered mechanical engineer who has worked exclusively in the geothermal industry since 1985. He has broad experience and responsibilities that have included PPA negotiation, resource development and optimization, power plant design, construction, and operation, drilling, and transmission. Before joining U.S. Geothermal in 2003, Mr. Kitz spent seven years in the Philippines working as an engineer and in engineering management on Unocal's projects. Mr. Kitz also worked in Indonesia and California on projects at Heber, the Geysers and Salton Sea.
Mr. Cline, Boise, Idaho, is a registered professional Civil Engineer who has been involved in developing energy and water resources projects in the western U.S. since 1982. Since joining U.S. Geothermal in 2005, Mr. Cline has participated in the development, design and construction of all U.S. Geothermal power generating facilities. Prior to joining U.S. Geothermal, Mr. Cline was Manager of Engineering at Ida-West Energy Company, where he was instrumental in developing several hydroelectric and gas-fired generating facilities, and conducting due-diligence for several hydroelectric facility acquisitions. Prior to 1991, Mr. Cline worked for the U.S. Bureau of Reclamation in Arizona where he was involved in engineering, contracting and construction of various water resources projects including major portions of the Central Arizona Project and Coolidge Dam.
Mr. Harriman, Boise, Idaho, has over 13 years of power plant management experience, and has 25 years of operations and maintenance experience in the power generation industry. Mr. Harriman was formerly the plant manager of two, ten megawatt cogeneration facilities for Black Hills Generation in southern Idaho, and worked previously at Calpine Corporation, Stewart and Stevenson, and Sithe Energies. He also spent eight years with Exxon Shipping, and served in the U.S. Coast Guard.
Projects Under Development (ao June 2, 2014) (DEFA14A http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10025604) | ||||||
Estimated | ||||||
Target | Projected | Capital | ||||
Development | Commercial | Required | ||||
Project | Location | Ownership | (Megawatts) | Operation Date | ($million) | Power Purchaser |
El Ceibillo Phase I | Guatemala | 100% | 25 | 4 th Quarter 2015 | $135 | MOU |
San Emidio Phase II | Nevada | 100% | 11 | 4 th Quarter 2015 | $55 | NV Energy |
Additional Properties | ||||||
Project | Location | Ownership | Target Development (Megawatts) | |||
Gerlach | Nevada | 60% | TBD | |||
Granite Creek | Nevada | 100% | TBD | |||
El Ceibillo Phase II | Guatemala | 100% | 25 | |||
San Emidio Phase III | Nevada | 100% | 17.2 | |||
Neal Hot Springs II | Oregon | 100% | 28 | |||
Raft River Unit II | Idaho | 100% | 26 | |||
Raft River Unit III | Idaho | 100% | 32 |
-11-
Resource Details | ||||||||
Property Size | Temperature | |||||||
Property | (square miles) | ( º F) | Depth (Ft) | Technology | ||||
Raft River | 10.8 | 275-302 | 4,500-6,000 | Binary | ||||
San Emidio | 35.8 | 289-316 | 1,500-3,000 | Binary | ||||
Neal Hot Springs | 9.6 | 311-347 | 2,500-3,000 | Binary | ||||
Gerlach | 5.6 | 338-352 | 2,000-3,000 | Binary | ||||
Granite Creek | 3.8 | TBD | TBD | Binary | ||||
El Ceibillo | 38.6 | 410-526 | 1,800-TBD | Steam |
REGIONAL LOCATION MAP
The Company successfully acquired a geothermal concession in the Republic of Guatemala. The concession consists of 24,710 acres (100 square kilometers) and is located 14 miles southwest of Guatemala City, the capital. Nine wells with depths ranging from 560 to 2,000 feet (170 to 610 meters) were drilled in the El Ceibillo resource area within the concession area during the l990s, with a few of those wells having adequate temperature and flow to support a direct use application. Six of the wells have measured reservoir temperatures in the range of 365 to 400°F (185 to 204°C). Fluid sample analysis and the mineralogy associated with drill cuttings suggest the existence of a deeper, higher permeability reservoir with temperature potential of 410 to 526°F (210 to 274°C).
Competitive Conditions
Although the market for different forms of energy is large and dominated by very powerful players, we perceive our industrial competition to be independent power producers and in particular those producers who provide “green” renewable power. Our definition of green power is electricity derived from a source that does not pollute the air, water or earth. Sources of green power, in addition to geothermal, include wind, solar, biomass and run-of-the river hydroelectric. A number of states have instituted renewable portfolio standards (“RPS”) that require utilities to purchase a minimum percentage of their power from renewable sources. For example, RPS statutes in California require 33% renewable and Nevada require 20% renewable. According to the Department of Energy’s Energy Efficiency and Renewable Energy department, utilities in 34 states nationwide are providing their customers with the opportunity to purchase green, renewable power through premium pricing programs. As a result, we believe green power is an important sub-market in the broader electric market, in which many power purchasers are increasing or committing to increase their investments. Accordingly, the conventional energy producers do not provide direct competition.
-21-
In the Pacific Northwest there are currently only two geothermal facilities, both operated by the Company. There are a number of wind farms, as well as biomass and run-of-the river hydroelectric facilities. However, the Company believes that the combination of greater reliability and baseload generation from geothermal, access to infrastructure for deliverability, and a low "full life" cost will allow it to successfully compete for long term power purchase agreements.
Factors that can influence the overall market for our product include some of the following:
For the Year Ended December 31, | ||||||
2013 | 2012 | |||||
USG Oregon LLC located in Eastern Oregon | $ | 15,566,409 | $ | 2,329,030 | ||
USG Nevada LLC located in Northwestern Nevada | 6,792,382 | 2,626,378 | ||||
Raft River Energy I LLC located in Southeastern Idaho | 5,012,143 | 4,803,537 | ||||
Total energy and energy credits sales | $ | 27,370,934 | $ | 9,758,945 |
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