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U.S. Geothermal releases initial operational updates for 2016

Raft River plant - binary power plant, Idaho, (source: Ormat)
Alexander Richter 23 Jan 2017

U.S. Geothermal reports average availability of its geothermal plants in the U.S. at more than 95% in 2016 with a net adjusted income for 2016 of $4-8 million, with full financial results to be released in March 2017.

Geothermal development and operating company, U.S. Geothermal Inc. releases initial results for 2016 and guidance for the full year 2017. Audited financial statements and Form 10-K for the fiscal year ended December 31, 2016 are anticipated to be released in mid-March.

“We are very pleased with the exceptionally strong performance from all of our power plants during the fourth quarter and our overall operational execution in 2016, despite some setbacks earlier in the year”, said Dennis Gilles, Chief Executive Officer. “We continue to maintain the focus on our goal to add approximately 135 MW by 2021 through the continued development of our existing projects, advancements of our near-term development projects and growth through several acquisition opportunities.”

For now the company provides a guidance for 2016 with an expected adjusted net income of between $4 million and $8 million (it expects the same for 2017), at total plant operating revenue of $29-34 million for 2016 and $30-34 million for 2017.

The company provides further the following highlights and achievements for 2016:

Operations:

  • Achieved annual average availabilities for the twelve months for each plant (excluding planned maintenance hours) as follows: Neal Hot Springs – 98.3%, San Emidio – 95.6%, Raft River – 99.4%.
  • Completed planned annual maintenance outages at all three operating facilities.
  • Generated fleet wide total 326,599 megawatt-hours for the year.
  • Neal Hot Springs, Oregon – Completed the drilling of a second water supply well.
  • Raft River, Idaho – Completed the drilling of a second production leg on well RRG-2 at Raft River.

Strategic:

  • Elected two new independent directors to our Board of Directors and expanded the board to seven members.
  • Received approval from stockholders and board for a 1 for 6 share consolidation. Stock began trading on a split-adjusted basis when the market opened on November 10, 2016.
  • Concluded engagement of Marathon Capital’s investigation of strategic alternatives with the Board of Directors determining that continuing to execute the Company’s strategic growth plan is the best path to maximizing long term stockholder value.
  • Paid Goldman Sachs the final installment of $1,635,000 for the purchase of their majority interest in the Raft River project.
  • Paid Leidos the final payment of $750,000 for the three new unconstructed geothermal power plants.

 

Source: Company release via Yahoo