U.S. Geothermal sees market improvement for baseload renewable energy
In its recent release on quarterly results, U.S. Geothermal describes a gradually improving market for baseload renewable energy in the U.S. following ongoing RFP proposals in the U.S.
In a recent release, U.S. Geothermal Inc. announced 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.
Operating Revenue for the first six months of 2017 was $14.75 million, compared to $14.17 million in the prior year period. EBITDA for the first six months of 2017 was $6.23 million compared to $5.73 million for the prior year period. Net Income for the first six months of 2017 was $0.53 million, compared to $0.80 million in the first six months of 2016. Net income (loss) attributable to US Geothermal in the first six months of 2017 was $ (0.18) million, or $ (0.01) per share, compared to $ (0.34) million, or $ (0.02) per share in the prior year.
On a quarterly basis, Operating Revenue for the second quarter of 2017 was $6.31 million, compared to $5.66 million for the prior year period. EBITDA was $2.15 million for the second quarter compared to $1.94 million for the prior year period. Net Income for the second quarter was $(0.60) million, compared to $(0.39) million in the prior year period. Net income (loss) attributable to US Geothermal for the second quarter was $(0.44) million, or $(0.02) per share, compared to $(0.49) million, or $(0.03) per share in the prior year period.
“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.
Source: Company release