Uptime for U.S. Geothermal plants at 98% in Q4 of 2014

In a recent press release from US Geothermal, the company provides an update on the results of its three operating projects for the fourth quarter of 2014. The following is the aforementioned press release:

Neal Hot Springs, Oregon

All three units have been, and are operating smoothly, with fourth quarter availability of 98.3%. Total generation for the fourth quarter was 54,472 megawatt-hours, which is a result of excellent availability and low seasonal temperatures. This compares to 32,246 megawatt-hours for the third quarter, 40,629 for the second quarter, and 56,047 for the first quarter, for a total generation at Neal Hot Springs for 2014 of 183,394 megawatt-hours. This compares to 155,428 megawatt-hours of generation for 2013, reflecting an 18% increase over the prior year.

Under the terms of our Power Purchase Agreement (“PPA”), November and December generation for 2014 was paid at a seasonally adjusted price of $123.34 per megawatt-hour, which is 120% of the 2014 average contract price, while October was paid at the average 2014 contract price of $102.78. For 2015, the average contract price will increase from $102.78 to $106.79 per megawatt-hour.

San Emidio, Nevada

The plant performance was exceptional, with fourth quarter availability of 99.2%. Total generation for the fourth quarter was 21,745 megawatt hours. This compares to 18,240 megawatt-hours for the third quarter, 15,686 for the second quarter, and 21,223 for the first quarter, for a total generation for 2014 of 76,894 megawatt-hours. This compares to 76,697 megawatt-hours of generation for 2013 reflecting continued, steady state operation of the facility.

Under the terms of our PPA, generation during the quarter was paid at the price of $91.17 per megawatt-hour. There is no seasonal adjustment under this power purchase agreement. For 2015, the contract price will increase from $91.17 to $92.08 per megawatt-hour.

Raft River, Idaho

The plant performance was exceptional, with fourth quarter availability of 97.3%. Total generation for the fourth quarter was 20,614 megawatt-hours, as a result of excellent availability and low seasonal temperatures. This compares to 18,501 megawatt-hours for the third quarter, 18,069 for the second quarter, and 21,614 for the first quarter, for a total generation for 2014 of 78,798 megawatt-hours. This compares to 77,560 megawatt-hours for the same period of 2013, reflecting continued steady state operation of the facility.

Under the terms of our PPA, November and December generation for 2014 was paid at a seasonally adjusted price of $72.86 per megawatt-hour, which is 120% of the 2014 average contract price, while October was paid at the 2014 average contract price of $60.72. For 2015, the average contract price will increase from $60.72 to $62.00 per megawatt-hour. In addition to the price paid for energy, Raft River currently receives $4.75 per megawatt-hour under a separate contract for the sale of Renewable Energy Credits.

“Our operations team has done an outstanding job during the year maximizing production from all of our facilities. Our units are all performing with exceptionally high availabilities, and with output that is at or above what we had expected. The total generation from all of our units for the full year of 2014 was 339,086 megawatt-hours, compared to 309,685 megawatt-hours for the full year of 2013, reflecting a fleet wide increase of 9.5% over the prior year period,” said Dennis Gilles, Chief Executive Officer of U.S. Geothermal. “As a result of this strong performance, we anticipate our projected year-end results should be at the higher end of the guidance range previously provided, and we look forward to continued excellent results for the coming year.”

Source: Press Release by US Geothermal