Ormat Loses NV Energy Contract After Geothermal Project Delays
22 Dezembro 2011 - 9:26PM
Dow Jones News
Ormat Technologies Inc. (ORA) said Thursday that its contract to
sell power to NV Energy Inc. (NVE) from a Nevada geothermal power
plant was terminated after the project ran into permitting
delays.
Ormat, a leading U.S. developer of geothermal power plants,
which use underground heat to generate electricity, said permitting
delays kept it from making progress on the power project and
affected the development plan and economics of the project.
Spokesmen at Ormat and NV Energy declined to comment.
Ormat obtained a $350 million government loan guarantee earlier
this year to help finance three geothermal power plants in Nevada.
The company said it planned to sell the electricity from those
plants to NV Energy through long-term power contracts.
The terminated contract was tied to a different project, called
Carson Lake, that was not among those backed by the loan
guarantee.
NV Energy had agreed to jointly develop the 31.5 megawatt
project and buy the electricity it generated, under a contract
signed in 2006.
Ormat said it paid NV Energy a termination fee of $1.7 million
and that it would continue working on the project.
-By Cassandra Sweet, Dow Jones Newswires; 415-439-6468;
cassandra.sweet@dowjones.com
Ormat Technologies (NYSE:ORA)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Ormat Technologies (NYSE:ORA)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024