U.S. Geothermal Power Generation Shows Signs of Relevance

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Written by Danny Levin, Deputy Editor for IIR News Intelligence (Sugar Land, Texas)

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Summary

Developments around U.S. geothermal power are heating up. Industrial Info Resources is tracking $6.7 billion worth of active and proposed geothermal-related projects across the country, most of which are in the western U.S., although much of the activity is in an early stage of development.

U.S. Geothermal

Recent developments around U.S. geothermal power include Amazon's first power-purchase agreement, a company's initial public offering, and potential federal legislation that would speed up project permitting.

According to Industrial Info Resources data, there are $6.7 billion worth of active and proposed geothermal-related projects across the country, most of which is in the western U.S., although the Industrial Info Resources Global Market Intelligence (GMI) Power Project database show $885 million worth is being assessed with a medium- to-high probability (70-99%) of moving forward as planned.

Geothermal's main draw is that, among clean power options, it alone provides baseline power without creating toxic waste (nuclear) or building major dams (hydropower). Should new technology become more economic, it adds the option of being available almost everywhere in a relatively small surface footprint.

According to the "2025 U.S. Geothermal Market Report" issued in January by the U.S. Department of Energy (DOE), geothermal power's installed nameplate capacity in 2024--3,969 gigawatts-electric (GWe)--was 8% greater than 2020's figure.

The net increase came from 246 megawatts-electric (MWe) of new installations, along with some plant expansions, while subtracting 82 MWe of plant retirements between 2020 and June 1, 2024.

The DOE defines GWe as the total output sent to the grid, while GW refers to the maximum capacity of a plant.

The report also pointed to potential growth in untapped areas. For more information, see January 20, 2026, article - Western U.S. Home to Most Geothermal Power, Other Opportunities.

Two operators, Ormat and Calpine, account for 69% of total installed U.S. geothermal capacity and 61% of all operating plants, said the report. The Industrial Info Resources GMI Unit Database shows 146 operating geothermal units and 97 in various stages of planning. Of those currently operating, 89 are owned by Ormat, including those owned by its subsidiary Mammoth Pacific, and 16 belong to Calpine.

Calpine has been acquired by Constellation Energy.

Amazon's Geothermal PPA

Earlier this month, Amazon signed its first geothermal power purchase agreement (PPA), with Nevada-based NV Energy, a subsidiary of Berkshire Hathaway Energy, to add 100 megawatts (MW) of baseload power over 20 years.

"Geothermal is a particularly exciting addition to Amazon's carbon-free energy portfolio powering our data centers. Unlike other renewable sources that fluctuate with weather or time of day, geothermal harnesses the Earth's constant internal heat to generate power around the clock," the company said in a statement.

Amazon joins Meta and Google as another tech giant procuring geothermal power.

Fervo Energy's IPO

Earlier this month, bourgeoning geothermal developer Fervo Energy launched an initial public offering (IPO), with its shares first trading on May 14.

According to a presentation attached to its initial offering statement with the U.S. Securities and Exchange Commission (SEC), Fervo has:

• More than $7.2 billion worth of contracted revenue under binding PPAs
• More than 40 gigawatts (GW) of potential capacity across 10 sites reviewed by independent engineers
• 658 MW of signed PPAs
• Up to 500 MW of capacity under construction via its Cape Station Power Plant in Milford, Utah, which is set to become the first enhanced geothermal power plant to be built in the U.S. on a commercial scale. First power is expected in late 2026, according to the statement.

The 100-MW first phase is well underway, with Industrial Info Resources assessing the project with a full completion date in 2027. The remaining capacity would come from a subsequent second phase, which could wrap up in 2028. Readers can consult detailed project reports and a related plant profile.

Potential Government Project Permitting Reform

In late April, the U.S. House passed The Harnessing Energy At Thermal Sources (HEATS) Act, which the White House supports, aimed at advancing geothermal power production by streamlining permitting. The bill has been referred to the Senate.

"The HEATS Act clarifies that geothermal operations on non-federal lands are not subject to federal permitting requirements in instances where the federal government owns less than 50 percent of the subsurface geothermal estate and receives a drilling permit from the respective state," according to a press release from the House Committee on Natural Resources.

In a statement, the White House said President Donald Trump's advisors would recommend signing the bill into law in its current form.

Key Takeaways

• Geothermal is increasingly being seen as another source of carbon-free power.
• $885 million: total investment value of active and proposed U.S. geothermal-related projects with a 70-99% chance of moving forward as planned.
• Amazon recently signed its first geothermal power purchase agreement.
• Armed with support from the White House, legislation aimed at streamlining geothermal project permitting is moving through Congress.

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About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).