Ormat signs 150 MW geothermal power deal with NV Energy to supply Google in Nevada

Core Viewpoint - Ormat Technologies has signed a long-term geothermal power purchase agreement with NV Energy to supply 150 megawatts of geothermal capacity to support Google's operations in Nevada, with projects expected to come online between 2028 and 2030 [1]. Group 1: Agreement Details - The agreement allows Ormat to develop new geothermal projects across Nevada, providing a scalable solution for utilities and major users like Google to invest in clean, reliable power while covering all service costs [1]. - The geothermal capacity is seen as a swift, carbon-free alternative to nuclear energy, addressing the growing demand for electricity driven by AI data centers [1]. Group 2: Market Context - U.S. power consumption is projected to rise due to the rapid build-out of data centers for AI and cryptocurrency, alongside a shift towards electric heating and transport [1]. - Geothermal power producers are increasingly finding new customers in Big Tech, as companies seek substantial electricity for their AI expansion plans [1]. Group 3: Market Reaction - Following the announcement, shares of Ormat surged over 4.7%, reaching $124.54 [1].