Geothermal Power Deal Complete

[] US Geothermal and the Idaho Power Company have finished negotiations and settled on a power purchase agreement for electrical output from phase one of the Raft River geothermal project. The Idaho Public Utilities Commission was instrumental in closing the deal because it settled questions over plant output and cost per MW of production. US Geothermal plans to bring the Raft River plant online in 2006 with a monthly production capacity average of 10 MW. The company should collect non-levelized power prices starting at US $51.50 per MW, and increases 2.3 percent annually at a maximum of $81.25 per MW for a term of 20 years. The prices are established for electric power only. US Geothermal will retain ownership of the Renewable Energy Credits and intends to market them separately.
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