Western GeoPower Increases Geothermal Leasehold

Western GeoPower Corporation announced its intention to build a 25.5-megawatt (net) power plant at the Company’s Unit 15 leasehold at The Geysers Geothermal Field, located 75 miles north of San Francisco, California, with commercial operations to commence in late 2009.

The proposed plant, to be named Western GeoPower Unit 1, will supply approximately 200,000 megawatt-hours (MWh) per year of clean, base load electricity to the California market. “The requisite elements for a successful 25.5-megawatt power plant are in place at Unit 15,” said Dr. Subir Sanyal, President of GeothermEx. “Sufficient reserves of steam exist; well productivity is adequate; sufficient productive ground is available to locate the necessary wells; and steam chemistry is acceptable.” The proposed 25.5-megawatt (net) power plant [27.66 megawatt (gross)] is expected to have a 95% availability factor. Total development costs, including power plant, gathering system, transmission system, administrative and finance charges have been estimated at US$90 million. Western GeoPower has launched efforts to secure funding for the entire field and plant development. Western GeoPower has submitted power sales bids in response to Requests For Proposals issued by several California utilities that are expected to conclude Power Purchase Agreements early in 2007. These bids are in response to the new Renewables Portfolio Standard (RPS) that requires regulated utilities to produce at least 20% of their electricity supply from renewable energy by 2010, advancing the goal from 2017. Western GeoPower has retained GeothermEx, Inc., of Richmond, California, to provide an independent due-diligence assessment of the resource on the combined leaseholds. GeothermEx is nearing completion of a review of a large database of resource and production history and anticipates completing its report October 2006.
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