News
Mar 15, 2010Ormat Technologies, Inc. to Hold Analyst & Investor Day in New York
RENO, Nevada, March 15, 2010 – Ormat Technologies, Inc. (NYSE: ORA) today announced that it will be hosting an Analyst & Investor Day on Friday, April 9, 2010 in New York City.
Dita Bronicki, CEO, Yoram Bronicki, President and COO and other key members of Ormat’s management team will host a series of presentations beginning at 8:30 a.m. EDT and concluding at approximately 2:00 p.m. A webcast of the presentation will be available live on the “Investor Relations” section of Ormat’s Web site under “Webcasts & Presentations” at http://www.ormat.com. For those unable to view the live webcast, an archive of the presentation will also be available on Ormat’s Web site.
Qualified investors who would like to register or learn more about the event should contact Marybeth Csaby or Rob Fink at KCSA Strategic Communications, (212) 896-1206.
About Ormat Technologies
Ormat Technologies, Inc. is the only vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, owns and operates geothermal and recovered energy-based power plants around the world. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power-generating equipment, and provides related services. The Company has more than four decades of experience in the development of environmentally-sound power, primarily in geothermal and recovered-energy generation. Ormat products and systems are covered by more than 75 U.S. patents. Ormat has engineered and built power plants, that it currently owns or has supplied to utilities and developers worldwide, totaling approximately 1300 MW of gross capacity. Ormat’s current generating portfolio includes the following geothermal and recovered energy-based power plants: in the United States - Brady, Brawley, Heber, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2 and Peetz; in Guatemala - Zunil and Amatitlan; in Kenya – Olkaria III; and, in Nicaragua - Momotombo.
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Mar 12, 2010
Nevada Geothermal Power Inc. Issues Stock Options
Vancouver, B.C. (March 12, 2010)—Nevada Geothermal Power Inc. (NGP) (TSX.V: NGP, OTCBB: NGLPF) announced that incentive stock options have been granted to certain employees of NGP to purchase 150,000 common shares of the Company at an exercise price of $1.00 per share for a term of 5 years. Common shares which may be acquired upon exercise of the options shall vest over an eighteen month period. Twenty-five percent of the options will vest on the date of grant with the balance vesting in equal portions after six, twelve and eighteen months.
About Nevada Geothermal Power Inc.:
Nevada Geothermal Power Inc. is an emerging renewable energy producer and developer focused on producing clean, efficient and sustainable geothermal electric power from high temperature geothermal resources, in the United States. NGP currently owns a 100% leasehold interest in four properties: Blue Mountain, Pumpernickel, Black Warrior, all of which are ideally situated in Nevada, and Crump Geyser, Oregon. These properties are at different levels of exploration and development. NGP estimates a potential of over 200 MW from the current leaseholds.
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Mar 12, 2010
BC Hydro Announces Clean Power Call Winners
March 11, 2010 – BC Hydro announced today that 19 of the original 68 Clean Energy projects submitted will be awarded electricity purchase agreement under the Clean Power Call. Combined, these 19 projects (14 hydro, 5 wind) will contribute 2,450 GWh/year for the province.
Another 28 projects are still under consideration and may be selected for electricity purchase agreements at the end of March.
For a complete list of winners please see BC Hydro Clean Power Call
Mar 12, 2010
Ormat Technologies, Inc. to Present at the Jefferies 9th Global Clean Technology Conference
CanGEA member Ormat Technologies Inc., will be participating in the Jefferies 9th Annual Global Clean Technology Conference on March 17, 2010 in New York.
RENO, Nevada, March 11, 2010 – Ormat Technologies, Inc. (NYSE: ORA) today announced that it will be participating in the Jefferies 9th Annual Global Clean Technology Conference on March 17, 2009 in New York.
Yoram Bronicki, President, Director, and Chief Operating Officer will provide an overview of the business and financial highlights at 2:15 p.m. The event will be available via live, listen only webcast. To access the live event, visit the Company’s website at http://www.ormat.com and click on ‘Event Calendar’ under the Investor Relations heading. The presentation will be archived for up to 90 days following the conference.
About Ormat Technologies
Ormat Technologies, Inc. is the only vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, owns and operates geothermal and recovered energy-based power plants around the world. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power-generating equipment, and provides related services. The Company has more than four decades of experience in the development of environmentally-sound power, primarily in geothermal and recovered-energy generation. Ormat products and systems are covered by 75 U.S. patents. Ormat has engineered and built power plants, that it currently owns or has supplied to utilities and developers worldwide, totaling approximately 1300 MW of gross capacity. Ormat’s current generating portfolio includes the following geothermal and recovered energy-based power plants: in the United States - Brady, Brawley, Heber, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2 and Peetz; in Guatemala - Zunil and Amatitlan; in Kenya – Olkaria III; and, in Nicaragua - Momotombo.
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Mar 12, 2010
Canada Lags Behind US in Green Energy Funding
A recent Pembina Institute study finds per capita spending on green technology is 8 times greater in the US than in Canada. The study goes on to question how Canada will become a “clean energy superpower” with no new funding for such ambitions.
Taken from the Vancouver Sun:
By Mike De Souza, Canwest News Service
March 12, 2010
The Obama administration is spending eight times more per person on new renewable energy, public transit and energy efficiency measures than Prime Minister Stephen Harper’s government, a new analysis concludes.
The review by the Pembina Institute, an environmental research group, compared spending in both countries and suggests an increasing gap between the two governments on green investments.
The report says it factored currency exchange rates and the differences in population in the two countries in its calculation of per capita spending.
Overall, the analysis estimated nearly $27 billion in new investments for renewable energy, public transit and energy efficiency, based on the Obama administration’s congressional budget request expected to be finalized in April. In comparison, the review said the new money announced by the Harper government in its 2010 budget adds up to $357 million.
“The federal government seems to be walking away from its responsibility in this area,” said Tim Weis, director of renewable energy and efficiency policy, who prepared the analysis.
In the category of renewable energy sources such as wind, solar and geothermal technology, the Obama administration announced $9.4 billion in new spending versus $64 million by the Harper government, according the analysis. It also estimated the U.S. was making $4.5 billion worth of new investments to promote energy efficiency in buildings and other areas compared with $293 million in similar federal investments in Canada.
In terms of new federal public transit investments, the analysis found $12.8 billion in new U.S. federal spending and no new federal money in Canada announced in the last budget.
Weis added the investments are important in the absence of regulations to cap pollution and ensure Canada meets targets set by government to boost levels of renewable energy and reduce emissions.
“We’ve had four years of delays on regulations and there’s no serious plan to see regulations,” said Weis. “It’s a difficult investment environment when you don’t know whether or not there will be regulations.”
But the government said its budget and recent throne speech have reiterated its commitment to making Canada a “clean energy superpower.”
“Canada’s electricity supply mix is already one of the cleanest in the world and we plan on making it even better through regulation, not subsidies,” said Frederic Baril, a spokesman for Environment Minister Jim Prentice.
Baril also highlighted the recent investments in the budget such as $100 million to encourage and support development of advanced clean energy technologies in the forestry sector, on top of continuing investments in the existing economic action plan to invest $1 billion over five years to support clean energy research, and $1 billion over five years for major green infrastructure projects.
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Mar 12, 2010
Construction to Start on Stage 2 of Carmacks-Stewart Transmission Line
From Yukon Energy
March 12, 2010
Construction work is about to start on Stage 2 of Yukon Energy’s Carmacks-Stewart transmission line. The line materials have been ordered and Valard Construction will start assembling and installing the poles for the transmission line tomorrow. The stringing of the line will begin in the summer, with completion expected by this fall.
Valard, in partnership with the Northern Tutchone First Nations, is the same company that built the transmission line for Stage 1, which runs from Carmacks to Pelly Crossing with a spur into the Minto mine site. Stage 2, from Pelly Crossing to Stewart Crossing, will connect Yukon Energy’s two major grids and allow the Corporation to operate the assets as one interconnected system. Valard has again partnered with the Northern Tutchone First Nations to complete Stage 2. The contract is worth $11-million.
“We were very pleased with the work that Valard and the Northern Tutchone First Nations did on Stage 1 and we’re happy to have them with us again for the second part of the project,” Yukon Energy president David Morrison said. “Once Stage 2 is in service late this year or early next, customers throughout the integrated Yukon grid can be served with clean, renewable power.”
The project is within Yukon Energy’s expected time frame and budget.
The flagging of the right of way area to be cleared, done by Challenger Geomatics, took place in November and December, 2009. That work is now complete, and Challenger has also finished marking where the transmission poles will go. The value of the contract with Challenger is approximately $472-thousand.
The clearing was finished in early February. The $1.6 million clearing contract was awarded to Pelly Construction Ltd, the managing partner on behalf of the Northern Tuchone Joint Venture Partnership comprised of Pelly Construction Ltd., Na-Cho Nyak Dun Development Corporation, Selkirk Development Corporation, and Carmacks Development Corporation. All subcontracted companies were Yukon-based, directly employing between 12 and 15 Yukoners to complete the right-of-way clearing work.
“With the majority of resources for clearing, including labour, equipment and materials being sourced in Yukon, we are pleased to report that 99 percent of the revenues associated with this project will stay in the territory,” Pelly Construction Vice President Jess Jewell said. “This includes wages, food, fuel, equipment and other services. We are especially appreciative of everyone’s efforts and thank the various First Nation communities for their support while working in their traditional territories.”
“As a testament to local skills and job safety, the clearing w
ork has been completed under often challenging terrain and inclement weather conditions without a single medical aid or loss time incident,” Jewell added.
Economic spin-offs from the surveying work include the salaries of two Yukoners, the rental for several weeks of a house from the Selkirk Development Corporation, groceries, and gas.
The Carmacks-Stewart Transmission Project has been through an extensive executive committee level screening by the Yukon Environmental and Socio-Economic Assessment Board and has been reviewed by the Yukon Utilities Board. It is being paid for by contributions from the federal government’s Green Infrastructure Fund, and from the Yukon government and Yukon Development Corporation.
For safety reasons, Yukoners are asked to stay away from the active building zone while the line construction is taking place. If they absolutely must enter the worksite area, they must wear safety clothing and to prearrange access with the on-site project manager. Contact information for the project manager will be posted at worksite access points along the Klondike Highway, or can be obtained by contacting Yukon Energy.
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Mar 11, 2010
Nevada Geothermal Power Inc. - Faulkner Power Plant Achieves New Output Record
CanGEA member Nevada Geothermal Power Inc. has announced that work to replace the damaged power cable systems at the Faulkner 1 plant has enabled all three turbine generator units to be placed into operation and for the Company to re-establish commercial power production.
Vancouver, B.C. (March 11, 2010), Nevada Geothermal Power Inc. (NGP) (TSX.V: NGP, OTCBB: NGLPF) is pleased to announce that work to replace the damaged power cable systems at the Faulkner 1 plant has enabled all three turbine generator units to be placed into operation and for the Company to re-establish commercial power production. For the past five days, the Faulkner 1 geothermal plant has been producing at 34.5 MW (Net).
New deep injection capacity, resulting from the connection of well 55-15 into plant operations, has improved reservoir pressure support and enabled plant output to be increased accordingly. Output is expected to increase further as additional wells under development are brought on line.
“We believe we have the plant shut down and cable repairs well under control,” said Brian Fairbank, President & CEO. “It has been a challenging time for the company, but we can now focus our attention on proceeding with our resource development work and our goal to increase plant output to 45 megawatts net.”
About Nevada Geothermal Power Inc.:
Nevada Geothermal Power Inc. is an emerging renewable energy producer and developer focused on producing clean, efficient and sustainable geothermal electric power from high temperature geothermal resources, in the United States. NGP currently owns a 100% leasehold interest in four properties: Blue Mountain, Pumpernickel, Black Warrior, all of which are ideally situated in Nevada, and Crump Geyser, Oregon. These properties are at different levels of exploration and development. NGP estimates a potential of over 200 MW from the current leaseholds
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Mar 11, 2010
Ormat Technologies Closes Acquisition of Hot Sulphur Springs II, LLC.
Today CanGEA member Ormat Technologies announced its wholly ownded subsidiary, Ormat Nevada Inc., has completed its acquisition of membership interests Hot Sulphur Springs II LLC, which includes the Tuscarora geothermal project in Nevada. Up to 40 MW of electricity from the project has been contracted under a 20-year power purchase agreement with Nevada Power Company.
Reno, Nevada, March 11, 2010 - Ormat Technologies (NYSE: ORA), today announced that its wholly owned subsidiary, Ormat Nevada Inc., has completed its acquisition of membership interests in the Hot Sulphur Springs II LLC(“HSS”), which includes the Tuscarora project.
Dita Bronicki, Chief Executive Officer of Ormat Technologies, said, “The Tuscarora project has the potential to yield a sizable geothermal project, and will be developed in phases with the first phase being 16 MW. As we are beginning construction work on the project this year, we are able to take advantage of government funding options that support renewable energy projects.”
As previously announced, the Tuscarora project is in an advanced stage of development. Ormat plans to construct and operate the project, which is expected to become operational in 2012. Up to 40 MW of electricity from the project has been contracted under a 20-year power purchase agreement with Nevada Power Company, a subsidiary of NV Energy, Inc. Terms of the power purchase agreement are pending customary regulatory approval. The Tuscarora project is located on approximately 9,800 acres of land in Elko County, Nevada.
About Ormat Technologies
Ormat Technologies, Inc. is the only vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, owns and operates geothermal and recovered energy-based power plants around the world. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power-generating equipment, and provides related services. The Company has more than four decades of experience in the development of environmentally-sound power, primarily in geothermal and recovered-energy generation. Ormat products and systems are covered by 75 U.S. patents. Ormat has engineered and built power plants, that it currently owns or has supplied to utilities and developers worldwide, totaling approximately 1300 MW of gross capacity. Ormat’s current generating portfolio includes the following geothermal and recovered energy-based power plants: in the United States - Brady, Brawley, Heber, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2 and Peetz; in Guatemala - Zunil and Amatitlan; in Kenya – Olkaria III; and, in Nicaragua - Momotombo.
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Mar 10, 2010
Savanna Energy Services Corp. Announces Q4 2009 Results and Updates Capital Program
Calgary, Alberta TSX – SVY March 10, 2010
Savanna Energy Services Corp. (“Savanna” or “the Company”) is an oilfield services company operating throughout North America. The Company’s overall business is conducted through two major divisions: contract drilling and oilfield services.
Overall, 2009 represented one of the most challenging years ever faced by the oilfield services industry as significant increases in North American gas supplies were met with a sharp decline in demand as a result of the worldwide economic slowdown. The decline in demand for oilfield services in conventional basins in North America produced one of the least active first quarters in
Canadian oilfield services in over a decade. This unprecedented low demand continued through the second quarter and, coupled with the normal seasonal effects of spring break-up, utilization levels in Canada were held at record lows. Activity levels did improve slightly during the third and fourth quarters of 2009 in both Canada and in the United States. In Canada, the number of
wells and meters drilled in 2009 was less than half of that drilled in 2008 as Canadian activity levels overall for the industry continued to significantly lag those of the rest of North America and internationally.
Savanna’s challenges certainly mirrored those of the industry in 2009. With about 80% of our drilling rigs and 90% of our well servicing fleet based in Canada during the year, Savanna was negatively affected by the industry conditions in Canada to a greater extent than those with broader geographic operations. Furthermore, with approximately half of Savanna’s drilling rig fleet focused on shallow drilling, the collapse of the Canadian shallow market in particular took an even greater toll on 2009 utilization rates. Overall, the decrease in demand for oilfield services led to a decrease in operating days, hours and rates in the Company’s drilling and oilfield services divisions respectively compared to 2008, reducing year over year revenues and margins in each of the divisions. Despite all of this, Savanna’s utilization rates, by every rig depth category, consistently exceeded industry averages, a testament to the quality of the crews and equipment Savanna possesses.
Fourth quarter and full year 2009 earnings were also negatively impacted as a result of non-cash impairment losses on the Company’s surface/coring drilling rigs and coil tubing service units. Based on the long-term uncertainty surrounding these assets specifically, and their non-core nature, the Company deemed that they were permanently impaired and recognized a loss of
$25,832. Certain related intangible assets were also considered to be permanently impaired which resulted in a further loss of $1,538. Subsequent to December 31, 2009, Savanna disposed of 2 coil tubing service units, reducing the fleet to 6 units currently.
Given the prevailing market conditions, in 2009 Savanna focused on cost reductions, rig redeployment to new basins, and balance sheet strengthening.
In Q2 and Q3 2009 Savanna took measures to more closely align its fixed operating and administrative costs with the decreases in activity levels. Some of the measures taken included: salary and wage roll backs of 2% to 26% for all non-rig related employees, a 20% reduction in its salaried workforce compared to January 2009, freezing of incremental capital expenditures, and deferral of elective equipment enhancements and re-certifications. The industry also took measures to align wages for drilling rig employees with the decreased operating activity. Effective May 1, 2009, the CAODC decreased recommended wage levels on average by
approximately 15%. Savanna furthered this by implementing an average 6% reduction in wages for its service rig personnel. The changes had a positive effect on operating margin percentages for the remainder of 2009 as direct and indirect labour are the Company’s largest operating expenses.
During the year, the Company also continued its efforts in deploying rigs into new markets to further diversify its operations geographically. In addition to increasing the number of rigs operating in the Permian basis in Texas, Savanna also sent 2 service rigs and a drilling rig to North Dakota and made its first entry into the growing Marcellus shale play by transferring one drilling rig under contract to Pennsylvania. In Q3 2009 Savanna completed its first expansion beyond Canada and the United States by deploying 4 drilling rigs into the Chicontepec region of Mexico under an 18 month term contract. In the fourth quarter of 2009 the Company took steps to further diversify internationally, entering into a five year contract to deploy 2 hybrid drilling rigs and 2 service rigs to Queensland, Australia. These rigs are expected to begin operations in Q3 2010. The above rig deployments will improve Savanna’s long-term positioning within the drilling and well servicing businesses.
To strengthen its balance sheet, and to provide the requisite capital to execute its strategic initiatives, the Company issued 20.1 million common shares on June 3, 2009 at a price of $6.30 per share for gross proceeds of $126.8 million. Savanna’s balance sheet strength is evident at December 31, 2009. The Company has a debt-to-equity ratio of 9% and net debt (1) of $19.1 million on $869.4 million of capital assets. Savanna’s financial position at the end of 2009 provides for considerable flexibility heading into 2010.
Q4 2009 Operational Highlights
The downturn in the North American oil and gas industry continued to have a negative effect on the Company’s operations in Q4 2009. The decrease in demand for oilfield services led to a decrease in operating days, hours and rates in the drilling and oilfield services divisions respectively compared to Q4 2008. However, in Q4 2009 Savanna achieved its highest operating margins(1) and margin percentages(1) compared to any of the three preceding quarters.
In December 2009, the Company entered into a five year contract to initially deploy 2 hybrid drilling rigs from its Canadian fleet, and 2 built-for-purpose service rigs to Queensland, Australia.
Savanna also moved a drilling rig from its Canadian operations to North Dakota in Q4 2009, increasing the total U.S. drilling rig
fleet to 17 rigs.
During the fourth quarter Savanna concluded a joint technology development agreement with a private, government and operator backed, technology group directed at the development and expansion of coil drilling capabilities in directional and horizontal wells, focused primarily in the United States.
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Mar 09, 2010
ThermaSource, Inc., Signs Drilling Contract with Polaris Energy Nicaragua
CanGEA members ThermaSource Inc., and Ram Power Corp. team up and announce the signing of a drilling contract for the geothermal development of the San Jacinto-Tizate Project in Nicaragua.
SANTA ROSA, Calif., Mar 09, 2010 (BUSINESS WIRE)—ThermaSource, Inc. and Ram Power, Corp. (TSX: RGP) (“Ram Power”), through its subsidiary Polaris Energy Nicaragua S.A. (“PENSA”), are pleased to announce the signing of a drilling contract for the geothermal development of the San Jacinto-Tizate Project in Nicaragua. ThermaSource was awarded the drilling contract from PENSA following a competitive bidding process involving geothermal drilling companies from around the world.
San Jacinto-Tizate Project
The goal with this contract is to drill multiple wells, both injection and production, to roughly 2,500 meter depths to support the expansion of the current power generation plant. With 56 MW drilled and available at the production well heads, and the two most recently drilled production wells tested at 16 MW and 22.8 MW respectively, PENSA is expecting to drill only two additional production wells to reach the full 72 MW net capacity.
Tecton Geologic, a wholly owned subsidiary of ThermaSource also signed a contract for the mud logging business for the drilling operations on the San Jacinto-Tizate Project in Nicaragua.
Louis Capuano, Jr., Chief Executive Officer of ThermaSource, Inc., said “We are excited to be a part of the expansion of geothermal power in Nicaragua and look forward to working with Ram Power and PENSA on a successful drilling project.”
Stuart Johnson, Vice President Geothermal Resources for Ram Power, said “The drilling contract represents a major milestone in the completion of the San Jacinto-Tizate expansion and we are looking forward to the working relationship with ThermaSource. We believe that Nicaragua is quickly becoming one of the leading Central American countries developing geothermal power.”
About ThermaSource, Inc.
ThermaSource, LLC is a fully integrated services company focused on the geothermal industry. ThermaSource Inc. is engaged in geothermal drilling, engineering and project management. ThermaSource Cementing is an onsite cement supply, pumping and engineering firm, Tecton Geologic conducts geothermal geologics, well logging, and H2S Abatement. ChemTech Services is engaged in geothermal drilling fluids supply, and engineering. EGS, Inc. specializes in geological exploration and is a resource evaluation firm. ThermaSource has positioned itself as a one-stop shop for drilling service needs and will be providing the drilling, project management, and well logging for Ram Power and PENSA. For more information about ThermaSource, visit http://www.thermasource.com.
About Ram Power, Corp.
Ram Power is a renewable energy company based in Reno, Nevada, engaged in the business of acquiring, exploring, developing, and operating geothermal properties and has interests in geothermal projects in the United States, Canada, and Latin America. For more information on Ram Power, Corp., visit http://www.ram-power.com.
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