Geothermal — Fleet & Pipeline Analysis

Key Finding: The US geothermal fleet is highly concentrated in California and Nevada, which together account for over 85% of both installed capacity and operational plants.

Geographic Distribution and Concentration

The operational geothermal fleet demonstrates significant regional concentration, with California and Nevada dominating in both plant count and generating capacity.

• California (CA): 32 plants, totaling 2.9 GW — accounting for the majority of US geothermal capacity.
• Nevada (NV): 27 plants, totaling 1.1 GW — representing the second-largest concentration of geothermal assets.
• Utah (UT): 5 plants, 238 MW
• Oregon (OR): 2 plants, 37 MW
• Hawaii (HI): 1 plant, 51 MW
• New Mexico (NM): 1 plant, 19 MW
• Idaho (ID): 1 plant, 16 MW

Leading Geothermal Facilities

The national fleet includes several large-scale facilities, with California hosting the predominant share of the largest operational geothermal plants.

1. Geysers Unit 5-20 (CA): 1,236 MW
2. Calistoga Power Plant (CA): 176.4 MW
3. Cape Generating Station (UT): 159 MW
4. McGinness Hills 3 (NV): 112.8 MW
5. Geothermal 1 (CA): 110 MW

This distribution indicates that while geothermal resources are present in seven states, the vast majority of installed capacity is concentrated within a few large facilities, particularly in California, highlighting the localized nature of commercially viable high-enthalpy geothermal reservoirs

Recent news signals for geothermal indicate a mix of positive market commitments, including PPA signings and development milestones, alongside persistent environmental and operational challenges.

Positive Market Signals

• 20 articles indicate market commitments, notably PPA signings.

• Ormat Technologies signed a 'blend-and-extend' amendment for its CD4 Geothermal Power Plant, securing a 27% price jump and extending the PPA.

• A previously underperforming plant in New Mexico achieved a turnaround, signaling successful development milestones.

Challenges and Constraints

• 11 articles report constraints, with 7 articles focusing on hazards and incidents.

• An earthquake swarm near The Geysers Northern California geothermal field was reported in August 2025.

• A Nevada geothermal project faced environmental challenges and opposition from a tribe and conservationists in January 2026.

Key Finding: The interconnection queue reveals a robust future growth trajectory for geothermal technology, with 7,927 projects signaling substantial expansion potential, particularly in Arizona and California.

Dominance of Hybrid Renewable and Storage Technologies

The majority of proposed projects in the interconnection queue are dominated by hybrid renewable and storage solutions, rather than standalone geothermal facilities, reflecting broader market trends toward dispatchable clean energy.

• Solar+Battery: 1,715 projects totaling 534.8 GW demonstrate a strong preference for integrated solar generation with energy storage. This is the largest category by proposed capacity.
• Battery: 2,072 projects contributing 412.7 GW indicate a significant standalone energy storage build-out, likely to support intermittent renewable resources.
• Solar: 2,276 projects with 336.3 GW represent the highest number of individual projects, emphasizing continued solar PV deployment.
• Wind: 719 projects for 179.1 GW show continued but less prominent development compared to solar and battery technologies.
• Gas: Even amidst the renewable push, 676 projects representing 271.0 GW of gas-fired generation are still in the queue, suggesting ongoing demand for firm capacity.

Geographic Hotspots and Project Scale

The largest proposed projects are concentrated in the Western United States, highlighting regions with high renewable resource potential and evolving grid needs.

1. ATLAS COMPLEX (AZ): 4,357.4 MW (Solar+Battery, active) — This project in Arizona is the largest single entry, indicating a substantial planned hybrid facility.
2. JOVE SOLAR (AZ): 4,132.6 MW (Solar+Battery, active) — Another massive Arizona