U.S. Geothermal Inc. (TSX: T.GTH, Stock Forum) said that on Nov. 16, 2012 its subsidiary, USG Oregon LLC, achieved commercial operation at the Neal Hot Springs project located near Vale, Oregon.
According to the U.S. Geothermal press release, under the terms of the project power purchase agreement, electricity generated by the three-module power plant will now be sold to Idaho Power Company at the rate of $96.00 per megawatt-hour for the remainder of 2012 and at the rate of $99.00 per megawatt-hour for the power produced during 2013.
Currently, two power modules are operating on a continuous basis, producing approximately 16 to 18 net megawatts per hour. The third power module is scheduled to begin commissioning and start-up activities during the last week of November.
With three modules operating at full capacity the project is expected to generate between 165,000 to 185,000 megawatt-hours of electricity each year.
U.S. Geothermal is a leading renewable energy company focused on the development, production and sale of electricity from geothermal energy.
On Monday, U.S. Geothermal’s stock was up 6% and was trading at $0.35 a share. The company has a market cap of $31.4 million, based on 89.7 million shares outstanding. The 52-week high and low was $0.68 and $0.28 respectively.