Ormat Technologies (ORA) is falling more than 7% in heavy volume this morning after it cut its revenue forecasts for 2012 and 2013 due to changes in power purchase agreements for its Heber, Ormesa and Mammoth geothermal plants in California. The company initially thought that the new pricing would have a smaller impact on revenues resulting in a reduction of $9.5 and $6.5 million over the next two years. However, as a result of falling … Read the rest
Tag Archives: ormat technologies
Ormat Technologies (ORA) Lands $65 Million EPC Geothermal Contract
Ormat Technologies (ORA) announced today that it landed a $65 million EPC contract with Cyrq Energy for a geothermal project in New Mexico. The contract work is scheduled to be released in stages based on progress and development of the well. In addition Ormat will provide financing for the project not to exceed $66 million. The project is expected to come online within two years.
::: Click Here For Your FREE Daily Ormat Technical Analysis… Read the rest
Ormat (ORA) & Nevada Geothermal (NGLPF) To Partner On Crump Geyser Project In Oregon
I forgot to get this out yesterday, but it was announced that Nevada Geothermal Power (OTCBB: NGLPF) and Ormat Nevada Inc., a wholly-owned subsidiary of Ormat Technologies (ORA) signed an agreement letter to jointly develop and own under a LLC company one or more geothermal power plants at the Crump Geyser Project in Lake Country, Oregon. The 50/50 joint venture plans to begin construction and drill at least one development well for the first power … Read the rest
Ormat Technologies (ORA) Puna Geothermal Plant Back At Full Production, Insiders Buying
Ormat Technologies (ORA) today announced that its subsidiary, Puna Geothermal Venture completed the drilling and the mechanical cleaning of the production wells at the Puna Geothermal Power Plant located on the Big Island, Hawaii. The plant is now back at full production.
Shares of ORA are up nearly 2% today and sure look compelling down here. Over the last several weeks, the Israeli parent company Ormat Industries, has been buying up shares left and right.… Read the rest
Ormat (ORA) Secures 20 YR Geothermal Energy Deal With Nevada Power
Ormat Technologies (ORA) is announcing this morning that one of its subsidiaries has secured a 20-year power purchase agreement with Nevada Power Company to purchase 30MW from the McGinness Hills Geothermal project, which is currently under construction and expected to come online in about two years.
Once the McGinness project is completed and running at full speed, Ormat will provide roughly 135MW of geothermal power to Nevada Power, which will get the utility into compliance … Read the rest
Geothermal Leader Ormat (ORA) Posts Another Strong Quarter, But Sees Growth Moderating Next Year
Ormat Technologies (ORA) posted another strong quarter as earnings increased 48% over the year ago quarter on revenues that increased 20%. The company reported an EPS of .52/share which smashed analyst estimates of .37/share. Revenues also beat analyst estimates coming in at $119.8 million vs Wall St estimates of $99.4 million.
Nearly all the growth over the past year has come in the company’s Product Segment due to a record backlog at the beginning of … Read the rest
Geothermal Leader Ormat Technologies (ORA) Surges On Great Quarter
Ormat Technologies (ORA), the geothermal 800lb gorilla, reported great earnings results this morning beating EPS estimates by .07/share and 33% over the year ago quarter. Revenues surged 44% over the year ago quarter and beat estimates by $11 million at $99.9 million. This was a very impressive quarter. I’ve been wanting to get in on a pull back but it has yet to do so. The stock has now nearly doubled off the March low … Read the rest
Ormat Technologies, Inc. (ORA) OREG-4 Peetz Project Up And Running
Ormat Technologies Inc just announced that its OREG-4 Peetz Recovered Energy Generation (REG) Project is up and running. The 4 MW power plant will recover waste heat from the exhaust of a gas turbine located in a compressor station that services a natural gas pipeline in the Denver area. The waste heat is converted to electricity and sold to Highline Electric Association Inc under a 20=year purchase agreement.
Dita Bronicki, Chief Executive Officer of Ormat, … Read the rest
Ormat Technologies (ORA) Beats Estimates
Ormat Technologies (ORA) which designs, develops and operates geothermal and recovered energy power plants beat earnings estimates this morning, posting an EPS of .26/share (analysts expected .25) which was 4% over the year ago quarter. Revenues were strong in the quarter at 95.5 (an increase of 35% over last year) which also beat analyst estimates of $84 million.
Dita Bronicki, CEO of Ormat, stated: “It was a good year and quarter for Ormat, as reflected … Read the rest
Ways to Play the Obama Green New Deal
With the Obama administration just weeks away from move in day, there are quite a few articles out there being written about ways to play the coming infrastructure and green energy boom. Much has been made of Obama’s plan to decrease our dependence on foreign oil and to a lesser degree, plans to spend big on infrastructure. Certainly infrastructure and green energy will be two big themes over the next 4 years and possibly beyond, … Read the rest