GLOBAL GEOTHERMAL MARKETS AND STRATEGIES, 2009-2020

Table of Contents

I. EXECUTIVE SUMMARY

II. GLOBAL RESOURCE AND POLICY DRIVERS

• 1. Global Geothermal Market Environment
  • " Proven Technology in New Energy Landscape
  • " Baseload Renewable Power
  • " Geothermal Cost Drivers vs. Wind, Other Renewables
• 2. Overview of Global Geothermal Resource
  • " Geothermal Resource Classification
  • " Regional Hydrothermal Resource Comparison
    • North America
    • Europe, Iceland, and Russia
    • Asia Pacific
    • Caribbean and Latin America
    • Africa
• 3. Renewable Policies Support Geothermal Growth
  • " US Policy Shifts
    • Federal Stimulus Funding to Broaden
    • Geothermal Cost Advantage
    • RPS Implications for Geothermal Power Demand
    • Other US Government Geothermal Incentives
  • " Increasing EU Renewables Obligations Bring Geothermal into the Fold
    • Renewables Policy Goals Drive Interest
    • Despite Modest Resources
    • EU FITs Underpin Short - Term Activity
  • " Geothermal Support Policies in the Rest of the World
    • Australia Positions EGS as Key to Renewable Policy Goal
    • Asia Reignites Geothermal Activity with Renewables Policies
    • RPSs Make Strides to Spur Geothermal in Mexico, Latin America
  • " International Programs Boost Geothermal
    • CDM Supports Geothermal Activity
    • World Bank to Lift Geothermal Activity

III. GEOTHERMAL TECHNOLOGY AND COST TRENDS

• 1. Plant Technology and Competitiveness
  • " Dry Steam Technology
  • " Flash Systems
    • Single - Flash vs. Dual - Flash Systems
    • Combined Cycle Systems Gain Attention
  • " Binary Systems
    • Proven ORC Leads the Way
    • Kalina Cycle Technology Looks to Evolve
  • " Hot Dry Rock/Enhanced Geothermal Systems
  • " Other Technology Directions
• 2. Evolution of Drilling Techniques
• 3. Geothermal Project Development Challenges
  • Exploration Risks and Opportunities
  • Dry Well Insurance
  • Adverse Environmental Challenges
  • Development Timelines
• 4. Geothermal Costs and Trends
  • " Geothermal Production Costs
    • Project Capital Costs
    • Trends in Drilling Costs
    • EGS Costs
  • " Geothermal Compared to Other Renewables

IV. GLOBAL GEOTHERMAL MARKET ANALYSIS, 2009 - 2020

• 1. Geothermal Market Development Trends
  • " Development Status of Global Geothermal Pipeline
  • " Trends in Project Scale
• 2. US to Lead Global Geothermal Development Activity
  • " Geothermal Development Activity in Western US
    • California and Nevada Lead Development Charge
    • Other States Attract Developers as RPS
    • Demand Broadens
    • Coal Plant Pushback Drives Geothermal
    • Growth into New Western States
  • " Addressing Development Bottlenecks
    • BLM Critical to Expediting Growth Potential
    • Transmission Build - Out Key to Long - Term Growth
• 3. Global Project Review
  • " Traditional Geothermal Markets
    • Developers Weigh Large Potential, High Risk in Indonesia
    • The Philippines to Encourage Steady Growth
    • Iceland Taps Resources as Domestic Industry Matures
    • Italy Repowers and Begins to Expand Activity
    • Japan Re - ignites Activity
    • Mexico, CFE Tenders Face Ups and Downs
  • " Emerging Growth Markets
    • New Zealand Poised for Substantial Growth
    • Chile to Lead South American Geothermal Growth Forward
    • Geothermal Market Awakens in Turkey
  • " Nascent High Resource Markets
    • Central American Markets Hold Long - Term Potential
    • East Africa Gains Attention
    • Russia Steps Up Renewables Goals with Growth for Geothermal
    • The Caribbean
    • Papua New Guinea Taps into Geothermal Resources
    • Despite High Resources, Canadian
    • Geothermal Takes Backseat to Alternatives
• 4. Deep Resource Geothermal Market Activity
  • " Germany Looks to Spur Central European Growth Potential
  • " Australia
  • " France Pioneers EGS in Other Markets, But Growth Limited to Overseas Departments
  • " Long - Term US Outlook
• 5. Geothermal Market Forecast
  • " Global Geothermal Market Methodology
  • " Global Geothermal Market Forecast Scenarios
  • " Geothermal Market Forecasts by Country
    • US Leads Global Geothermal Growth
    • Southeast Asia Key Region for Geothermal Growth
    • Geothermal Growth in the Rest of the World
  • " Geothermal Technology Forecast
  • " Geothermal Investment Forecast

V. COMPETITIVE ANALYSIS: GEOTHERMAL DEVELOPMENT STRATEGIES

• 1. Global Value Chain Evolution
  • " Evolution of Geothermal Power Development
  • " Emerging Pure - Play Developers and IPPs Redefining Geothermal Value Chain
  • " Resource Focus Defines Strategies of Emerging Players
• 2. Competitive Positioning Within Geothermal Power Industry
  • " Geothermal Market Share Rankings
    • Geothermal Power Plant Ownership Rankings
    • Geothermal Project Pipeline Comparison
  • " Global Development Trends
    • US Gets Competitive as New Pure - Play
    • Developers Emerge
    • Outside the US, Larger Integrated Players
    • Seek Opportunities
• 3. Geothermal Development Strategies
  • " Pure - Play Developer Strategies
    • Ormat Leads the Industry Forward
    • Emerging Pure - Plays Accelerate US Geothermal Development
    • Raser Seeks to Differentiate Itself
    • Geysir Green Energy a Catalyst for Global Expansion
    • Small EGS Players Attract Attention from Big Industry
  • " Geothermal Portfolio Strategies
    • Renewables Leaders Explore Geothermal Expansion
    • Enel Steps Up International Focus Across the Atlantic with Acquisitions
    • Mid - American Leads US Utilities, Stays at Home for Now
    • IPPs Move Into Geothermal with Baseload Strategies
    • EU Utilities Reshape Fragmented Low - Temp/EGS Development Market
  • " Oil and Gas Strategies in Geothermal
    • Chevron Stands Apart from Other Supermajors
    • Integrated Energy Production Strategies Explored
• 4. Geothermal Financing Challenges
  • " Financial Crisis Shakes Up Development Environment
• 5. Strategy Profiles: Pure - Play Developers, Geo - IPPs
  • " AltaRock Energy Inc.
    • AltaRock Energy Geothermal
    • Development Strategy
  • " Esmeralda Energy
    • Esmeralda Energy Geothermal
    • Development Strategy
  • " Exorka Geothermal
    • Exorka Geothermal Development Strategy
  • " Geodynamics
    • Geodynamics Geothermal Development Activity
  • " Geysir Green Energy
    • Geysir Green Energy Geothermal Development Strategy
  • " Hitaveita Sudurnesja (HS Orka)
    • Hitaveita Sudurnesja Geothermal Development Strategy
  • " Iceland America Energy
    • Iceland America Energy Geothermal Development Strategy
  • " Magma Energy Corp.
    • Magma Energy Geothermal Development Strategy
  • " Nevada Geothermal Power
    • Nevada Geothermal Power Geothermal Development Strategy
  • " Ormat
    • Ormat Geothermal Development Strategy
  • " Panax Geothermal
    • Panax Geothermal Development Strategy
  • " Petratherm
    • Petratherm Geothermal Development Strategy
  • " Polaris Geothermal
    • Polaris Geothermal Development Strategy
  • " Ram Power
    • Ram Power Geothermal Development Strategy
  • " Raser Technologies Inc.
    • Raser Technologies Geothermal Development Strategy
  • " Sierra Geothermal Power
    • Sierra Geothermal Power Geothermal Development Strategy
  • " US Geothermal
    • US Geothermal Development Strategy "
    • Western GeoPower Corp.
    • Western GeoPower Geothermal Development Strategy
• 6. Strategy Profiles: Global Utilities and IPPs
  • " Calpine
    • Calpine Geothermal Development Strategy
  • " Comision Federal de Electricidad (CFE)
    • CFE Geothermal Development Strategy
  • " Contact Energy
    • Contact Energy Geothermal Development Strategy
  • " Enel
    • Enel Geothermal Development Strategy
  • " First Gen Corp.
    • First Gen Geothermal Development Strategy
  • " MidAmerican Energy Holdings Co.
    • MidAmerican Geothermal Development Strategy
  • " National Power Corp. (NPC)
    • National Power Corp. Geothermal Development Strategy
  • " Philippine National Oil Co. - Energy
    • Development Corp. (PNOC - EDC)
    • PNOC - EDC Geothermal Development Strategy
  • " Orkuveita Reykjavikur (Reykjavik Energy)
    • Reykjavik Energy Geothermal Development Strategy
• 7. Strategy Profiles: Oil and Gas Players
  • " Chevron
    • Chevron Geothermal Development Strategy
  • " Fellows Energy
    • Fellows Energy Geothermal Development Strategy
  • " PT Pertamina (Persero)
    • PT Pertamina Geothermal Development Strategy

VI. COMPETITIVE ANALYSIS: GEOTHERMAL PLANT SUPPLY

• 1. Geothermal Technology Competition
  • " Power Block Differentiates Competition for Plant Supply
  • " Driller Competition Shifting Toward Specialists as Industry Picks up Steam
• 2. Geothermal Power Plant Market Share Analysis
  • " Regional Market Share Trends Impacting Competition
  • " Project Pipeline Reflects Strong Leadership with a Few Emerging Entrants
  • " Established OEMs Compete in Large Class Turbine Segment
    • Japanese Suppliers Set to Continue
    • Dominating Geothermal Steam Turbine Market
    • Leading Traditional US and European
    • Players Re - Evaluate Geothermal Strategy
  • " Binary Market Competition
    • Ormat Attracts Competition as Small - Scale Segment Poised for Growth
    • UTC Steps in with Modular Approach
    • Atlas Copco Snags Enel for First Commercial Orders
    • Turboden, GMK, and TAS Compete for Niche Low - Temperature Opportunities
    • Kalina Cycle Attracts Upstarts Looking for Competitive Edge
• 3. Drilling Competition
  • " Niche Players Look to Build Competitive Advantage as Market Heats Up
    • ThermaSource Establishes Leadership
  • " Oil and Gas Heavyweights
  • " Developers Look to Integrate Drilling
• 4. Strategy Profiles:
  • " Large Steam Turbine Providers
    • Alstom SA
    • Ansaldo Energia
    • Fuji Electric
    • General Electric
    • Kaluga Turbine Works
    • Mitsubishi Heavy Industries
    • Toshiba
  • " Organic Rankine Cycle / Kalina Cycle Providers
    • Elliot Energy Systems
    • GMK
    • Mafi Trench (Atlas Copco)
    • Siemens
    • Turboden
    • United Technologies Corporation (Pratt & Whitney)
  • " Drillers

LIST OF EXHIBITS

I. EXECUTIVE SUMMARY

• 1. Global Geothermal Industry Evolution by Market, 1980 - 2015
• 2. Global Geothermal Country Rankings by Installed Capacity and Pipeline
• 3. Map of Western US Geothermal Activity
• 4. Installed and Pipeline Capacity in Key Markets
• 5. Value Chain Positioning of Global Geothermal Players
• 6. Ownership Trends Among 20 Largest Companies
• 7. Project Development Pipeline
• 8. Strategic Resource Focus of Geothermal Developers
• 9. Geographic Presence of Leading Global Geothermal Developers
• 10. Geothermal Technology Deployment by Type
• 11. Market Share Analysis of Geothermal Power Plant Supply
• 12. Binary Technology Market Competition
• 13. Geothermal Steam Turbine Shipments Since 2004
• 14. Drillers Selected for Recent Projects, 2004 - 2009
• 15. Base - Case and High - Growth Forecasts
• 16. Geothermal Regional Forecast, 2009 - 2020 (Annual Additions)
• 17. Technology Breakdown Forecast in Annual Additions: High - Growth Scenario
• 18. Forecast of Capital Investment Geothermal, 2009 - 2020
• 19. Investment in Geothermal (US$ Millions): Base - Case, 2009 - 2020

II. GLOBAL RESOURCE AND POLICY DRIVERS

• 1. Renewable Power Market Evaluation Components
• 2. Modest but Steady Geothermal Growth, 1970 - 2008
• 3. Typical Capacity Factors of Competing Power Generation Technologies
• 4. Cost Comparison of Geothermal Relative to Other Renewables
• 5. Global Geothermal Resources Map
• 6. Global Geothermal Resource Potential
• 7. Regional Hydrothermal Geothermal Resource Potential Comparison
• 8. North America Geothermal Resources
• 9. Geothermal Resource Potential in Europe, Iceland, and Russia
• 10. Geothermal Resources in Asia
• 11. Resource Potential in Caribbean and Latin America
• 12. Resource Potential of Africa' s Great Rift Valley
• 13. Key Regions That Have Adopted Renewables Policies
• 14. Incentives for Geothermal Under ARRA
• 15. State RPS Goals with Geothermal ProjectActivity
• 16. US State RPS Summary Details in Key Geothermal States
• 17. Renewable Energy Incentive Schemes Supporting Geothermal in the US
• 18. EU Renewable Policy Goals
• 19. Geothermal FITs in Europe
• 20. Summary of Philippines and Indonesia Renewable Energy Policies
• 21. Global Geothermal Energy Projects Accessing CDM Markets
• 22. Active World Bank Projects Supporting Geothermal

III. GEOTHERMAL TECHNOLOGY AND COST TRENDS

• 1. Global Geothermal Power Plant Evolution, 1970 - 2008
• 2. Geothermal Technology Deployment by Type
• 3. Analysis of Technology Selection for Recent Geothermal Projects
• 4. Dry Steam Technology Attributes and Operating Projects
• 5. Single - and Dual - Flash Systems Attributes and Recent Key Projects
• 6. Status of Operating Flash Binary Combined Cycle Power Plants
• 7. Key Technical Attributes of Binary Geothermal Technologies
• 8. Comparison of Competing Binary Technologies' Operating Characteristics
• 9. Status of Operating Kalina Cycle Binary Power Plants
• 10. Recent and Near - Term EGS Project Demonstration
• 11. Development Timelines of Competing Power Generation Technologies
• 12. Geothermal Power Production Costs
• 13. Breakdown of Capital Costs for a Geothermal Project
• 14. Drill Rig Supply and Cost
• 15. Enhanced Geothermal Costs
• 16. Geothermal Cost Compared to Other Renewables

IV. GLOBAL GEOTHERMAL MARKET ANALYSIS, 2009 - 2020

• 1. Global Geothermal Industry Evolution by Market, 1980 - 2008
• 2. Installed Capacity and Pipeline Capacity in Key Markets
• 3. Market Maturity of Geothermal
• 4. Progress Toward Operation of the Global Geothermal Pipeline
• 5. Project Size Distribution of Geothermal Project Activity
• 6. Project Size Trends in Key Geothermal Markets
• 7. US Project Development Activity
• 8. Map of Western US Geothermal Activity
• 9. Coal Plant Cancellations Relative to Geothermal Pipeline
• 10. 2007 - 2008 BLM Land Lease Applications by Developer
• 11. Transmission Build - Out in the US
• 12. Global Geothermal Country Rankings by Installed Capacity and Pipeline
• 13. Project Activity in Indonesia
• 14. Geothermal Project Activity in the Philippines
• 15. Installed Capacity in Iceland Jumps in Recent Years
• 16. Key Regions of Mexico' s Geothermal Activity
• 17. Map of Geothermal Activity in South America
• 18. Geothermal Project Activity in Turkey by Project Site
• 19. Russian Renewables Development Activity
• 20. German Geothermal Development Summary
• 21. Australia Geothermal Development Summary
• 22. Overview of EER' s Forecast Methodology
• 23. Base - Case and High - Growth Forecasts
• 24. Geothermal Regional Forecast, 2009 - 2020
• 25. US Growth in Installed Geothermal Capacity: Base - Case, 2000 - 2020
• 26. Geothermal Growth in Southeast Asia: Base - Case, 2000 - 2020
• 27. Capacity Additions in the Rest of the World: Base - Case, 2008 - 2020
• 28. Technology Breakdown Forecast in Annual Additions: High - Growth Scenario
• 29. Forecast of Capital Investment Geothermal, 2009 - 2020
• 30. Investment in Geothermal (US$ Millions): Base - Case, 2009 - 2020

V. COMPETITIVE ANALYSIS: GEOTHERMAL DEVELOPMENT STRATEGIES

• 1. Evolution of Geothermal Competitive Landscape
• 2. Value Chain Positioning of Global Geothermal Players
• 3. Strategic Resource Focus of Geothermal Developers
• 4. Projects Brought Online, 2006 - 2008
• 5. Ownership Trends Among 20 Largest Companies
• 6. Project Development Pipeline
• 7. Geographic Presence of Leading Global Geothermal Developers
• 8. Geothermal Project Pipeline Rankings in the US
• 9. Geographic Presence of Leading Global Geothermal Developers
• 10. Ormat' s Global Activity
• 11. Commercial Status of Active US Geothermal Power Project Developers
• 12. Raser Technologies Project Development Overview
• 13. Geysir Green Energy Global Investment Reach, 2008
• 14. Developer Involvement in EGS
• 15. Top 20 Largest Owners of Renewable Power Generation Capacity Globally, 2008
• 16. Pipeline Geothermal Power Projects with Signed PPAs
• 17. AltaRock Energy Company Profile
• 18. Esmeralda Energy Company Profile
• 19. Exorka Geothermal Company Profile
• 20. Geodynamics Company Profile
• 21. Geysir Green Energy Company Profile
• 22. Hitaveita Sudurnesja Company Profile
• 23. Hitaveita Sudurnesja Development Activity
• 24. Iceland America Energy Company Profile
• 25. Magma Energy Company Profile
• 26. Magma Energy Development Activity
• 27. Nevada Geothermal Power Company Profile
• 28. Nevada Geothermal Power Development Activity
• 29. Ormat Company Profile
• 30. Ormat Development Activity
• 31. Panax Company Profile
• 32. Petrathrem Company Profile
• 33. Polaris Geothermal Company Profile
• 34. Polaris Geothermal Development Activity
• 35. Ram Power Company Profile
• 36. Raser Technologies Company Profile
• 37. Raser Technologies Development Activity
• 38. Sierra Geothermal Power Company Profile
• 39. Sierra Geothermal Power Development Activity
• 40. US Geothermal Company Profile
• 41. US Geothermal Development Activity
• 42. Western GeoPower Company Profile
• 43. Western GeoPower Development Activity
• 44. Calpine Company Profile
• 45. Calpine Geothermal Plant Ownership
• 46. CFE Company Profile
• 47. CFE Development Activity
• 48. Contact Energy Company Profile
• 49. Contact Energy Development Activity
• 50. Enel Company Profile
• 51. Enel Development Activity
• 52. First Gen Company Profile
• 53. First Gen Development Activity
• 54. MidAmerican Company Profile
• 55. MidAmerican Development Activity
• 56. National Power Corp. Company Profile
• 57. National Power Corp. Development Activity
• 58. PNOC - EDC Company Profile
• 59. Reykjavik Energy Company Profile
• 60. Reykjavik Energy Development Activity
• 61. Chevron Company Profile
• 62. Chevron Development Activity
• 63. Fellows Energy Company Profile
• 64. PT Pertamina Company Profile
• 65. PT Pertamina Development Activity

VI. COMPETITIVE ANALYSIS: GEOTHERMAL PLANT SUPPLY

• 1. Company Positioning Along Geothermal Supply Chain
• 2. Power Block Segmentation by Size, Class, and Technology Type
• 3. Drillers Selected for Recent Projects, 2004 - 2009
• 4. Market Share Analysis of Geothermal Power Plant Supply
• 5. Geothermal Power Plant Market Share in Key Global Market Regions
• 6. Known Supply Contracts for Planned Geothermal Projects at Advanced Stages
• 7. OEM Market Share by Top 15 Geothermal Plant Owners, Through Year - end 2008
• 8. Geothermal Steam Turbine Shipments Since 2004
• 9. Binary Technology Market Competition
• 10. Ormat Geothermal Technology Supply Experience
• 11. Evolution of UTC Modular Binary Capabilities
• 12. ORC Technology Promoters Market Segmentation
• 13. Experience Curve for Kalina Technologies
• 14. Geothermal Drilling Market Segmentation
• 15. ThermaSource Involvement in Geothermal by Country, Region
• 16. Developer Drilling Involvement
• 17. Alstom Company Profile
• 18. Alstom Geothermal Reference List
• 19. Ansaldo Energia Company Profile
• 20. Fuji Electric Company Profile
• 21. Fuji Electric Geothermal Reference List (2000 to Present)
• 22. GE Company Profile
• 23. GE Geothermal Reference List (2000 to Present)
• 24. Kaluga Turbine Works Company Profile
• 25. Kaluga Turbine Works Geothermal Reference List
• 26. Mitsubishi Heavy Industries Company Profile
• 27. Mitsubishi Heavy Industries Geothermal Reference List (2000 to Present)
• 28. Toshiba Company Profile
• 29. Toshiba Geothermal Reference List (2000 to Present)
• 30. Elliot Energy Systems Company Profile
• 31. Elliot Energy Systems Geothermal Reference List
• 32. GMK Company Profile
• 33. GMK Geothermal Reference List
• 34. Mafi Trench Profile
• 35. Mafi Trench Geothermal Reference List
• 36. Siemens Company Profile
• 37. Siemens Geothermal Reference List
• 38. Turboden Company Profile
• 39. Turboden Geothermal Reference List
• 40. United Technologies Company Profile
• 41. United Technologies Geothermal Reference List
• 42. Drillers Active in the Geothermal Industry (2000 to Present)