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U.S. Geothermal Industry Overview

Your Geothermal Financial Partnerslandsbanki Geothermal Research

February 2011


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Dear Reader,slandsbankis annual U.S. Geothermal Energy Market Report examines the general market, currentdevelopments and the general status of the industry.

With this report on the U.S. Geothermal Industry, we provide an overview of the industrys landscapefrom plants in operation, to those in development and the companies involved.

It is safe to say that the United States has the largest geothermal industry in the world, as it hasboth the largest installed capacity (30% of the worlds installed geothermal power capacity) andthe largest development pipeline. While the universe of companies developing new geothermalplants in the U.S. is fairly wide and fragmented, installed capacity is tightly controlled, with the

top four operators of geothermal power plants in the U.S. owning 85% of the total capacity.

International players have an important role in development of geothermal power generation inthe U.S. About 25% of planned capacity is being developed by companies listed on CanadasToronto Stock Exchange. The importance of international players becomes clearer when one considerscompanies with either direct or indirect connections to additional companies in Israel, Italy, Canadaand New Zealand. At the same time, U.S. firms are also active internationally.

More details on our activities can be found on www.islandsbanki.is/energy.

rni Magnsson, Executive Director slandsbanki Geothermal Energy Team

Foreword

3U.S. Geothermal Industry Overview

1. The United States has the worldslargest installed geothermalpower capacity, with 3,093 MWor 30% of the worlds total.

2. This capacity is tightly controlled,however, with 85% owned bythe top four operators.

3. The U.S. also tops the list ofcountries developing new

geothermal capacity, with 2,307MW of new capacity expectedto be developed by 2015.

4. By capacity, developers listed onCanadas Toronto StockExchange, represent about 25%of planned capacity in the U.S.

5. U.S. geothermal companies areactive internationally, developingand operating geothermal plants,supplying turbines andengineering services world-wide.

Key Highlights


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slandsbanki is a focused financial partner to the geothermal energy sector. Our dedicated geothermal energy team provides investment andfinancial services from the banks headquarters in Reykjavik, Iceland, and maintains a worldwide network of partnerships.

The nature of geothermal projects demands a thorough understanding of the underlying technical issues and risks. Over the years, slandsbankisgeothermal energy team has worked as a partner to the geothermal energy industry in Iceland and in many other countries.

slandsbankiFinancial partner to the geothermal energy industry

How can we as a bank that is uniquely focusing on geothermal energy help you and your business?

With our unique background and experience, we have a strong foundation for our activities in this sector. Our dedicated team provides us withunparalleled market knowledge, combined with strong banking skills. This enables us to fulfill the needs of companies, investors and other playersacross the value chain of the geothermal industry and provide opportunities for growth. Our expertise and understanding of the industry, coupledwith our ongoing efforts to promote geothermal energy together, make us a valuable partner for our clients and other organizations in the sector.

Iceland as a unique location for services in the geothermal energy sector

Almost two thirds of Icelands primary energy supplies are derived fromgeothermal sources

Geothermal energy is used to generate 25% of Icelands electricity Iceland is a leader in the utilisation of geothermal energy, both directly

and for generating electricity

Installed electricity generating capacity using geothermal resources totals575 MW

The dynamic geothermal energy sector provides services, drilling, projectmanagement and financing

slandsbankis value proposition

Uniquely focused team for the sector

Extensive geographical and industrial research

Industry player mapping and network Strategic global partners with leading positions in

the sector

Advisory in the geothermal sector, across the entirevalue chain

Service offerings to the industry and the financialcommunity

4 U.S. Geothermal Industry Overview


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s l andsbank ipublishes itsU.S. Geothermal

Energy MarketReport annuallyin conjunctionwith the annualGRC AnnualMeeting andGEA TradeShow in the fall of each year. Inour 2010 U.S. Geothermal EnergyMarket Report, we included aspecial feature on Canada and the

Canadian geothermal energymarket, as Canadian companies areprominent developers in the U.S.market.

U.S. GeothermalEnergy MarketReport

Introducing slandsbankis Geothermal Dashboard

As part of our continual efforts to promotegeothermal energy, slandsbanki is proudto announce the launch of a GeothermalIndustry Dashboard with data from ourresearch, international sources and live dataas it relates to geothermal development.

The Geothermal Dashboard is accessiblefree of charge, but requires registration.Within the dashboard site you will also have

access to all our current and past geothermalenergy market reports. The Dashboard is ajoint effort by slandsbanki and Icelandicdata portal company DataMarket.www.islandsbanki.is/energy

UnitedStates Geothermal EnergyMarket ReportWith a specialfeature on Canada

YourGeothermal Financial Partner

October2010

slandsbanki Geothermal Research

slandsbankis geothermal publicationsand Geothermal Industry Dashboard:www.islandsbanki.is/energy


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I. Current world geothermal power capacity & development ............................................................................................................ 7

Current installed geothermal power capacity ........................................................................................................................................ 8

Worldwide geothermal power development ......................................................................................................................................... 9

Geothermal development timeline & definition .................................................................................................................................... 10

II. U.S. geothermal energy industry landscape ..................................................................................................................................... 11

The U.S. is the leading country in geothermal power generation ......................................................................................................... 12

California and Nevada represent most of the U.S.s geothermal power capacity .................................................................................. 13

Companies operating geothermal power plants in the U.S. .................................................................................................................. 14

III. U.S. geothermal power development ............................................................................................................................................... 15Current U.S. geothermal project development ..................................................................................................................................... 16

Status of U.S. development by phases ................................................................................................................................................. 17

Overview of development by companies (MW in development) ........................................................................................................... 18

Developers with near-term capacity ..................................................................................................................................................... 19

Landscape of the U.S. geothermal industry .......................................................................................................................................... 20

Top 20 geothermal developers & operators (combined operating & development capacity) ................................................................ 21

Ownership of geothermal development in the U.S. .............................................................................................................................. 22

IV. Company profiles ............................................................................................................................................................................... 23

V. International activities by U.S. companies ....................................................................................................................................... 37Glossary .................................................................................................................................................................................................... 38

Sources ..................................................................................................................................................................................................... 39

Contents


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Current world geothermalpower capacity & developmentI


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Based on data presented by the individual countries to the World Geothermal Congress 2010(WGC 2010) in Bali/Indonesia, twenty-four countries are currently generating electricityfrom geothermal resources, the majority of them in North America and Asia. There are about11 additional countries currently developing geothermal power projects, which will changethe overall scene. The worlds overall installed geothermal power capacity is 10,700 MW,which generates an estimated 67,000 GWh of electricity worldwide.

The countries with the largest installed capacity are the United States with 3,100 MW, followedby the Philippines, Indonesia and Mexico.

The United States represents about 30% of the current total installed geothermal power

generation capacity.

The U.S. also has a large development potential, withadditional identified resources by U.S. Geological Surveyof 9,057 MW and undiscovered resources of 30,033 MW.Worldwide there is an overall geothermal power capacitypotential of 190,000 MW, using conventional technologyalone. This compares to the current total installed capacityof 10,700 MW. With the deployment and development of

EGS technology, the potential could be manifold in the U.S.and worldwide.

Current installed geothermal power capacity


Installed geothermal capacity & potential in MW

Geothermal power generation capacity

611

204167

536575

843958

628

1,9701,197

3,093

0 2,000 4,000

Other

El SalvadorKenya

JapanIceland

ItalyMexico

New Zealand

PhilippinesIndonesia

United States

2010

Source: Bertani

Source: slandsbanki


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Worldwide geothermal power development


Estimated capacity increase through currentproject by 2015

2,307

2,303

612

596

363

225

182

152

150118

108

86

77

68

40

39

38

36

35

35

34

31

30

30

91

USA

Indonesia

New Zealand

Philippines

Kenya

Iceland

Mexico

Nicaragua

ChileTurkey

Russia

El Salvador

Italy

Guatemala

Spain

Australia

Ethiopia

China

Honduras

Nevis

Costa Rica

Portugal

Argentina

Greece

Other

Source: Bertani

Based on estimates of potential capacity additions by 2015 provided bycountries to the WGC 2010, the countries with the largest project pipelinesare the U.S., Indonesia, New Zealand, Philippines, Kenya and Iceland.

The top ten countries based on installed geothermal power generation capacityalso top the list of countries in anticipated development plans.

There are an additional 11 countries without operating geothermal powercapacity with plans to develop geothermal projects by 2015, including Argentinaand Chile.

We can expect the number of MW in development to continue to increase as

these estimates do not include development plans beyond 2015 and the likelyincrease in geothermal capacity using EGS technologies.


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A geothermal project can usually bedivided into five different phases:start-up, exploration, pre-feasibility,feasibility and design & construction.

It is not uncommon for geothermalpower projects to take five to sevenyears to reach the operational stageafter entering phase one (explorati-on), depending on the project sizeand technology.

Any concrete time estimate for theindividual phases is difficult, as thisis strongly dependent on local andnational legal requirements and theavailability of the services andsupplies needed, e.g. for drilling.

The figure shows a geothermalproject overview, including a timelineand the main elements of a geothermal project.

We refer to these phases when examining project pipelines in the sections to follow.


Geothermal development timeline & definition

Start-up

Legal WorkConcessionPermits

Geophysical surveys

Geochemical and geological datacollection & analysisTemperature gradient drilling

Focused Exploration on most favorableresource areaSufficient Exploration data collected& analized

Drilling of first successful,full-sized production well.Confirmation Wells,Reserve Estimates &Preliminary Design

Drilling & testing of remainingproduction and injection wells.Civil works requiredFinal design & testing

Phase 1:Exploration

Phase2:Pre-Feasibility

Phase 3:Feasibility

Phase 4:Design & Construction

Year 1 Year 2 Year 3 Year 4 Year 5

CommercialOperation

Source: slandsbanki

Geothermal project development timeline & stages

Year 6 Year 7


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U.S. geothermal energyindustry landscapeII


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The U.S. is the leading country in geothermal power generation


U.S. Renewable electricity generationIn TWh, excluding hydro and biomass

TWh

80

70

60

50

40

30

20

100

Geothermal Solar/PV Wind

74 78 82 86 90 94 98 02 06 10

Source: EIA

U.S. Geothermal installed capacity, 19702010

MW

3,000

2,500

2,000

1,500

1,000

500

074 78 82 86 90 94 98 02 06 10

Source: GEA and slandsbanki

The United States first large scale geothermal electricity generation plant beganoperation in 1960. The plant was an 11-MW (net) plant at Californias Geysersgeothermal field operated by Pacific Gas & Electric.

Today The Geyser is the largest producing geothermal field in the world with acurrent installed capacity of 1,585MW and an output of 7,062 GWh/year.

Currently, there are 77 plants operating in the country. In 2010, the U.S. led theworld in geothermal electricity production, with 3,093 MW of installed capacity.

Due to its baseload nature, geothermal power continues to be favored by utilitiesseeking to meet renewable portfolio standards. Over the last 30 years, geothermal

energy has provided in total more electricity to the American people than bothsolar and wind.


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California and Nevada represent most of the U.S.s geothermalpower capacity


U.S. geothermal power capacityInstalled capacity online as of April 2010 (MW, %)

Alaska0.70.02%

Oregon0.30.01%

New Mexico0.20.01%

Other0.80.03

Nevada433.414%

Wyoming0.30.01%

Source: GEA

California2,565.5

83%

Utah42.01.36%

Idaho

15.80.51%

Hawaii35.0

1.13%

U.S. geothermal heat map 5 km depth

Source: NREL

Temperature above212F (100C) (electricpower & direct use)

Temperature below212F (100C)(direct use)

Area suitable forgeothermal heatpumps (entire U.S.)

Geothermal power plants in the United States are largely concentrated in thewestern states, mainly California and Nevada. California has an installed powercapacity of 2,566 MW from 48 power plants and Nevadas installed powercapacity is 433 MW from 19 power plants.

Together, these states represent 97% of total geothermal power generationcapacity in the United States. California and Nevada are followed by Utah, with42 MW installed and three power plants, and Hawaii, with 35 MW and onepower plant.


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Companies operating geothermal power plants in the U.S.

Operating and installed capacity by operator (MW)

Source: GEA

5

10

15

11

32

45

13

65

108

300

344

393

725

6

6

21

23

32

50

57

65

220

329

352

612

1,310

Other

Raser Technologies

US Geothermal

Magma Energy Corp

PacifiCorp

Nevada Geothermal

USRG

Enel North America

Northern CaliforniaPower Agency

CalEnergy

Terra-Gen

Ormat

Calpine

Installed

Operating

Pacific Gas & Electrics first large-scale geothermal power plant opened thedoor to the overall development of The Geysers geothermal field in NorthernCalifornia, as well as in the Imperial Valley in California, in the late 1970s and1980s. During this time many companies undertook exploration programs insearch of similar large, hot resources without much luck. However, additionalplants were built in Hawaii and Nevada during this same time period. From1990 to 2000, there was limited development and plants at The Geysers werethreatened with retreating resources through over-utilization.

Having consolidated the majority of plants in The Geysers, Calpine is todayby far the largest operator in U.S., with nameplate capacity of 1,310 MWinstalled, though the company reports only 725 MW in operating capacity.Ormat is the second-largest operator in the U.S., with 612 MW nameplatecapacity and 393 MW of operating capacity.

These two companies are followed by Terra-Gen Power (354 MW operating),CalEnergy (300 MW operating), and Northern California Power Agency (108MW operating).


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U.S. geothermalpower developmentIII


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Data collected by the U.S. Geothermal Energy Association (GEA), illustrates thecontinuous growth of the U.S. geothermal energy industry over the last five years.The number of projects in development has tripled since 2006, and the 2010 GEAindustry update showed a 15% increase in development alone from 2009-2010.

A majority of the developments in the U.S. are early stage (phase one and two)which together account for 3,461 MW of reported development combined. Thereare 1,012 MW reported as being in the feasibility stage (phase three) and 136MW in construction (phase four).

There are three projects with a reported maximum potential of over 300 MW. They

are: Patua Hot Springs (max 378 MW) and Aurora/Green Hills (350 MW), both ofwhich are owned by Gradient Resources (formerly Vulcan Power); and CalpinesGlass Mountainproject, which hasa maximum poten-tial of 320 MW.

Project sizes rangefrom 0.03 to 320MW in develop-ment, with an aver-age of 37.5 MW

per project.

Current U.S. geothermal project development


Projects in 2010 by state (MW)

Source: GEA

0.0

0.1

0.3

0

5

8

10

35

35

241

413

628

1,428

Hawaii

Mississippi

Wyoming

Texas

Lousiana

Hawaii

Colorado

Alaska

NewMexico

Oregon

Idaho

Utah

California

Geothermal Power Projects 20062010Number of confirmed projects

Source: GEA

5169

97

132

152

2006 2007 2008 2009 2010


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The majority of projects (and the MW they represent) are currently in the earlieststages of development (phases one and two). Using our assumption that it takesfive to seven years for a project to reach commercial operation, we estimate that alarge number of projects will be coming online in 2016. We estimate that Nevadacould see 653 MW coming online in 2016 and California could have 527 MW comingonline in 2016.

Current development mostly in early stages

Status of U.S. development by phases


Projects in MW in 2010 by phases in U.S.

Source: GEA

1,936

1,525

1012

136

Phase 1 Phase 2 Phase 3 Phase 4

Projects in MW in 2010 by phases in U.S.

Nevada California Utah Idaho Other

472 289178 60

578

462

185100

200

727

592

265

3000

200

400

600

800

1,000

1,200

1,400

1,600

1,800

MW

Phase 4

Phase 3

Phase 2

Phase 1

slandsbanki estimates on expected new geothermal capacityby top two states and other

236

236

289

653

364

145

145

231

527

296

243

551

308

0500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2011 2012 2013 2014 2015 2016 2017

Nevada

California

Other

968

81 81

493

493

763

1,730

Source: GEASource: GEA and slandsbanki


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Ram Power and Gradient Resources report the largestdevelopment pipelines, representing nearly half of all MWin development

Ram Power and Gradient Resources have the largest reported developmentpipelines.

Gradient has more projects at later stages (phase three and four) ofdevelopment than Ram Power. Companies following both in terms ofMW in development are Calpine, the private equity firm U.S. RenewablesGroup who owns stakes in several development efforts (the largest being

development company Oski Energy) and Raser Technologies.

Overview of development bycompanies (MW in development)


Projects by developer

Source: GEA

50

35

21

41

30

75

159

96

100

98

60

292

40

5

10

10

20

64

35

29

55

170

100

190

445

100

132

160

7

10

20

40

47

55

125

200

100

440

196

511

0 200 400 600 800

Other

City of Akutan

City of Unalaska

Mt. Princeton Geothermal

Unaatuq LLC

Great American Energy

Enel North America

Verdi Energy Group

EnergySource (CHAR LLC)

Earth Power Resources

US Geothermal

Navy Geothermal Program

Nevada Geothermal

CalEnergy

Ormat

Magma Energy Corp

IdaTherm

Raser Technologies

USRG

Calpine

Gradient Resources Inc

Ram Power

MW

Phase 4

Phase 3

Phase 2

Phase 1

10


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With the relatively long lead time for geothermal plant development, current projects inphase four have been in development for the last five to seven years.

Some projects were also delayed during the financial crisis as they found it challengingto secure necessary financing.

The nine projects expected to finish construction and come online in the next one or twoyears represent new development and extensions to current operating geothermal powerplants. Three of the projects are relatively small, representing small units of less than 1MW in capacity.

The 50 MW Hudson Ranch project being developed by EnergySource (formerly CHAR

LLC), represents the largest plant currently in construction.

Developers with near-term capacity


Capacity in Phase 4 by developer (in MW)

50

12

0.3

0.1

0.03

EnergySource(CHAR LLC)

15Raser Technologies

35Ram Power

23Ormat

Magma Energy Corp

RMOTC

Gulf Coast GreenEnergy, ElectraTherm

ElectraTherm

Source: GEAProjects Developer MW

Hudson Ranch EnergySource (CHAR LLC) 49.9Geysers Ram Power 35Jersey Valley Ormat 15Lightning Dock Raser Technologies 15Soda Lake Upgrade Magma Energy Corp 12Puna Ormat 8RMOTC Co-production RMOTC 0.28GHCP Gulf Coast Green Energy, ElectraTherm 0.1NV Co-production Project ElectraTherm 0.03

Total 136.31

Projects in Phase 4

Source: GEA

The next one to two years will see approxemately 136 MW additional capacity


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Landscape of the U.S. geothermal industry


U.S. operating and development capacity of major industry participants


IdaTherm

Operating

capacity

Capacity in development

800 MW

400 MW

400 MW 800 MW


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When combining installed capacity and capacity in developmenttogether, Calpine, Ram Power and Gradient Resources would beseen as the industrys largest players.

With its large development pipeline, Calpine is poised to retain itsstatus as the largest geothermal operator in the United States. Thesignificant development pipelines of Ram Power, Gradient Resources,U.S. Renewables and Raser Technologies could lead these into theranks of the top operators despite having little capacity onlinetoday.

The next chapter of this report provides an overview of the largestcompanies as ranked by combined capacity (operating and indevelopment).

Top 20 geothermal developers & operators (combined operating& development capacity)


Operating capacity and development by operation/developers

725

393

300

344

108

65

15

32

600

746

620

174

545

503

159

325

182

130

106

40

76

64

50

40

248

0 500 1,000 1,500

Calpine

Ram Power, Corp

Gradient Resources Inc

Ormat

USRG/Riverstone

Raser Technologies

CalEnergy

Terra-Gen

IdaTherm

Magma Energy Corp

Nevada Geothermal

Northern California Power Agency

Navy Geothermal Program

Enel North America

US Geothermal

Earth Power Resources

EnergySource (CHAR LLC)

PacifiCorp

Verdi Energy Group

Other

MW

Operating MW

Projects MW

Source: GEA


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In the United States the majority of geothermal power generation capacity is in the hands of companies listed on stock exchanges in the U.S.and Canada, and to a small degree in Europe. These publicly listed companies represent 61% of the 2,100MW in operation today.

The picture looks slightly different for capacity in development. Of the 4,600MW that are currently in development in the United States, about53% are developed by companies publicly listed and 44% in private ownership.

Of the publicly listed companies operating geothermal power plants in the United States, about 6% is held by companies listed on the TorontoStock Exchange (Canada) and the Milano (Italy) / Madrid (Spain) stock exchanges.

Companies listed on the Toronto Stock Exchange in Canada are representing around 25% of geothermal power generation capacity in developmentin the U.S. today.

Ownership of geothermal development in the U.S.


Public vs. private developers in U.S.

Public vs. private operators in U.S.

Public Private Other

53% 44% 3%

Public Private Other

61% 34% 5%



830

156

1,140

365

1,350

566

0

500

1,000

1,500

2,000

2,500

3,000

3,500

United Statesprivate/public

companies

Canadalisted companies

Italylisted company

Phase 4

Phase 3

Phase 2

Phase 1

Development in MW by stages


114 40

3,434

1,134


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The largest companies in the U.S. based on overall potential capacity

Company profilesIV


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Calpine Corporation (NYSE: CPN)

Website: www.calpine.com

Headquarters: Houston, Texas

Operations: U.S.

Ownership: Public (listed onNew York Stock Exchange)

Market Cap: USD 14.25 billion(31 Jan. 2011 )


Plants in operation

Start Installed OperatingPlant County State Year capacity capacity

(MW) (MW)

McCabe Sonoma CA 1971 106 78Ridge line Sonoma CA 1972 106 69Eagle Rock Sonoma CA 1975 110 66Cobb Creek Sonoma CA 1979 110 52Big Geyser Lake CA 1980 97 48Sulphur Spring Sonoma CA 1980 109 51Socrates Sonoma CA 1983 113 50Sonoma Sonoma CA 1983 72 42Calistoga Lake CA 1984 80 66Quicksilver Lake CA 1985 113 53Grant Sonoma CA 1985 113 43Lake View Sonoma CA 1985 113 52Bear Canyon Lake CA 1988 20 14West Ford Flat Lake CA 1988 28 24Aidlin Sonoma CA 1989 20 17

Total 1,310 725

Plants in development

Project MW inPlant County State phase development

Unnamed North Geysers Lake CA 1 120Unnamed Glass Mountain Mono CA 1 320Fourmile Hill-Glass Mountain Mono CA 2 50Telephone Flat-Glass Mountain Mono CA 2 50Buckeye-North Geysers Lake CA 3 30Wildhorse-North Geysers Lake CA 3 30

Total 600

Source: GEA Source: GEA

Calpine Corporation owns and operates geothermal and natural gas-fired power plants in NorthAmerica. The company operates 91 power plants in the U.S and Canada, with an overall capacityof 27,500 MW. Calpine is the largest operator of geothermal plants in the U.S., with ownership ofover 42% of total installed capacity. With all 15 of Calpines plants located in The Geysers, thecompany operated 85% of the 844 MW of production from the field.

The tables show U.S. operations and development of the company.


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Ram Power was formed in 2009 when the then privately-owned Ram Power, Inc. merged with publiclyheld GTO Resources. Subsequent to the merger, the companys name was changed to Ram Power,Corp. and it undertook a public capital raising which allowed it to complete its acquisition of WesternGeoPower and Polaris Geothermal. More recently, the company acquired the Canadian geothermaldeveloper Sierra Geothermal Power.

The company operates a 10 MW geothermalpower plant in Nicaragua, which it is expandingin a series of phases to an anticipated 85 MW.The company has a pipeline of projects totaling634 MW in the U.S., Nicaragua and Canada.*

The companys current U.S. development focusis on its 25 MW construction project in TheGeysers, its Orita development project in the Imperial Valley, and its Clayton Valley projectsin Nevada, have together the potential to produce 160 MW of geothermal power.

The table shows U.S. projects of the company.

* Ram Powers 634 MW estimate is based on company presentations which considers later stage developments, whereasthe table is based on data reported to GEA in 2010, which includes estimated capacity of early stage projects.


Ram Power, Corp. (TSX: RPG)

Website: www.ram-power.com

Headquarters: Reno, Nevada

Operations: U.S., Canada andNicaragua.

Ownership: Public (listed on TorontoStock Exchange)

Market Cap: CAD 314 million(31 January 2011 )


Plant County State Project MW inphase development

Mesquite Lake Imperial CA 1 49.9New River Imperial CA 1 40

Orita 3 Imperial CA 1 40Howard NV 1 19Spencer NV 1 9Dixey Valley Churchill NV 1 14Dixey Valley North Churchill NV 1 40North Salt Wells Churchill NV 1 48Salt Wells Churchill NV 1 35Delcer Butte Elko NV 1 30Sulphur Elko NV 1 12Wells Elko NV 1 15Pearl Hot Springs Esmeralda NV 1 22Clayton Valley Eureka NV 1 120Hawthorne Mineral NV 1 10Gerlach Washoe NV 1 7Orita 2 Imperial CA 2 40Alum Esmeralda NV 2 33

Silver Peak Esmeralda NV 2 15Reese River Lander NV 2 26Barren Hills Lyon NV 2 46Orita 1 Imperial CA 3 40Geysers Sonoma CA 4 35

Total 746

Source: GEA


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Gradient Resources (formerly Vulcan Power Co.)

Website: www.gradientresources.com


Operations: U.S.

Ownership: Private, owned byDenham Capital and a principalinvesting division of Bank of AmericaMerrill Lynch.


Plant County State Project MW inphase development

Lee Allen Mineral NV 1 48Colado Pershing NV 1 121New York Canyon Pershing NV 1 27Aurora/Green Hills Mineral NV 2 132Salt Wells Churchill NV 3 117Patua Hot Springs Lyon NV 3 175

Total 620

Source: GEA

Gradient Resources was founded in 1991 and accumulated significant geothermal lease holdingsduring the industry downturn of the 90s and early 2000s. The company holds a portfolio ofgeothermal leases and application covering more than 170,000 acres in Nevada, California, Oregonand Arizona and is focused on delivering power into the California and Nevada power markets. Thecompany estimates that this portfolio has over 1,200 MW of long-term generation potential.

Gradient is vertically integrated, with wholly owned subsidiary companies that provide its drillingand related services. The Company owns five geothermal drilling rigs (three production rigs and twocore rigs) as well as complete well-cementing operations.



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Ormat Technologies is a vertically intergraded company focused on the manufacturing of powergeneration units that utilize the Organic Rankine Cycle, and the development and operation ofgeothermal and recovered energy power plants using its proprietary equipment.

The company operates in the United States, Guatemala, Nicaragua, Kenya and Israel, but is activeglobally promoting its power generation technology.

Ormat Technologies major shareholder, with58% ownership, is Ormat Industries, whichis listed on the Tel Aviv Stock Exchange.

The tables show U.S. operations anddevelopment of the company.


Ormat Technologies, Inc. (NYSE: ORA)

Website: www.ormat.com


Operations: U.S., Guatemala,Nicaragua, Kenya and Israel

Ownership: Public (listed on theNYSE), major shareholder OrmatIndustries (58%)

Market cap: USD 1.41 billion(31 Jan. 2011 )

Plants in operationInstalled Operating

Start capacity capacity

Plant County State Year ( MW) (MW)

Mammoth Pacific I Mono CA 1984 10 5Heber Plant Imperial CA 1985 52 37

Ormesa I Imperial CA 1986 44 14Steamboat I Washoe NV 1986 8.4 8.4ORMESA II Imperial CA 1987 18 18Ormesa IE Imperial CA 1988 10 5Steamboat Hills Washoe NV 1988 14.4 8.6Steamboat IA Washoe NV 1988 2.4 2.4Gem Resources II Imperial CA 1989 18 9Gem Resources III Imperial CA 1989 18 12Ormesa IH Imperial CA 1989 12 6Mammoth Pacific II Mono CA 1990 30 11Brady Hot Springs Churchill NV 1992 26.1 14Steamboat 2 Washoe NV 1992 29 10.7Steamboat 3 Washoe NV 1992 24 13Heber II Imperial CA 1993 51 6SIGC Imperial CA 1993 40.2 42Puna Hawaii HI 1993 35 30Richard Burdett Washoe NV 2005 27 23.4Gould Imperial CA 2006 10 10Desert Peak Churchill NV 2006 23 11Galena II Washoe NV 2007 15 9.8Heber South Imperial CA 2008 14.5 14.5Galena III Washoe NV 2008 30 22.6North Brawley Imperial CA 2009 50 50

Total 612 393

Plants in developmentProject MW in

P lant Cou nty S ta te p has e de vel opme nt

Mount Spurr Kenai Peninsula AL 1 0Maui Maui HI 1 0Brady Churchill NV 1 0

Desert Peak EGS Churchill NV 1 0Dixie Meadows Churchill NV 1 0Smith Creek Lander NV 1 0Leach Hot Springs Pershing NV 1 0Glass Butte Lake OR 1 0Drum Mountain Millard UT 1 0Whirlwind Valley Millard UT 1 0Wister Imperial CA 2 30Mammoth Lakes Mono CA 2 25Dead Horse Mineral NV 2 0Gabbs Valley Mineral NV 2 0East Brawley Imperial CA 3 30Carson Lake Churchill NV 3 20Tuscaraora Elko NV 3 16McGinness Hills Lander NV 3 30Puna Hawaii HI 4 8Jersey Valley Pershing NV 4 15

Total 174

Source: GEA

Source: GEA


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Private equity firm U.S. Renewables Group has made a series of investments in geothermal plantsand developers. These investments include stakes in the 55 MW Bottle Rock power plant in TheGeysers, and development companies Newberry Geothermal and Oski Energy.

Riverstone Holdings (www.riverstonellc.com), another private equity firm has co-invested with U.S.Renewables in Bottle Rock Power and Newberry Geothermal. In addition to their holdings of theseplants and developers, U.S. Renewables and Riverstone have a stake in ThermaSource LLC, whichprovides specialized drilling and related services to the geothermal industry.

Bottle Rock Power, LLC

Bottle Rock Power owns a 55 MW geothermal power plant in The Geysers, which is currently operating at 11 MW. The company is currently

developing an expansion of the plants wellfield, with the aim of returning the plant to near full capacity. The plant sells 100% of its output toPacific Gas & Electric. Website: www.bottlerockpower.com.

Newberry Geothermal Holdings, LLC

Newberry Geothermal Holdings is a geothermal exploration and development company working to develop a greenfield power project on theflanks of the Newberry Volcano in Central Oregon. Davenport Newberry is the operator of the Newberry Geothermal Project and works inpartnership with AltaRock Energy to demonstrate EGS technology as part of and with co-funding by the U.S. Department of Energys GeothermalTechnology Program. Website: www.newberrygeothermal.com.

Oski Energy, LLC

Oski Energy is a full-service independent power producer (IPP), exploration and development firm headquartered in Reno, Nevada. The companycurrently has ten projects in development in the states of California, Nevada, Utah and Oregon. It also operates the 1.5 MW Honey Lake geothermal

plant in California, which it plans to expand. Website: www.oskienergy.com.ThermaSource, LLC

While not a developer, it is important to mention U.S. Renewables and Riverstones investment in specialized geothermal drilling and servicesfirm ThermaSource. Website: www.thermasource.com.


U.S. Renewables Group

Website: www.usregroup.com


Operations: U.S.

Ownership: Private


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U.S. Renewables Group (continued)

Plants in operation


(MW) (MW)

Honey Lake Lassen CA 1989 1.5 1.5Bottle Rock Lake CA 2007 55 11

Total 57 13



Hot Pot Geo Humboldt NV 1 30Hawthorne Mineral NV 1 25Alligator Geo White Pine NV 1 20Olene Gap Klamath OR 1 25HV CA 2 75KN CA 2 75KS CA 2 75Project CA Lassen CA 2 25Silver State Geo Nye NV 2 25Newberry Deschutes OR 2 120Cove Fort Millard UT 2 50

Total 545

Source: GEA

Source: GEA


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Raser Technologies, Inc. (OCTBB: RZTI)

Website: www.rasertech.com

Headquarters: Houston, Texas

Operations: U.S. and Indonesia

Ownership: Public (listed on OTCBulletin Board: RZTI)

Market Cap: USD 34.8 million(31 Jan. 2011 )


Plants in operationStart Installed Operating

Plant County State Year capacity capacity(MW) (MW)

Lightning Dock Animas NM 2008 0.24 0.15Thermo Hot springs Beaver UT 2009 10 6

Total 10 6

Plants in development Project MW inPlant County State phase development

HAbraham UT 1 20DeArmand UT 1 20Pavant UT 1 20Wood Ranch UT 1 20Thermo, Greater Beaver UT 1 100Drum Mountain Millard UT 1 20Lightning Dock II Animas NM 2 20Trail Canyon NV 2 20Truckee NV 2 20Alvord OR 2 20Klamath Falls Plant OR 2 15Cricket UT 2 25Thermo, Central Beaver UT 2 70

Devil's Canyon NV 3 20Thermo 2 Beaver UT 3 26Thermo 3 Beaver UT 3 26Thermo 4 Beaver UT 3 26Lightning Dock Animas NM 4 15

Total 503

Raser Technologies and Indonesia Power entered into a consortium agreement in 2007 tojointly pursue geothermal development in Indonesia. In March 2010 Indonesia Power receivedgrant funding by the U.S. Trade and Development Agency (USTDA) for a feasibility studyat the Tangkuban Perahu geothermal concession in Indonesia. Raser Technologies wasselected the sole-source contractor to perform the study.

Source: GEASource: GEA

Raser Technologies describes itself as an environmental energy technology company focused ongeothermal power development and technology licensing.

The companys power systems segment that develops geothermal power plants and bottom-cyclingoperations. The company recently spun of its transportation and industrial segment which is focusedon plug-in hybrid vehicle solutions.

The company has two operating geothermal power plants: Thermo No. 1 in Utah and LightningDock in New Mexico, as well as 503 MW in development.



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CE Generation owns aggregate net interests in 770 MWs of generation capacity using geothermaland natural gas resources. In addition to the 10 geothermal facilities it owns in the Imperial Valley,the company owns the 212 MW Power Resources cogeneration facility in Texas; the 50 MW Yumacogeneration facility in Arizona; and 75% of the 240 MW Saranac cogeneration facility in New York.

CE Generation is 50% owned by CalEnergy Generation (a subsidiary of MidAmerican Energy Holdings)and 50% by Canada based TransAlta Corporation.

The 10 geothermal facilities generate over 90% of CE Generations cash flows. Eight of the geothermalplants (Vulcan, Del Ranch, Elmore, Leathers and Salton Sea I, II, III, and IV) sell power to SouthernCalifornia Edison Co. under long-term PPAs and the remainder is sold as merchant power. CalEnergymanages and operates the geothermal plants.



CE Generation LLC (CalEnergy)

Website: www.calenergy.com andwww.transalta.com

Headquarters: Omaha, NE

Operations: U.S.

Ownership: 50% CalEnergyGeneration (which is wholly-ownedby MidAmerican Energy HoldingsCompany) and 50% TransAlta

Corporation.

Plants in operation


(MW) (MW)

Salton Sea I Imperial CA 1982 10 9Vulcan Imperial CA 1986 35 31Del Ranch Imperial CA 1989 38 37Elmore Imperial CA 1989 38 37Salton Sea III Imperial CA 1989 50 45Leathers Imperial CA 1990 38 39Salton Sea II Imperial CA 1990 21 15Salton Sea IV Imperial CA 1996 40 39Ce Turbo Imperial CA 2000 10 8.2Salton Sea V Imperial CA 2000 49 40

Total 329 300



Black Rock 1 Imperial CA 3 53Black Rock 2 Imperial CA 3 53Black Rock 3 Imperial CA 3 53

Total 159

Source: GEA

Source: GEA


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Terra-Gen Power

Website: www.terra-genpower.com

Headquarters: New York, NY

Operations: U.S.

Ownership: ArcLight Capital Partners,LLC, and Global InfrastructurePartners

Terra-Gen Power is a renewable energy company focused on geothermal, wind and solar generation.In total, Terra-Gen owns 831 MW of generation capacity from 21 operating renewable projects acrossthe Western United States. Additionally, Terra-Gen has over 5,000 MW of renewable energy projectsunder development. Terra-Gen was formed by private equity firm ArcLight Capital in 2007 to holdthe portfolio of renewable power generation projects it purchased from Caithness Energy.

Terra-Gen is among the top five operators of geothermal plants in the U.S. with nearly 354 MW ofcapacity installed in China Lake, CA; Beowawe, NV; and Dixie Valley, NV.




Beowawe Eureka NV 1985 18 15NAVY I Inyo CA 1987 90 100BLM Inyo CA 1988 90 90Dixie Valley Churchill NV 1988 64 48.7Navy II Inyo CA 1989 90 90

Total 352 344

Source: GEA


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Magma Energy Corp (TSX: MXY)

Website: www.magmaenergycorp.com

Headquarters: Vancouver

Operations: U.S., Chile, Peru, Iceland

Ownership: Public (listed on TorontoStock Exchange/ Canada)

Market cap: CAD 398.7 million(31 Jan. 2011 )

Magma Energy is a developer and operator of geothermal power plants with a focus on threegeothermal regions: Iceland, Chile and the Western U.S. The company owns three operating geothermalplants: two in Iceland through its ownership of HS Orka and one in Nevada, with a total capacityof 190 MW. In Iceland, the company has 80 MW of expansions underway and an additional 150MW of defined expansion plans. The companys Chilean operations are focused on the developmentof its Mariposa Geothermal Reservoir which has a 320 MW inferred resource and for which it hasobtained permits to construct an initial 50 MW plant.

In the U.S., the companys current development focus is on repowering its existing Soda Lake, NVplant from its current 13.5 MW output to its nameplate capacity of 23 MW and a phase two expansionof Soda Lake by an initial 14 MW by the end of 2013. In addition, Magma Energy has a portfolio

of 12 exploration properties that are in the early stages of development.The tables show U.S. operations and development of the company.



Soda Lake Churchill NV 1987 5.1 1.1Soda Lake II Churchill NV 1991 18 9.6

Total 23 11


Plant County State phase development

Columbus Marsh Esmeralda NV 1 TBDBeowawe Eureka NV 1 TBDBaltazor Hot Springs Humboldt NV 1 TBDDesert Queen Churchill NV 2 36Dixie Valley Churchill NV 2 TBDMcCoy Churchill NV 2 80Granite Springs Elko NV 2 TBDPanther Pershing NV 2 34North Valley Washoe NV 2 TBDGlass Buttes Lake OR 2 TBDThermo Beaver UT 2 20Soda Lake Upgrade Churchill NV 4 12

Total 182

Source: GEA

Source: GEA


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Nevada Geothermal Power (TSX-V: NGP)

Website: www.nevadageothermal.com


Operations: U.S.

Ownership: Public (listed on TSX-V/Canada)


Nevada Geothermal Power is a renewable energy development company based in Vancouver, BritishColumbia, Canada.

The company owns five geothermal leaseholds that together have a production potential of up to200 MW. The companys first plant, the 49.5 MW (gross) Blue Mountain, Faulkner 1 plant, wasplaced in service in October 2009.




Blue Mountain,Faulkner I Humboldt NV 2009 50 45

Total 50 45



Black Warrior Washoe NV 1 55Blue Mountain,Faulkner II Humboldt NV 3 20

Pumpernickel Valley Humboldt NV 3 15Crump Geyser Lake OR 3 40

Edna Mountain Humboldt NV TBD

Total 130

Source: GEA

Source: GEA


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U.S. Geothermal (NYSE Amex: HTM, TSX: GTH)

Website: www.usgeothermal.com


Operations: U.S. and Guatemala

Ownership: Public (listed on NYSEAmex and Toronto Stock Exchange)


U.S. Geothermal owns two operating geothermal power projects located in Raft River, Idaho andSan Emidio, Nevada. The company holds geothermal energy rights to 69,500 acres, comprising sixadvanced stage geothermal development projects. The company is currently developing its NealHot Springs project, which it expects to come online in first quarter 2012. An expansion of its SanEmidio plant to 8.6 MW (net) is also expected to be substantially completed by late October 2011.

U.S. Geothermal subsidiary, U.S. Geothermal Guatemala S.A., was recently awarded a geothermalenergy rights concession in Guatemala, about 14 miles southwest of Guatemala City.


Plants in operation


(MW) (MW)

Raft River 1 Cassia ID 2008 15.8 11.5San Emidio/Empire Washoe NV 1987 4.8 3.4

Total 21 15



Granite Creek NV 1 TBD

Gerlach Washoe NV 2 15San Emidio Washoe NV 2 20Raft River Expansion Cassia ID 3 13San Emidio Reopower Washoe NV 3 8.4Neal Hot Springs Malheur OR 3 20

Total 76

Source: GEA

Source: GEA


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Other large operating and development companies


Company Plant County State Year capacity capacity(MW) (MW)

Northern California Power Agency NCPA I Lake CA 1983 110 56Northern California Power Agency NCPA II Lake CA 1985 110 52Enel North America Salt Wells Churchill NV 2009 18.06 18.06Enel North America Stillwater Churchill NV 2009 47.3 47.3

Total 285 173


Company Plant County State phase development

Earth Power Resources Fireball Churchill Nevada 2 32Earth Power Resources Lee Hot Springs Churchill Nevada 2 32Enel North America Surprise Valley Modoc California 1 TBDEnel North America Cove Fort II Millard Utah 1 20Enel North America Cove Fort Millard Utah 2 20EnergySource (CHAR LLC) Hudson Ranch Imperial California 4 49.9IdaTherm Willow Springs Bonneville Idaho 1 100IdaTherm Sulfur Springs Twin Falls Idaho 1 25IdaTherm China Cap Caribou Idaho 2 50IdaTherm Preston Project Franklin Idaho 2 50IdaTherm Renaissance Box Elder Utah 3 100Navy Geothermal Program MCAS Yuma Chocolate Mountains Imperial California 1 12Navy Geothermal Program NAF El Centro/ Superstition Hills Imperial California 1 5Navy Geothermal Program NAWS China Lake So Range Kern California 1 5

Navy Geothermal Program Hawthorne Army Depot Mineral Nevada 1 10Navy Geothermal Program NAS Test Ranges-Fallon Mineral Nevada 1 10Navy Geothermal Program Hill Air Force Base Davis Utah 1 5Navy Geothermal Program Marine Corps., Twenty-nine Palms California 2 5Navy Geothermal Program NAF El Centro/ Superstition Mts Imperial California 2 12Navy Geothermal Program Hawthorne Army Depot SW Mineral Nevada 2 12Navy Geothermal Program NAS, Fallon-Mainside Washoe Nevada 3 30

Total 585

Source: GEA

Source: GEA

The tables list the operating plants and development projectsof the remaining large industry companies.

Navy Geothermal Program The Navy Geothermal Programis responsible for managing and developing geothermal resourceson all military lands for the Department of Defense.Website:www.navy.mil.

Enel North America Enel North America is the U.S. subsidiaryof Enel Green Power, the listed Renewable Energy arm of Italianutility Enel. Enel is one of the largest geothermal operatorsand developers worldwide. Website: www.enel.it/northamerica.

Northern California Power Agency (NCPA) NCPA is a not-for-profit joint powers agency represenging and supportingmember communities and districts in Northern and CentralCalifornia. It owns and operates geothermal, hydroelectric andnatural gas facilities. Website: www.ncpa.com.

EnergySource (form. CHAR, LLC) EnergySource is anindependent energy develoment company based in El Centro,California. It develops the Hudson Ranch project in the ImperialValley, which is expected to come online in the spring of 2012.Website: www.energysource.us.com.

Other There has been no information available on Idathermor Earth Power Resources.


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With a strong presence and development by foreign companies in the United States, it is worth examining the activities of U.S. players abroad.U.S. companies, including developers, technology providers, banks, and service firms, have been very active internationally.

Development/operation: Chevron Corp., known as one of the worlds largest oil firms with its headquarters in San Ramon, California, represents through local subsidiaries - the largest geothermal energy producer in the world today, with about 1,085 MW of operating capacity. Thecompany operates its geothermal business in Indonesia and the Philippines, countries with tremendous geothermal resources. While generatingpower in Indonesia, the company provides steam to geothermal power plants owned by other companies.

Ormat Technologies, listed on the New York Stock Exchange and with headquarters in Reno, Nevada is also active outsite the U.S. The companydevelops and owns its own geothermal power plants, but also manufactures and sells its binary technology power units and power generatingequipment in the U.S. and internationally. Ormat has 44 MW installed in Guatemala, 26 MW in Nicaragua and 48 MW in Kenya. Ormat also has38 MW in development in Israel.

Other companies active outside U.S. are Raser Technologies in Indonesia and U.S. Geothermal in Guatemala.

Technology: U.S. technology firms have been active internationally, among them power unit producers like Pratt & Whitney Power Systems(UTC), GE Energy, UTC and TAS.

Services: U.S. firms from the service sector that are or have been involved in international geothermal development include the geothermaldrilling company ThermaSource (Nicaragua, the Caribbean, Indonesia, Japan, Philippines and China), geothermal consulting and services firmsGeothermEx (global activities), Geothermal Development Associates (global activities), Power Engineers (Turkey) and many more companies.

V. International activities by U.S. companiesThe U.S. geothermal energy sector is active internationally


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For the purpose of this report, we are referencing operating capacity in MW, as used by the GEA, which in other documentation is referred toas operating capacity. These are effectively the same figures.

With regards to reported capacity numbers for development, we are basing our work on data released by the GEA, but in order to provideconservative data, we are using minimum numbers as reported to the GEA by developers in the annual industry update. When only maximumnumbers were given, those were used.

GEA: U.S. Geothermal Energy Association

KW: Kilowatt

MW: Megawatt (1,000 KW)

GW: Gigawatt (1,000 MW)

kWh: Kilowatt hours

MWh: Megawatt hours (1,000 KWh)

GWh: Gigawatt hours (1,000 MWh)

TWh: Terawatt hours (1,000 GWh)

All financial numbers are in US Dollars (for TSX-listed companies the exchange rate of the Canadian dollar to the US dollar on January 20, 2011was used).

Glossary

38 Canada Geothermal Energy Market


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Sources

Bertani, R., 2010. Geothermal Power Generation in the World 20052010 Update Report. Proceedings World Geothermal Congress 2010,Bali, Indonesia, April 2530, 2010.

Energy Information Administration, EIA. Net Generation by Energy Source. [Online] Available at:http://www.eia.doe.gov/cneaf/electricity/epm/table1_1.html

Energy Information Administration, EIA. Net Generation by Other Renewables. [Online] Available at:http://www.eia.doe.gov/cneaf/electricity/epm/table1_1_a.html

Geothermal Energy Association, GEA, 2010. US Geothermal Power Production and Development Update. [Online] Available at:http://www.geo-energy.org/pdf/reports/April_2010_US_Geothermal_Industry_Update_Final.pdf

U.S. Geological Survey (USGS), Assessment of Moderate- and High-Temperature Geothermal Resources of the United States, September 2008,retrieved on September 23, 2009, at: http://pubs.usgs.gov/fs/2008/3082/pdf/fs2008-3082.pdf

U.S. Geothermal Energy Association (GEA), Website: http://www.geo-energy.org



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Notes


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Notes


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The information in this summary is based on publicly available data and information fromvarious sources deemed reliable. The information has not been independently verified by

slandsbanki hf. which therefore does not guarantee that the information is comprehensiveor accurate. All views expressed herein are those of the author(s) at the time of writingand may change without notice. slandsbanki hf. holds no obligation to update, modifyor amend this summary or to otherwise notify readers or recipients of this summary in theevent that any matter contained herein changes or subsequently becomes inaccurate.

This summary is informative in nature, and should not be interpreted as a recommendationto take, or not to take, any particular investment action. This summary does not representan offer or an invitation to buy, sell or subscribe to any particular financial instruments.

slandsbanki hf. accepts no liability for any possible losses or other consequences arisingfrom decisions based on information in this summary. Any loss arising from the use of theinformation in this summary shall be the sole and exclusive responsibility of the investor.Before making an investment decision, it is important to seek expert advice and become

familiar with the investment market and different investment alternatives.Various financial risks are at all times present during investment activities, such as the riskof no yield or the risk of losing the capital invested. It should further be noted thatinternational investment includes risks related to political and economic uncertainties, aswell as currency risk. Each investors investment objectives and financial situation is different.Past performance does not indicate or guarantee the future performance of an investment.

Reports and other information received from slandsbanki hf. are meant for private useonly.

This material may not be copied, quoted or distributed, in part or in whole, without writtenpermission from slandsbanki hf.

This document is a brief summary and does not purport to contain all available informationon the subject covered.

Regulator: The Financial Supervision Authority of Iceland (www.fme.is)

United StatesNeither this report nor copies may be distributed in the United States or to recipients whoare citizens of the United States due to restrictions stipulated in US legislation. Distributingthe report in the United States might be seen as a breach of the said legislation.

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Other countriesLaws and regulations of other countries may also restrict the distribution of this report.

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For further information relating to this introduction see: https://www.islandsbanki.is

DisclaimerThis introduction is made by slandsbanki hf.


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