Ormat signs geothermal power agreement with NV Energy for Google to supply 150 MW

Ormat Technologies, a renewable energy company, announced on Tuesday that it had entered into a long-term agreement to purchase geothermal power from NV?Energy in order to support Google's?operations?in?Nevada. Ormat will be able to create a number of geothermal projects in Nevada between 2028-2030 with the agreement for 150 megawatts.

Why it's important

Ormat stated that the agreement offers utilities and large users like Google a way to invest in clean, reliable energy while covering all costs.

CONTEXT

U.S. power consumption ?is

Expected

The Energy Information Administration said last month that the price of electricity will continue to rise throughout this year and next, due to the rapid expansion of data centers, especially for AI and cryptocurrency.

Silicon?Valley firms are searching for vast amounts of?electricity to fuel their AI expansion plans.

MARKET REACTION

Ormat shares jumped over 4.7% to $123.54

Key?QUOTES

Google's Head of Energy Market Innovation Briana Kobor said: "By adding 150MW -of clean-firm geothermal power in Nevada, we use a repeatable framework that covers the full cost of our electric service." Varun Sahay, Bengaluru. Editing by Tasim Zaid.

(source: Reuters)