It is announced that Ormat's Momotombo plant in Nicaragua is only running at 30% capacity. Shares fall as investors wonder why production is so low.
Ormat's stock price fell significantly in January, as fears of a recession hit energy companies hard. The high costs of installing geothermal energy plants make it an unlikely choice for power when the economy is in decline.
Ormat Technologies Inc. (NYSE: ORA) today announced that it signed a 20-year power purchase agreement with Southern California Edison (SCE) for the sale of energy to be produced by a new plant that will be built in Imperial Valley, Calif. The plant is expected to be ready by mid-2012 with a total output of 30 megawatts.