7.8.5.2Vertical

Geothermal Power Plant Operations

Operators of flash and binary cycle geothermal power plants.

Market snapshot

These figures describe Geothermal Energy (7.8.5), the segment that Geothermal Power Plant Operations sits within — not Geothermal Power Plant Operations on its own.

FragmentationConsolidatingEstimate
Federal indicators
Net generation
~16 TWh (0.4% of U.S. generation)
Operating capacity
~4 GW nameplate
Trend
-0.3% CAGR (2018–2025)
Share of U.S. generation
0.4% (2018) → 0.4% (2025)

U.S. Energy Information Administration — Electric Power Operational Data, 2025 (net generation, all sectors). U.S. Energy Information Administration — Form EIA-860M, December 2024 (operating generators). U.S. Energy Information Administration — Electric Power Operational Data, 2018–2025.

Conventional geothermal generation (NAICS 221116) is included under Power Generation; enhanced geothermal (EGS) is an emerging category not separately disclosed, so the segment is not separately sized here.

Business model & economics

Revenue model

Firm baseload generation, PPAs, and heat sales

Key economics

Recurring revenue
High

firm baseload PPAs

EBITDA margin
Strong

firm, low-marginal-cost baseload

Capex intensity
High

Characteristics

  • Firm, 24/7, carbon-free baseload power.
  • Enhanced geothermal (EGS) unlocking new potential.
  • Attractive for data centers seeking clean firm energy.

Geographic concentration

AlabamaAlaskaArizonaColoradoFloridaGeorgiaIndianaKansasMaineMassachusettsMinnesotaNew JerseyNorth CarolinaNorth DakotaOklahomaPennsylvaniaSouth DakotaTexasWyomingConnecticutMissouriWest VirginiaIllinoisNew MexicoArkansasDelawareDistrict of ColumbiaHawaiiIowaKentuckyMarylandMichiganMississippiMontanaNew HampshireNew YorkOhioOregonTennesseeVirginiaWashingtonWisconsinNebraskaSouth CarolinaIdahoVermontLouisianaRhode IslandCaliforniaUtahNevada

Geothermal energy is concentrated in the geologically active West — Nevada, Utah, and California — which hosts nearly all U.S. geothermal generation.

NevadaUtahCalifornia

U.S. Census Bureau — 2022 County Business Patterns (employment by state), NAICS 221116. Concentration shown by location quotient.

M&A deal context

Deal activityModerate

Who’s acquiring

  • Geothermal & EGS developers
  • Energy majors & oilfield-services crossovers
  • VC, data-center & infrastructure investors

What’s driving deals

  • Clean firm power for data centers.
  • Enhanced-geothermal and drilling-tech crossover.
  • Baseload-renewable demand.

Find Geothermal Power Plant Operations acquisition targets

Search Acquisera’s index for companies classified under Geothermal Power Plant Operations (7.8.5.2) and build a targeted deal pipeline.

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