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Ormat Technologies uses underground heat to generate electricity at plants it owns in the United States and overseas. It also operates solar and waste-heat power plants, but geothermal dominates its generating capacity. Electricity sales provide most of its revenue. Utilities buy the power under long-term agreements, mostly with fixed-price components. Payments depend on electricity delivered and, under some contracts, the plant’s available generating capacity.
Ormat also sells equipment that converts geothermal or industrial waste heat into electricity. Power-plant owners and contractors pay for that equipment or hire Ormat to build complete plants using its own equipment, with construction payments usually tied to project milestones. A smaller business owns grid-connected batteries and earns money by selling electricity, making capacity available and helping balance the grid. Much of its storage revenue depends on market prices, while some contracts provide fixed revenue.
SCPPA, NV Energy and Kenya’s KPLC each supply a substantial share of revenue, and individual plants often rely on a single buyer. Electricity income also depends on geothermal reservoirs sustaining output and transmission networks delivering power. Ormat needs permits and resource rights to build and operate its plants; some geothermal leases continue only while commercial extraction or other extension conditions are met.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Ormat’s core results hinge on geothermal output and long-term utility contracts: watch SCPPA, NV Energy and Kenya’s KPLC, which together accounted for 43.5% of 2025 revenue.
Fervo Energy Company competes with Ormat for geothermal resources and long-term sales of reliable electricity to utilities and corporate buyers. Its binding power contracts covering 658 MW show the competition for those customers; its separate Google framework is not a binding power purchase agreement.
Constellation Energy competes with Ormat for utility and corporate customers buying reliable, low-carbon electricity, using its Calpine geothermal operations and nuclear fleet.
Clearway Energy, Inc. and Ormat both need long-term electricity contracts and project financing to grow their renewable generation and battery storage assets. Clearway’s revenue from contracted electricity and payments for making capacity available offers a comparison for Ormat’s contracted power and storage business.
Google, part of Alphabet, gives Ormat a long-term buyer for up to 150 MW of new geothermal capacity for Nevada data centers, with NV Energy arranging the supply. Watch Nevada regulatory approval: deliveries are anticipated to start between 2028 and 2030 as the projects enter commercial operation.
Enlight Renewable Energy Ltd. competes with Ormat in developing renewable generation and storage in the United States and Israel and seeking long-term electricity buyers. Its new wind, solar and storage contracts are worth watching for competition in the markets where Ormat is expanding.
NextEra Energy’s competitive renewable-generation and storage business competes with Ormat for electricity contracts with utilities and corporate buyers, as well as storage projects.
Baker Hughes competes with Ormat to sell geothermal plant owners equipment that turns heat into electricity using a separate working fluid—the binary organic Rankine cycle. Its geothermal equipment wins matter to Ormat’s Product segment, which sells its own power units and builds plants for customers.
Brookfield Renewable Corporation and Ormat both own and develop long-lived clean-energy plants, using contracted electricity payments to support financing. Brookfield’s cash flows from contracted hydro, wind and solar sales offer a comparison for the cash backing Ormat’s geothermal plant debt.
Brookfield Renewable Partners L.P. and Ormat both invest in and operate renewable power assets, so project returns and access to funding shape their growth. Brookfield’s cash flows from operating power assets offer a comparison for Ormat’s balance between plant earnings, development spending and debt obligations.
XPLR Infrastructure, LP and Ormat both own U.S. clean-energy assets backed by long-term fixed-price electricity contracts and have battery-storage exposure. XPLR’s wind contracts begin expiring in 2026, making replacement contract prices and terms a useful comparison for Ormat’s contracted generation.
PG&E buys electricity from Ormat under power purchase agreements, so its purchasing decisions and ability to pay matter to Ormat’s electricity revenue. PG&E sells and delivers electricity and gas to Northern and Central California customers; watch its credit standing as an Ormat contract buyer.
PG&E Corporation earningsPCG
PG&E buys power from Ormat under long-term contracts, and its report will show whether the utility’s financial footing supports its ability to meet those commitments.
Read PG&E’s cash from operations alongside its debt and liquidity. Cash generation that covers operating needs and leaves financial room supports its capacity to honor long-term power purchases; weaker cash generation or tighter liquidity puts the financial strength behind Ormat’s contract revenue under more scrutiny, but does not establish that PG&E has missed a payment to Ormat.
Alphabet Inc. earningsGOOG
Google is a potential buyer of power from an Ormat-linked Nevada project, and Alphabet’s report will show whether data-center demand continues to support interest in reliable, low-carbon electricity.
Watch demand and investment in Google’s data-center business. Stronger demand and investment would show that large power users still have reason to seek more electricity, supporting the customer-demand backdrop for the Ormat-linked project; weakness would make that backdrop less supportive. Alphabet’s report cannot establish Nevada regulatory approval or confirm that Ormat has begun deliveries.
Fed Interest Rate Decision
For Ormat, the Fed’s policy rate—the rate that guides borrowing costs across the economy—matters because refinancing debt and financing new power and storage projects can cost more or less as rates change.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher borrowing costs could make refinancing and new project loans more expensive, increasing Ormat’s funding costs and leaving less cash for its projects and other needs.
If it comes in below expectations
Lower borrowing costs could make refinancing and new project loans cheaper, easing Ormat’s funding costs and leaving more cash available for its projects and other needs.
Clearway Energy, Inc. earningsCWEN
Clearway earns contracted power and capacity payments from generation and storage assets, giving Ormat a comparison for how predictable contract revenue supports an owner-operator’s business.
Look at whether Clearway’s contracted power and capacity revenue supports asset operations and development spending. Steady contract revenue with funding for investment would show how long-term payments can support an owner-operator’s growth; pressure on contract revenue or tighter financing would make Ormat’s own contract-backed investment model worth examining more closely. Their asset mixes differ, so the revenue figures are not directly comparable.
Ormat Technologies, Inc. earningsThis company
Ormat earns from contracted power, equipment projects and battery storage, and this report will show whether revenue across those businesses is turning into gross profit.
Read Electricity revenue and segment gross margin alongside the results for Product and Energy Storage. Steady Electricity economics with growth in the other segments adding gross profit would show expansion without weakening Ormat’s earnings base; weaker Electricity results, or growth elsewhere without corresponding gross profit, would leave the quality of that growth in question.
Brookfield Renewable Partners L.P. earningsBEP
Brookfield Renewable Partners operates long-lived renewable assets, and its report will show how cash from operations compares with development spending and debt needs—a useful funding comparison for Ormat.
Read Brookfield Renewable Partners’ cash from operations alongside investment spending and debt obligations. Cash from operating assets that can support investment and repayment shows how established projects can help fund growth; a shortfall means greater reliance on outside financing. Ormat faces a similar balance between plant cash flows, construction spending and debt, though the companies’ assets and financing structures differ.
Fervo Energy Company earningsFRVO
Fervo Energy competes with Ormat to sell geothermal power to utilities and corporate buyers, and its report will show whether it is winning contracts and advancing projects.
Watch for new binding power contracts and progress on Fervo’s projects. More contracts and steady execution would show a geothermal competitor gaining ground with electricity buyers, increasing the competition Ormat faces; limited progress or delays would mean less pressure from Fervo. This speaks to market competition, not the status of Ormat’s own projects.
