United states : Ormat s US drilling operations making headway.Byline: prashant03 Ormat Technologies has sealed a deal to provide 30 megawatts of electricity to the Nevada Power Company Nevada Power Company is a Las Vegas-based company that produces, distributes and sells electricity in southern portion of the U.S. state of Nevada. As of 2005, Nevada Power had over 700,000 electric customers in parts of three Nevada counties creating a service area of more than in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. for 20 years. This follows positive results of a drilling operation at the McGuiness Hills site, in Nevada according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Ormat President Yoram Bronicki, who spoke Thursday on a conference call following the release of the company's third quarter 2009 earnings. Ormat specializes in geothermal ge·o·ther·mal also ge·o·ther·mic adj. Of or relating to the internal heat of the earth. ge electricity production. Ormat Technlogies also announced that it had signed a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. with the Hawaii Power Company for the sale of an additional 8 megawatts in a project in Puna puna (p  `nä), high plateau region, 12,000 to 16,000 ft (3,658–4,877 m) high, between ridges of the Andes in Peru and Bolivia. , and is currently
negotiating a contract for the long-term supply of electricity. Ormat
expects to find a solution to a problem which has delayed a project in
North Brawley in California which is to produce 50 megawatts of power.
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The problem has caused a considerable slowdown in the pace of project development and a reduction in the company's forecast for increasing Ormat Technologies' production capacity to 64 megawatts by the end of 2010. Ormat had originally predicted it could start operation of the North Brawley project by the end of 2008, but commercial operation has not begun because of the presence of large quantities of sand at the geothermal site, which is causing wells to be blocked and is preventing the recurring release of water to the wells. According to Bronicki, three months ago a successful test was carried out designed to remove the sand from the water at the site, and if successful, it will be able to operate the power station by the first half of next year. Bronicki allayed analysts' concerns about the company's qualification for a $90 million investment grant for the project, and noted that the company hopes to complete refinancing Refinancing An extension and/or increase in amount of existing debt. of the project through a bank loan of $100 million, which together with the investment grant will finance 67% of the investment in North Brawley. Solving the operational problem in North Brawley will also have an impact on the company's project in East Brawley, where Ormat is to produce 30 megawatts, since the two sites, which are near one another, have similar geological characteristics. Ormat Technologies has not yet secured building permits for the power station in East Brawley because of a dispute between the local water company and farmers in the area who oppose the allocation of 10,000 cubic meters Noun 1. cubic meter - a metric unit of volume or capacity equal to 1000 liters cubic metre, kiloliter, kilolitre metric capacity unit - a capacity unit defined in metric terms of water a day for the plant. According to Bronicki, Ormat Technologies found a solution to the problem when it signed a memorandum of understanding with the nearby city of Brawley, to acquire the right to use the water produced by the city's purification plant. On other matters, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Dita Bronicki noted that the company is submitting bids for the purchase of concessions for major geothermal projects in Chile. She also made reference to the contribution of residual heat projects, which produce electricity from heat escaping from gas compressio Copyright : Euclid Infotech Pvt. Ltd. Provided by Syndigate.info an Albawaba.com company |
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