State of Nevada's Public Utilities Commission Approves Nevada Geothermal Power's Power Purchase Agreement for the Faulkner 1 Power Plant for Geothermal Energy
Release Date - 05032007 VANCOUVER, BRITISH COLUMBIA -- (ENP Newswire) -- 03/05/07 -- Nevada Geothermal Power Inc. (NGP) (TSX VENTURE: NGP) (OTCBB: NGLPF) today announced that the Nevada Public Utilities Commission has approved on February 8, 2007, the 20-year Power Purchase Agreement (PPA) with Nevada Power Company, a subsidiary of Sierra Pacific Resources. Under the contract, the 'Faulkner 1 Power Plant' at Blue Mountain will supply between 18.75 MW and 31.25 MW (net) of electrical power; expected to come on line in 2009.
The contract is for the purchase of electrical power and Renewable Energy Credits by Nevada Power Company to meet the requirement of the Nevada's Renewable Portfolio Standard (20 percent of renewable energy to supply their customers by 2015).
"With the approval of Nevada Geothermal Power's PPA for geothermal energy for the "Faulkner 1" geothermal project, this is a significant step forward for the company. We are proud to be part of the solution to provide green energy to Nevada, a leader in the development of renewable resources, " stated Mr. Fairbank, CEO & President.
NGP has engaged Global Power Solutions LLC (GPS) to conduct a power cycle selection study for the Blue Mountain project. It will involve analysis of the costs, performance, and schedules of both binary and dual flash power generation cycles.
GPS has been involved in all phases of geothermal power plant development and ownership, including: licensing and permitting, resource considerations, engineering and design, construction and construction management, together with startup, testing, operations, and maintenance. GPS has current and continued experience in three of the largest developments in the world and nearly all of the active developments in the United States.
Nevada Geothermal Power Inc. is a renewable energy company developing geothermal projects in the United States to provide electrical energy that is clean, efficient and sustainable. NGP is committed to the geothermal industry and currently owns a 100% leasehold interest in four properties: Blue Mountain, Pumpernickel, Black Warrior, all of which are ideally situated in Nevada and Crump Geyser in Oregon. An initial 31.5 MW (net) power plant is planned to begin generating power at the Blue Mountain site subject to further resource drilling and feasibility studies.
Nevada Geothermal Power Inc.
Brian D. Fairbank, P. Eng., President & CEO
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Nevada Geothermal Power Inc.
(604) 688-1553 X118 or Toll Free: 866-688-0808 X118
Pro-Edge Consultants Inc.
Tracy Weslosky or Fred Cowans
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