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. They are not figures for Geothermal Power Plant Operations on its own.
- Market size
- ~$1.1B
- Growth
- ~3.3%CAGR (2017–22, nominal)
- Companies
- ~22 firms
- 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.
Small, steady and structurally different from the rest of renewables: geothermal runs around the clock, so it earns firm-power pricing that intermittent generation cannot. That premium is why enhanced geothermal attracts capital far out of proportion to the segment's current size.
NAICS 221116. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.
Business model & economics
Revenue model
Firm baseload generation, PPAs, and heat sales
Key economics
- Revenue per firm
- $52,012,409
- Revenue per employee
- $849,497
- Employees per firm
- 60.7
- Recurring revenue
- High
- EBITDA margin
- Strong
- Capex intensity
- High
firm baseload PPAs
firm, low-marginal-cost baseload
Characteristics
- Scale-driven: payroll is only 14% of revenue, so the cost base is assets, not headcount
- Firm, 24/7, carbon-free baseload power.
- Enhanced geothermal (EGS) unlocking new potential.
- Attractive for data centers seeking clean firm energy.
NAICS 221116. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.
M&A deal context
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.
Search companies