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Geothermal Market Update Q2 2026
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Report summary
The geothermal market continued to broaden in Q2 2026, with the next-generation project pipeline surpassing 2 GW announced capacity. Investment held steady at US$2.1 billion for the quarter, bringing year-to-date 2026 funding to US$4.4 billion, already 65% of full-year 2025 levels. Fervo Energy's Cape Station Phase I remains on track to deliver first power in Q4 2026, positioning it to become the world's first commercial EGS plant. Policy activity accelerated globally, with Italy holding its first FER2 geothermal auction, the US advancing record-setting BLM lease sales, and Taiwan and Indonesia opening new avenues for international developers. While drilling activity picked up quarter-on-quarter, next-generation well announcements paused, underscoring a pipeline still weighted toward early-stage development.
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