Insight
Geothermal Market Update Q3 2026
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Report summary
Next-generation geothermal moved from pilot to power in Q3 2026. Fervo Energy’s Cape Station produced first power, becoming the largest operational EGS plant by a significant margin, while Ormat’s 280 MW Dixie Valley project lifted planned next-gen capacity above 2.2 GW. Investment reached US$1.5 billion for the quarter and US$5.5 billion year-to-date, 86% of 2025’s total. Asia led regional investment, with Indonesia drawing US$645 million, and Quaise and Mazama raised US$315 million for superhot rock. The US Department of Energy awarded US$99 million to 21 EGS and exploration projects, and a record Utah BLM lease sale signalled rising competition for US acreage.
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