June 14, 2006—ORMAT Technologies recently announced renewable energy pricing agreements with Southern California Edison (SCE) that will bring “stability and predictability” to Ormat’s operations in California. These agreements fix the energy rates payable by SCE for the five-year period beginning May 1, 2007, for Ormat’s geothermal projects located in Imperial County, CA.
Under the new Agreements, the geothermal energy produced by these projects will be sold at an average fixed energy rate of $62.74/MWh, starting with a rate of $61.50MWh for the first year, with an annual escalation of 1.0% thereafter. The new average energy rate of $62.74/MWh will replace the existing rate of $53.70/MWh.
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