Geothermal is having a breakout moment. Enhanced Geothermal Systems are unlocking the Earth's heat everywhere, not just near volcanoes. 24/7 baseload, zero emissions, tiny footprint. We're tracking all of it.
For decades, geothermal was limited to places with naturally occurring hydrothermal resources, volcanic hotspots like Iceland, or California's Geysers. That's over. Enhanced Geothermal Systems (EGS) borrow horizontal drilling and hydraulic stimulation techniques from the oil & gas industry to create geothermal reservoirs anywhere. The same fracking revolution that unlocked shale gas is now unlocking the Earth's heat.
Drill down, fracture hot rock, circulate water to extract heat. No volcanic region required. EGS makes 80%+ of the continental U.S. accessible for geothermal. Fervo Energy's Cape Station proved it works commercially.
Horizontal drilling, directional steering, real-time fiber-optic sensing, all battle-tested in shale plays. Drilling time at Utah FORGE dropped from 310 hours to 110 hours (2020–2023), slashing costs dramatically.
EGS levelized costs are declining and projected to approach conventional hydrothermal ($63–$74/MWh for flash) within a decade. Eavor reports 50% drilling time reduction at its first commercial project.
AI data centers need 24/7 firm clean power. Geothermal delivers exactly that. Google, Meta, and hyperscalers are signing PPAs. Fervo published a white paper on "The Enhanced Geothermal Data Center Corridor."
From the world's largest geothermal complex to first-of-a-kind EGS plants, these are the projects defining the geothermal moment. 26 new PPAs were signed between 2021–2024: more than double the prior five years, with 11 for next-generation geothermal systems.
The first large-scale commercial EGS project in the world. Baker Hughes delivering 5 ORC power generation units for Phase 2 (~300 MW). Fervo raised $462M Series E in Dec 2025 (with Google as investor) to accelerate construction. First-of-its-kind proof that EGS works at commercial scale.
The largest geothermal complex in the world. Operating since 1960, peaked at 2,000+ MW in 1987. Powers 725,000 homes, enough for a city the size of San Francisco. Calpine is the sole operator, with 13 plants producing up to 725 MW. (Calpine Corporation)
First geopressured geothermal system in the world to generate power. Uses fracking tech and CO₂ to tap geothermal heat in sedimentary basins, unlocking Texas and Gulf Coast regions with no volcanic activity. Also developing geothermal energy storage. Won USAF contract for Ellington Field feasibility study.
First-of-a-kind closed-loop geothermal project. No fracking, no water consumption, no induced seismicity. Working fluid circulates in a sealed underground radiator. Geretsried began sending power to the grid December 2025. Partnered with a major U.S. utility for large-scale deployment with 1.2+ GW potential.
The largest publicly traded geothermal company. Ormat and Calpine together account for 69% of total U.S. installed capacity and 61% of all operating plants. Recent Blue Mountain acquisition in Nevada expands the fleet further. Signed 10-year PPA with Calpine Energy Solutions for 15 MW from Mammoth 2 (California). Largest plant: McGinness Hills (96 MW, Nevada).
DOE's flagship Enhanced Geothermal System demonstration site. FORGE (Frontier Observatory for Research in Geothermal Energy) is the proving ground where drilling improvements, reservoir creation, and monitoring techniques are tested before commercial deployment. The 65% reduction in drilling time here is what's making EGS economically viable.
U.S. geothermal power is concentrated in western states. California dominates with 72% of national capacity across 53 plants, followed by Nevada with 32 plants. The total: 99 operating plants producing 3,969 MW across 7 states.
| State | Installed Capacity | Plants | Share of U.S. | Capacity | Key Projects |
|---|---|---|---|---|---|
| California | 2,868 MW | 53 | 72.3% | The Geysers (725 MW), Imperial Valley (570 MW), Mammoth, Coso | |
| Nevada | 892 MW | 32 | 22.5% | McGinness Hills (96 MW), Steamboat, Blue Mountain, Dixie Valley | |
| Utah | 73 MW | 4 | 1.8% | Blundell, + Cape Station (500 MW under construction) | |
| Oregon | 33 MW | 4 | 0.8% | Neal Hot Springs, Paisley | |
| Hawaii | 38 MW | 2 | 1.0% | Puna Geothermal Venture (Big Island) | |
| Idaho | 16 MW | 2 | 0.4% | Raft River | |
| Alaska | ~2 MW | 2 | <0.1% | Chena Hot Springs, Mt. Spurr exploration | |
| New Mexico | ~4 MW | 1 | 0.1% | Lightning Dock |
Source: 2025 U.S. Geothermal Market Report (NLR/NREL). Some minor state capacities estimated from EIA data. Total: 3,969 MWe across 99 plants.
AI data centers are the hungriest new electricity consumers on the planet, and they need something solar and wind can't provide: 24/7 firm clean power. Geothermal delivers exactly that. Several of the 26 new geothermal PPAs are specifically for AI data centers. Fervo's white paper calls it "The Enhanced Geothermal Data Center Corridor."
90%+ capacity factor. No batteries needed. No intermittency. Power flows at 3 AM just like 3 PM. Data centers can't tolerate flickering, geothermal doesn't.
A 100 MW geothermal plant uses ~1 acre per MW. Solar needs 5–10x more land. Perfect for space-constrained sites near demand centers.
Closed-loop systems like Eavor's use zero water. As data center water consumption faces scrutiny, this is a massive advantage.
No combustion, no carbon. EGS and closed-loop systems have near-zero lifecycle emissions. Clean power for corporate sustainability pledges.
"Firm, clean, 24/7 power right behind the meter, plus cooling load support and clean water production.": Industry exec on hyperscale potential.
EGS costs are on a steep learning curve, similar to where solar was a decade ago. Drilling improvements at FORGE (65% time reduction) are translating directly into LCOE reductions. The DOE projects EGS will approach conventional hydrothermal costs within a decade.
Already competitive with natural gas in many markets. The Geysers, Ormat's Nevada fleet, and Imperial Valley plants operate at these costs. Mature technology with decades of operational data.
Used for lower-temperature resources. Ormat specializes in binary cycle plants. Costs are higher but declining with scale and ORC turbine improvements.
Currently higher than conventional, but falling rapidly. FORGE drilling gains (310→110 hrs) cut well costs dramatically. Eavor's 50% drilling time reduction compounds the effect. DOE projects parity within ~10 years.
Drilling time reduction at Utah FORGE from 2020 to 2023. Well costs represent 40–60% of total EGS project cost. Every hour shaved off drilling translates directly to cheaper clean energy. Oil & gas drilling expertise is the unlock.
The federal government is backing geothermal with serious money and policy. The Enhanced Geothermal Shot aims to slash EGS costs 90% by 2035 and unlock 60+ GW of capacity by 2050. Geothermal has rare bipartisan support, the Trump administration has signaled support for rapid geothermal expansion with 1.2 GW planned by end of term.
Part of DOE's "Energy Earthshots" initiative. Goal: reduce EGS costs by 90% to $45/MWh by 2035, making enhanced geothermal competitive with fossil fuels everywhere.
Frontier Observatory for Research in Geothermal Energy: DOE's flagship EGS research site in Milford, Utah. The proving ground for every EGS technique that goes commercial.
Private capital is flooding into geothermal. $1.5B+ invested in next-gen geothermal companies since 2021, with 53% of new PPAs going to next-gen technologies.