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© 2004 AMP Resources April 19, 2023
Utah Geothermal Power Generation Workshop: August 17, 2005
Bruce Levy
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Amp Resources
Founded 2002• Amp Capital Partners• Highland Capital• Sorenson Capital
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Company Focus
• Geothermal Power Projects• Industrial Heat Fueled Projects• Proprietary Technology
• Amp’s own use• License sales to other users
• 25-Person Power Project Team
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Amp Geothermal Project Portfolio
Surprise ValleyCA
Clear LakeCA
StillwaterNV
Salt WellsNV
Hot CreekNV
Cove FortUT
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Bruce Levy
• Power Industry Since 1979• More Than 50 Power Plants Developed, Financed & Operating
• All Technologies (Except Nuclear)• Geothermal Focus Since 2002
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Power Project Development
• A Bland Euphemism for 2-5 Years of:• Pain• Expense• Setback• Grim Determination
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Regardless of Technology, the Development Cycle Does Not Change
• Assembling the Piles of Paper• Site Acquisition• Fuel Supply• Power Purchase Agreement (PPA)• Transmission & Interconnect• Permits & Environmental Impact• EPC Contract• Project Finance • Operations & Maintenance
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Exactly the same as
commercial real estate development -
except the “building” has to be fully leased
for 20 years before it can be financed & built
Almost Like Real Estate
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The Primary Barrier to Entry
7-figure up-front exploratory drilling risk,
all riding on a geologist’s educated
guess
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Then Ongoing Considerations
Geothermal technology not only involves extraordinary cost to find the resource, then there’s long-term risk &
expense to maintain commercial production from the well field
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Geothermal Project Development
• Often fun• Always entertaining• But not for the
feint of heart
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