Companies Are Paying Record Sums to Develop Geothermal Energy
Support from the Trump administration, rising energy demand and cheaper drilling methods are boosting lease prices of US public land for geothermal development.
A dry steam geothermal power station, part of the Imperial Valley Geothermal Project, in Calipatria, California.
Photographer: Bing Guan/BloombergFor the first time in years, the US federal government has leased every parcel of public land it has opened for geothermal development — and at record prices.
Average prices for public land leases for geothermal energy development soared by 282% this year to $127 per acre, driven by growing energy demand from data centers and President Donald Trump’s administration embracing the energy source. The record prices are major step up from $33 per-acre average last year, according to data from the US Bureau of Land Management, the agency that conducts the auctions.