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Fervo Energy Starts Generating Power at Utah Geothermal Project

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Fervo Energy (FRVO) said on Thursday it had achieved first power at its flagship geothermal project in Utah, marking what the company called the first utility-scale enhanced geothermal system to generate electricity for the grid.

The clean energy developer said the first of three 33-megawatt units at Cape Station Phase I had been synchronized to the grid and was exporting electricity. The 100-megawatt first phase is expected to reach contractual commercial operations by Oct. 1.

The other two units are projected to reach commercial operations by Jan. 1, 2027. Fervo said a further 400 megawatts at Cape Station is under construction and is expected to begin commercial operations in 2028.

The company has about 900 MW of contracted power offtake at Cape Station, enough to supply the equivalent of nearly 1 million US homes per year, it said. Its broader development pipeline exceeds 4 gigawatts of capacity.

Unlike solar and wind power, geothermal plants can generate electricity continuously, providing power regardless of weather or time of day. Fervo said its projects also have a relatively small surface footprint and produce no operational emissions.

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Commodities

Maine's Senators Urge Trump to Tap Heating Oil Reserve as Prices Rise 74%

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Commodities

US Power Update: Prices Swing as ERCOT Records Intraday Low of -$116.49/MWh

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Commodities

Natural Gas Update: US Prices Rise on Inventory Expectations, While European Prices Gain Despite Renewed Peace Talks

US natural gas futures rallied to a 2.5-month high on Wednesday as traders anticipated a below-average weekly storage build, while European prices rose despite renewed US-Iran peace talks after a sharp drop earlier in the week.In the US, front-month Henry Hub futures rose 1.80% to $3.173 per million British thermal units, while in Europe, Dutch TTF prices rose by 1.023% to 74.090 euros ($84.32) per megawatt-hour, and UK NBP gained 1.623% to 185.340 British pence ($2.45) per therm in late trade.The US Energy Information Administration is expected to report Thursday that US inventories rose about 51 billion cubic feet in the week ended Sept. 18, versus a five-year average build of 76 Bcf. That would narrow the storage surplus, currently 3.7% above the five-year seasonal average. Late-summer cooling demand in the South and south-central US has helped erode the surplus, market sources said.Commodity Weather Group said forecasts turned cooler Wednesday, with near-normal temperatures expected across most of the country from Sept. 28-Oct. 2. Above-normal temperatures are still forecast in the South through Oct. 6, potentially further extending air-conditioning demand, Trading Economics said. Strong LNG exports are also supporting demand, with average flows to the nine major US LNG plants rising to 18 Bcf/d in September from 17.2 Bcf/d in August, Trading Economics said.European gas prices rose after a steep selloff earlier in the week was prompted by renewed US-Iran talks. Low inventories supported prices as EU storage is only about 69% full, versus an 85% five-year seasonal average. Norwegian gas exports to EU member countries also remain constrained by maintenance, Trading Economics said. The continuous front-month TTF contract has traded between about 26.50 euros/MWh and 79 euros/MWh since the beginning of the year, as the Middle East conflict added a risk premium to European gas prices, EuroNews reported.