Hell's Kitchen geothermal delays (2020-2024)
IID signed a geothermal PPA with Controlled Thermal Resources in January 2020 at $69 per megawatt-hour. Construction delays pushed the commercial operation date from March 2024 to as late as December 2026, and the price rose to $93 per megawatt-hour.
IID secured a $5 million penalty payment from the developer and revised contract terms.
The episode showed that geothermal projects in the region face real schedule and cost risk.
It is the cautionary tale against which the BHE Renewables deal will be measured.
