© 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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