North American Power & Utilities: Geothermal 101: The heat at your feet!

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North American Power & Utilities: Geothermal 101: The heat at your feet!

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North American Power & Utilities

Geothermal 101: The heat at your feet!

Industry Overview

From niche resource to scalable clean baseload 08 June 2026

Geothermal is evolving from a niche renewable into a scalable source of clean, firm, Equity

dispatchable power, as advances in drilling and reservoir engineering expand the North America

resource base beyond traditional hydrothermal systems. Next-generation technologies Utilities

(EGS, closed-loop) materially increase siting flexibility, positioning geothermal for a Nicolas Woods

broader role across power and thermal energy markets. This report reviews geothermal’s Research Analyst

technology, grid and environmental value, remaining hurdles and key investor BofAS+1 646 556 4179

considerations across power, heating, cooling, and industrial markets. nicolas.woods_barron@bofa.com

Ross Fowler, CFA

Core advantages with development risks ResearchBofAS Analyst

Geothermal has core advantages: always-on, high-capacity-factor generation, supporting +1 646 855 1506

ross.fowler@bofa.com

grid reliability and complementing intermittent renewables. However, execution remains

F. Paul Cole

the constraint: projects are capital intensive with long lead times, and risk is Research Analyst

concentrated in drilling, reservoir performance, and permitting. BofAS

+1 646 743 2122

paul.cole2@bofa.com

Stage is potentially set for multi-year growth Rinny Singh

Geothermal represents a potential multi-year buildout story, with upside driven by cost Research Analyst

BofAS

reduction, repeatability, and scaling of next-gen systems, rather than commodity +1 646 855 5729

exposure.