Ormat Technologies: J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

Ormat Technologies: J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

23 June 2026

Ormat Technologies Neutral

ORA, ORA US

J.P. Morgan Natural Resources Conference Takeaways Price (22 Jun 26):$129.55

We hosted ORA’s CFO for a fireside chat at our J.P. Morgan Natural Resources

Conference. The discussion was broadly consistent with recent company

messaging, with the CFO reiterating confidence in the U.S. development pipeline

supported by elevated power prices, supportive tax credits, and permitting reform Clean Energy, Power Infrastructure,

that is accelerating its U.S. development pipeline. ORA also provided more color and Sustainable Investing

on its next-generation EGS pilot strategy and timeline. Below are our key AC Mark Strouse, CFA

takeaways. (1-212) 622-8244

mark.w.strouse@jpmorgan.com

• Hyperscaler demand driving a seller’s market; blend-and-extend adds Michael G Fairbanks

near-term revenue visibility. Leveraging PPA signings with hyperscalers

(1-212) 622-4908

Google and Switch at elevated rates (>$100/MW), ORA remains in michael.fairbanks@jpmchase.com

negotiations with utilities for blend-and-extend arrangements, with the CFO Anna Zhu

citing ~$50M of potential incremental revenue on contracts expiring through (1-212) 622-0012

2034. On project-level economics, he cited unlevered returns of 12–13% for anna.zhu@jpmorgan.com

base-case projects, while construction costs have risen from ~$4mm/MW J.P. Morgan Securities LLC

historically to up to ~$4.5mm/MW today due to inflation and other cost

increases.

• EGS pilot strategy advancing on two fronts. ORA is running two EGS pilot

programs with SLB and Sage Geosystems sited adjacent to existing Ormat

facilities in the U.S. The rationale for a dual approach is to identify which