Fervo_Project_Red-2026.out

                               *****************
                               ***CASE REPORT***
                               *****************

Simulation Metadata
----------------------
 GEOPHIRES Version: 3.13.3
 Simulation Date: 2026-04-23
 Simulation Time:  09:27
 Calculation Time:      1.039 sec

                           ***SUMMARY OF RESULTS***

      End-Use Option: Electricity
      Average Net Electricity Production:                     1.99 MW
      Electricity breakeven price:                           45.69 cents/kWh
      Total CAPEX:                                           28.10 MUSD
      Total CAPEX ($/kW):                                    13692 USD/kW
      Number of production wells:                             1
      Number of injection wells:                              1
      Flowrate per production well:                          36.0 kg/sec
      Well depth:                                             2.3 kilometer
      Geothermal gradient:                                   76.1 degC/km


                           ***ECONOMIC PARAMETERS***

      Economic Model = SAM Single Owner PPA
      Real Discount Rate:                                   12.00 %
      Nominal Discount Rate:                                15.02 %
      WACC:                                                  8.20 %
      Investment Tax Credit:                                 8.43 MUSD
      Project lifetime:                                       2 yr
      Capacity factor:                                       90.0 %
      Project NPV:                                          -9.31 MUSD
      After-tax IRR:                                       -81.22 %
      Project VIR=PI=PIR:                                    0.05
      Project MOIC:                                         -1.11
      Project Payback Period:                                 N/A
      Estimated Jobs Created:                                 6

                          ***ENGINEERING PARAMETERS***

      Number of Production Wells:                             1
      Number of Injection Wells:                              1
      Well depth:                                             2.3 kilometer
      Water loss rate:                                       30.0 %
      Pump efficiency:                                       80.0 %
      Injection temperature:                                 56.4 degC
      Production Wellbore heat transmission calculated with Ramey's model
      Average production well temperature drop:               4.8 degC
      Flowrate per production well:                          36.0 kg/sec
      Injection well casing ID:                               4.276 in
      Production well casing ID:                              4.276 in
      Number of times redrilling:                             0
      Power plant type:                                       Supercritical ORC


                         ***RESOURCE CHARACTERISTICS***

      Maximum reservoir temperature:                        400.0 degC
      Number of segments:                                     1
      Geothermal gradient:                                      76.1 degC/km


                           ***RESERVOIR PARAMETERS***

      Reservoir Model = Multiple Parallel Fractures Model (Gringarten)
      Bottom-hole temperature:                              186.55 degC
      Fracture model = Rectangular
      Well separation: fracture height:                      91.44 meter
      Fracture width:                                                 111.25 meter
      Fracture area:                                      10172.88 m**2
      Reservoir volume calculated with fracture separation and number of fractures as input
      Number of fractures:                                    65
      Fracture separation:                                   10.00 meter
      Reservoir volume:                                 6510645 m**3
      Reservoir hydrostatic pressure:                         22008.33 kPa
      Plant outlet pressure:                              10342.14 kPa
      Production wellhead pressure:                        1551.32 kPa
      Productivity Index:                                     0.49 kg/sec/bar
      Injectivity Index:                                      0.59 kg/sec/bar
      Reservoir density:                                   2800.00 kg/m**3
      Reservoir thermal conductivity:                         2.70 W/m/K
      Reservoir heat capacity:                             1000.00 J/kg/K


                           ***RESERVOIR SIMULATION RESULTS***

      Maximum Production Temperature:                       181.8 degC
      Average Production Temperature:                       180.2 degC
      Minimum Production Temperature:                       174.3 degC
      Initial Production Temperature:                       177.9 degC
      Average Reservoir Heat Extraction:                     18.70 MW
      Production Wellbore Heat Transmission Model = Ramey Model
      Average Production Well Temperature Drop:               4.8 degC
      Average Injection Well Pump Pressure Drop:           2653.5 kPa
      Average Production Well Pump Pressure Drop:         10748.8 kPa


                          ***CAPITAL COSTS (M$)***

         Exploration costs:                                   3.62 MUSD
         Drilling and completion costs:                      10.13 MUSD
             Drilling and completion costs per vertical production well:         3.02 MUSD
             Drilling and completion costs per vertical injection well:          3.02 MUSD
             Drilling and completion costs per non-vertical section:             1.80 MUSD
         Stimulation costs:                                   1.51 MUSD
         Surface power plant costs:                          10.49 MUSD
         Field gathering system costs:                        1.61 MUSD
         Total surface equipment costs:                      12.09 MUSD
         Overnight Capital Cost:                             27.36 MUSD
         Inflation costs during construction:                 0.74 MUSD
      Total CAPEX:                                           28.10 MUSD


                ***OPERATING AND MAINTENANCE COSTS (M$/yr)***

         Wellfield maintenance costs:                         0.20 MUSD/yr
         Power plant maintenance costs:                       0.40 MUSD/yr
         Water costs:                                         0.28 MUSD/yr
      Total operating and maintenance costs:                  0.88 MUSD/yr


                           ***SURFACE EQUIPMENT SIMULATION RESULTS***
      Initial geofluid availability:                          0.15 MW/(kg/s)
      Maximum Total Electricity Generation:                   2.75 MW
      Average Total Electricity Generation:                   2.69 MW
      Minimum Total Electricity Generation:                   2.46 MW
      Initial Total Electricity Generation:                   2.60 MW
      Maximum Net Electricity Generation:                     2.05 MW
      Average Net Electricity Generation:                     1.99 MW
      Minimum Net Electricity Generation:                     1.76 MW
      Initial Net Electricity Generation:                     1.90 MW
      Average Annual Total Electricity Generation:           21.20 GWh
      Average Annual Net Electricity Generation:             15.70 GWh
      Initial pumping power/net installed power:             36.67 %
      Average Pumping Power:                                  0.70 MW
      Heat to Power Conversion Efficiency:                   10.64 %

                            ************************************************************
                            *  HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE  *
                            ************************************************************
  YEAR       THERMAL               GEOFLUID               PUMP               NET               FIRST LAW
             DRAWDOWN             TEMPERATURE             POWER             POWER              EFFICIENCY
                                     (degC)               (MW)              (MW)                  (%)
   1           1.0000                177.95               0.6970            1.9009               10.3534
   2           1.0207                181.63               0.6968            2.0470               10.8210


                              *******************************************************************
                              *  ANNUAL HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE  *
                              *******************************************************************
  YEAR             ELECTRICITY                   HEAT                RESERVOIR            PERCENTAGE OF
                    PROVIDED                   EXTRACTED            HEAT CONTENT        TOTAL HEAT MINED
                   (GWh/year)                  (GWh/year)            (10^15 J)                 (%)
   1                  16.0                       148.8                  1.44                  27.06
   2                  15.4                       146.2                  0.92                  53.66

                            ***************************
                            *  SAM CASH FLOW PROFILE  *
                            ***************************
-----------------------------------------------------------------------------------------
                                                 	Year 0     	Year 1     	Year 2
CONSTRUCTION
Capital expenditure schedule [construction] (%)  	100.0
Overnight capital expenditure [construction] ($) 	-27,356,676
plus:
Inflation cost [construction] ($)                	-738,630
plus:
Royalty supplemental payments [construction] ($) 	0
equals:
Nominal capital expenditure [construction] ($)   	-28,095,306

Issuance of equity [construction] ($)            	8,428,592
Issuance of debt [construction] ($)              	19,666,714
Debt balance [construction] ($)                  	19,666,714
Debt interest payment [construction] ($)         	0

Installed cost [construction] ($)                	-28,095,306
After-tax net cash flow [construction] ($)       	-8,428,592

ENERGY
Electricity to grid (kWh)                        	0.0        	16,141,623 	15,462,625
Electricity from grid (kWh)                      	0.0        	0.0        	0.0
Electricity to grid net (kWh)                    	0.0        	16,141,623 	15,462,625

REVENUE
PPA price (cents/kWh)                            	0.0        	9.50       	9.50
PPA revenue ($)                                  	0          	1,533,454  	1,468,949
Curtailment payment revenue ($)                  	0          	0          	0
Capacity payment revenue ($)                     	0          	0          	0
Salvage value ($)                                	0          	0          	14,047,653
Total revenue ($)                                	0          	1,533,454  	15,516,603

Property tax net assessed value ($)              	0          	28,095,306 	28,095,306

OPERATING EXPENSES
O&M fixed expense ($)                            	0          	878,898    	878,898
O&M production-based expense ($)                 	0          	0          	0
O&M capacity-based expense ($)                   	0          	0          	0
Fuel expense ($)                                 	0          	0          	0
Electricity purchase ($)                         	0          	0          	0
Property tax expense ($)                         	0          	61,810     	61,810
Insurance expense ($)                            	0          	0          	0
Total operating expenses ($)                     	0          	940,707    	940,707

EBITDA ($)                                       	0          	592,747    	14,575,895

OPERATING ACTIVITIES
EBITDA ($)                                       	0          	592,747    	14,575,895
Interest earned on reserves ($)                  	0          	0          	0
plus PBI if not available for debt service:
Federal PBI income ($)                           	0          	0          	0
State PBI income ($)                             	0          	0          	0
Utility PBI income ($)                           	0          	0          	0
Other PBI income ($)                             	0          	0          	0
Debt interest payment ($)                        	0          	1,376,670  	711,612
Cash flow from operating activities ($)          	0          	-783,923   	13,864,283

INVESTING ACTIVITIES
Total installed cost ($)                         	-28,095,306
Debt closing costs ($)                           	0
Debt up-front fee ($)                            	0
minus:
Total IBI income ($)                             	0
Total CBI income ($)                             	0
equals:
Purchase of property ($)                         	-28,095,306
plus:
Reserve (increase)/decrease debt service ($)     	0          	0          	0
Reserve (increase)/decrease working capital ($)  	0          	0          	0
Reserve (increase)/decrease receivables ($)      	0          	0          	0
Reserve (increase)/decrease major equipment 1 ($)	0          	0          	0
Reserve (increase)/decrease major equipment 2 ($)	0          	0          	0
Reserve (increase)/decrease major equipment 3 ($)	0          	0          	0
Reserve capital spending major equipment 1 ($)   	0          	0          	0
Reserve capital spending major equipment 2 ($)   	0          	0          	0
Reserve capital spending major equipment 3 ($)   	0          	0          	0
equals:
Cash flow from investing activities ($)          	-28,095,306	0          	0

FINANCING ACTIVITIES
Issuance of equity ($)                           	8,428,592
Size of debt ($)                                 	19,666,714
minus:
Debt principal payment ($)                       	0          	9,500,828  	10,165,886
equals:
Cash flow from financing activities ($)          	28,095,306 	-9,500,828 	-10,165,886

PROJECT RETURNS
Pre-tax Cash Flow:
Cash flow from operating activities ($)          	0          	-783,923   	13,864,283
Cash flow from investing activities ($)          	-28,095,306	0          	0
Cash flow from financing activities ($)          	28,095,306 	-9,500,828 	-10,165,886
Total pre-tax cash flow ($)                      	0          	-10,284,751	3,698,397

Pre-tax Returns:
Issuance of equity ($)                           	8,428,592
Total pre-tax cash flow ($)                      	0          	-10,284,751	3,698,397
Total pre-tax returns ($)                        	-8,428,592 	-10,284,751	3,698,397

After-tax Returns:
Total pre-tax returns ($)                        	-8,428,592 	-10,284,751	3,698,397
Federal ITC total income ($)                     	0          	8,428,592  	0
Federal PTC income ($)                           	0          	0          	0
Federal tax benefit (liability) ($)              	0          	276,804    	-2,539,685
State ITC total income ($)                       	0          	0          	0
State PTC income ($)                             	0          	0          	0
State tax benefit (liability) ($)                	0          	62,833     	-576,496
Total after-tax returns ($)                      	-8,428,592 	-1,516,522 	582,217

After-tax net cash flow ($)                      	-8,428,592 	-1,516,522 	582,217
After-tax cumulative IRR (%)                     	NaN        	NaN        	-81.22
After-tax cumulative NPV ($)                     	-8,428,592 	-9,747,032 	-9,306,976

AFTER-TAX LCOE AND PPA PRICE
Annual costs ($)                                 	-8,428,592 	-3,049,976 	-886,733
PPA revenue ($)                                  	0          	1,533,454  	1,468,949
Electricity to grid (kWh)                        	0          	16,141,623 	15,462,625

Present value of annual costs ($)                	11,750,409

Present value of annual energy costs ($)         	11,750,409
Present value of annual energy nominal (kWh)     	25,720,353
LCOE Levelized cost of energy nominal (cents/kWh)	45.69

Present value of PPA revenue ($)                 	2,443,433
Present value of annual energy nominal (kWh)     	25,720,353
LPPA Levelized PPA price nominal (cents/kWh)     	9.50

PROJECT STATE INCOME TAXES
EBITDA ($)                                       	0          	592,747    	14,575,895
State taxable PBI income ($)                     	0          	0          	0
Interest earned on reserves ($)                  	0          	0          	0
State taxable IBI income ($)                     	0
State taxable CBI income ($)                     	0
minus:
Debt interest payment ($)                        	0          	1,376,670  	711,612
Total state tax depreciation ($)                 	0          	597,025    	1,194,051
equals:
State taxable income ($)                         	0          	-1,380,948 	12,670,233

State income tax rate (frac)                     	0.0        	0.05       	0.05
State tax benefit (liability) ($)                	0          	62,833     	-576,496

PROJECT FEDERAL INCOME TAXES
EBITDA ($)                                       	0          	592,747    	14,575,895
Interest earned on reserves ($)                  	0          	0          	0
State tax benefit (liability) ($)                	0          	62,833     	-576,496
State ITC total income ($)                       	0          	0          	0
State PTC income ($)                             	0          	0          	0
Federal taxable IBI income ($)                   	0
Federal taxable CBI income ($)                   	0
Federal taxable PBI income ($)                   	0          	0          	0
minus:
Debt interest payment ($)                        	0          	1,376,670  	711,612
Total federal tax depreciation ($)               	0          	597,025    	1,194,051
equals:
Federal taxable income ($)                       	0          	-1,318,115 	12,093,737

Federal income tax rate (frac)                   	0.0        	0.21       	0.21
Federal tax benefit (liability) ($)              	0          	276,804    	-2,539,685

CASH INCENTIVES
Federal IBI income ($)                           	0
State IBI income ($)                             	0
Utility IBI income ($)                           	0
Other IBI income ($)                             	0
Total IBI income ($)                             	0

Federal CBI income ($)                           	0
State CBI income ($)                             	0
Utility CBI income ($)                           	0
Other CBI income ($)                             	0
Total CBI income ($)                             	0

Federal PBI income ($)                           	0          	0          	0
State PBI income ($)                             	0          	0          	0
Utility PBI income ($)                           	0          	0          	0
Other PBI income ($)                             	0          	0          	0
Total PBI income ($)                             	0          	0          	0

TAX CREDITS
Federal PTC income ($)                           	0          	0          	0
State PTC income ($)                             	0          	0          	0

Federal ITC amount income ($)                    	0          	0          	0
Federal ITC percent income ($)                   	0          	8,428,592  	0
Federal ITC total income ($)                     	0          	8,428,592  	0

State ITC amount income ($)                      	0          	0          	0
State ITC percent income ($)                     	0          	0          	0
State ITC total income ($)                       	0          	0          	0

DEBT REPAYMENT
Debt balance ($)                                 	19,666,714 	10,165,886 	0
Debt interest payment ($)                        	0          	1,376,670  	711,612
Debt principal payment ($)                       	0          	9,500,828  	10,165,886
Debt total payment ($)                           	0          	10,877,498 	10,877,498

DSCR (DEBT FRACTION)
EBITDA ($)                                       	0          	592,747    	14,575,895
minus:
Reserves major equipment 1 funding ($)           	0          	0          	0
Reserves major equipment 2 funding ($)           	0          	0          	0
Reserves major equipment 3 funding ($)           	0          	0          	0
Reserves receivables funding ($)                 	0          	0          	0
equals:
Cash available for debt service (CAFDS) ($)      	0          	592,747    	14,575,895
Debt total payment ($)                           	0          	10,877,498 	10,877,498
DSCR (pre-tax)                                   	0.0        	0.05       	1.34

RESERVES
Reserves working capital funding ($)             	0          	0          	0
Reserves working capital disbursement ($)        	0          	0          	0
Reserves working capital balance ($)             	0          	0          	0

Reserves debt service funding ($)                	0          	0          	0
Reserves debt service disbursement ($)           	0          	0          	0
Reserves debt service balance ($)                	0          	0          	0

Reserves receivables funding ($)                 	0          	0          	0
Reserves receivables disbursement ($)            	0          	0          	0
Reserves receivables balance ($)                 	0          	0          	0

Reserves major equipment 1 funding ($)           	0          	0          	0
Reserves major equipment 1 disbursement ($)      	0          	0          	0
Reserves major equipment 1 balance ($)           	0          	0          	0

Reserves major equipment 2 funding ($)           	0          	0          	0
Reserves major equipment 2 disbursement ($)      	0          	0          	0
Reserves major equipment 2 balance ($)           	0          	0          	0

Reserves major equipment 3 funding ($)           	0          	0          	0
Reserves major equipment 3 disbursement ($)      	0          	0          	0
Reserves major equipment 3 balance ($)           	0          	0          	0

Reserves total reserves balance ($)              	0          	0          	0
Interest on reserves (%/year)                    	1.75
Interest earned on reserves ($)                  	0          	0          	0
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