Top 5 Geothermal Energy Stocks 2024

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Geothermal energy, a clean and sustainable power source, is gaining momentum as the world seeks to reduce its reliance on fossil fuels and combat climate change. As the demand for renewable energy sources grows, geothermal energy stocks are attracting increased attention from investors looking to capitalize on this promising sector.

In this article, we will explore the top 5 geothermal energy stocks for 2024, focusing on companies that are leading the way in harnessing the Earth’s heat for power generation and other applications. We will delve into the United States’ geothermal landscape, examining the potential for growth and the challenges faced by the industry, as well as highlight the efforts of other countries, such as New Zealand, in developing their geothermal resources.

1. Ormat Technologies, Inc.

Ormat Technologies Inc. (NYSE:ORA) is a global leader in the geothermal energy sector, providing renewable energy solutions through its expertise in geothermal power plants and recovered energy generation systems. The company operates in three key segments: Electricity, products, and Energy Storage.

As of October 23, 2023, Ormat Technologies agreed to purchase a 150 MW portfolio from Enel Green Power North America, a subsidiary of Enel SpA. This acquisition further strengthens Ormat’s position in the geothermal market. The company has a strong presence in the United States and globally, with operations in Guatemala, Guadeloupe, Honduras, Indonesia, and Kenya.

Ormat Technologies has demonstrated impressive financial performance:

  • In 2022, the company reported revenue of $1,036.4 million, a 24% increase compared to 2021.
  • Q4 2023 revenues increased by 17.4% to $241.3 million, with a full-year rise of 13.0% to $829.4 million.
  • Net income attributable to ORA’s stockholders jumped by 98.0% in Q4 and 88.9% annually.
  • Diluted EPS for the year rose sharply by 77.8% to $2.08.
  • Adjusted EBITDA for the year increased by 10.6% to $481.7 million.

Key financial metrics for Ormat Technologies Inc. (NYSE:ORA) [9] [10]:

Current Share Price$66.19
52-Week High$88.64
52-Week Low$58.73
P/E Ratio32.1x
P/S Ratio4.8x
EPS (TTM)$2.08
EBITDA (TTM)$392.616M
ROE (TTM)5.95%
Revenue (TTM)$829.424M
Gross Margin (TTM)31.83%
Net Margin (TTM)16.05%
Debt To Equity (MRQ)80.60%

With a market capitalization of $4 billion as of January 1, 2024, and a trading rating of ‘B’ and investor rating of ‘OUTPERFORM’, Ormat Technologies is well-positioned to capitalize on the growing demand for renewable sources and geothermal power generation in the coming years.

2. Calpine

Calpine Corporation, a power generation company, operates primarily natural gas-fired and geothermal power plants across North America. The company’s portfolio consists of 80 power plants, including one under construction, with an aggregate generation capacity of 25,908 megawatts (MW) and 828 MW under construction. Calpine’s power plants are capable of burning either natural gas or fuel oil.

As a major generator of electricity from natural gas and geothermal resources, Calpine Corporation has operations in competitive power markets across 23 states in the U.S., Canada, and Mexico. The company’s fleet of 77 power plants represents over 26,000 megawatts of generation capacity. Calpine Corporation sells power, steam, capacity, renewable energy credits, and ancillary services to various customers.

Key financial information for Calpine Corporation as of March 29, 2024:

  • Stock Price: $15.25
  • 52-Week Range: $9.30 to $15.25
  • Revenue (Q2 2024): $1.16 billion, down 19.3% compared to the same quarter last year
  • EPS (Q2 2024): ($0.08), missing analysts’ consensus estimates of ($0.02) by $0.06

Note: Some financial metrics, such as market capitalization, P/E ratio, debt-to-equity ratio, and current ratio, are not available.

3. Enel Green Power North America, Inc.

Enel Green Power North America, Inc. is a leading developer, long-term owner, and operator of renewable energy plants in the United States. With a presence in 9 states, they are working to build a sustainable future for communities and businesses across the U.S. Their portfolio includes:

  • 63 operational sites produce wind and solar energy, with a total operational capacity of 9.9 GW
  • 1.3 GW of total operational capacity in energy storage
  • Support for 305 sustainability projects ranging from workforce development to environmental sustainability in 2021–2022 
  • Partnerships with over 130 C&I and utility customers, including leading brands such as Anheuser-Busch, Meta, Google, T-Mobile, McDonald’s, and many more

Enel Green Power North America Inc. has several operational and under-construction projects in the United States, such as Alta Farms Wind Farm, Aurora Wind Project, Aurora Solar Project, Azure Sky Wind + Storage Project, Cimarron Bend Project, Diamond Vista Wind Farm, High Lonesome Wind Project, HillTopper Wind Project, Lily Solar + Storage Plant, Origin Wind Farm, Ranchland Wind + Storage Plant, Rattlesnake Creek Wind Project, Red Dirt Wind Project, Roadrunner Solar Project, Rockhaven Wind Project, Thunder Ranch Wind Farm, and White Cloud Wind Project.

As a subsidiary of Enel SpA, which is listed on the Milan Stock Exchange with the ticker EGPW, Enel Green Power North America Inc. is part of a global leader in renewable energy. Enel SpA’s current stock price is 1.890 EUR, with a 52-week range of 0.000–1.932 EUR. Enel Green Power S.p.A. manages 60.9 GW of renewable energy capacity worldwide, making it the world’s largest renewable energy company. By 2040, their activities will have zero net impact on the climate in terms of carbon emissions. In 2022, they avoided 68.62 million tons of CO2 emissions and carried out over 1100 sustainability projects, with 2022–24 renewable energy investments amounting to 18.6 billion euros. Enel Green Power North America Inc.’s focus on geothermal power generation, along with their parent company’s global leadership in renewable energy, positions them as a major player in the geothermal energy sector.

4. Chevron

Chevron Corporation (NYSE:CVX), one of the world’s largest oil and gas companies, is making significant strides in the geothermal energy sector. The U.S. Department of Energy (DOE) has chosen the company to negotiate for funding to demonstrate the effectiveness and scalability of enhanced geothermal systems (EGS) in the country. This funding opportunity is part of the country’s broader push towards emerging technologies and low-carbon policies.

Chevron’s project will focus on using innovative drilling and stimulation methods to derive energy near an existing geothermal field in Sonoma County, northern California. The company is working with Sonoma Clean Power on potential geothermal projects in Mendocino and Sonoma. Chevron’s involvement in these projects showcases its commitment to exploring new technologies that overcome geological and subsurface limitations, moving beyond conventional geothermal assets that require ideal conditions of heat, fluid, and permeability.

The three projects selected by the DOE, including Chevron’s, aim to demonstrate the potential for geothermal energy to provide reliable, cost-effective electricity to tens of millions of U.S. homes and businesses. These projects will support the DOE’s target of cutting the cost of EGS generation by 90 percent to $45 per MW hour by 2035. As the selections proceed to negotiations with the DOE before awards are finalized, Chevron’s involvement in the geothermal energy sector positions the company as a key player in the transition towards clean energy sources and the fight against climate change.

5. Mitsubishi Corporation

Mitsubishi Heavy Industries (MHI) has invested in Fervo Energy, a US-based enhanced geothermal system startup, through Mitsubishi Heavy Industries America, Inc. (MHIA). Fervo Energy aims to deploy proven technology adapted from the oil and gas industry at scale to provide commercially viable 24/7 carbon-free energy. A consortium that includes Marunouchi Innovation Partners (MIP), Devon Energy Corporation (Devon), and others has carried out the investment.

Fervo Energy uses innovations from the oil and gas industry, such as:

  • Horizontal drilling
  • Distributed fiber-optic sensing
  • Making reservoirs of hot rock beneath the earth’s surface into practical, economically viable, carbon-free sources of energy

MHI Group is collaborating with and investing in partners to:

  • Develop innovative technologies that will help decarbonize existing infrastructures
  • Build a hydrogen and CO2 ecosystem
  • Invest in Fervo’s efforts to explore carbon-free energy that can energize these ecosystems
  • Enhance its solutions portfolio to provide customers with alternative decarbonization technologies

Mitsubishi Corporation also participated in a $21 million Series A1 financing round for Quaise Energy, a company specializing in deep geothermal advancement. The funding will be used to enhance Quaise’s field operations, strengthen its supply chain position, and continue product development. Quaise Energy aims to unlock terawatt-scale geothermal energy, harnessing deep geothermal power globally with minimal land and material use.

Furthermore, Mitsubishi Corporation has entered into an agreement with other large international companies to sponsor the creation of a global e-NG coalition. The founding members of the e-NG Coalition include:

  • Engie
  • Mitsubishi Corporation
  • Osaka Gas
  • Sempra Infrastructure
  • TES
  • Tokyo Gas
  • Toho Gas
  • TotalEnergies

The e-NG Coalition aims to provide a meaningful contribution to the energy transition by accelerating the development of renewable hydrogen. The founding members are committed to the development of e-NG projects globally.

Top Clean Energy Companies in the Hydrogen Economy


As the world continues to embrace renewable energy sources and combat climate change, geothermal energy is emerging as a promising alternative to fossil fuels. The top geothermal stocks for 2024, including Ormat Technologies, Calpine, Enel Green Power North America, Chevron, and Mitsubishi Corporation, are at the forefront of this transition, harnessing the Earth’s heat to generate clean and sustainable power. These companies are not only driving innovation in geothermal technologies but also contributing to the reduction of greenhouse gas emissions and the development of a more secure and resilient energy future.

Investors seeking to capitalize on the growing demand for renewable energy sources should keep a close eye on these top geothermal energy stocks as they continue to expand their operations, form strategic partnerships, and invest in cutting-edge technologies. As the geothermal industry gains momentum, these companies are well-positioned to play a crucial role in shaping the future of energy production and consumption, while also offering attractive investment opportunities for those looking to align their portfolios with the global shift towards a more sustainable future.


What are the top energy stocks to consider for investment in 2024? The best energy stocks for 2024 will depend on various factors including market trends, company performance, and the overall energy sector’s outlook. It’s important to conduct thorough research or consult with a financial advisor to determine which stocks might be the best fit for your portfolio.

Which energy stock should I consider purchasing? Determining the best energy stock to buy requires careful analysis of the current market, the performance of individual companies, and future projections. It’s recommended to review financial news, stock analysis, and potentially seek advice from financial experts before making any investment decisions.

What are some energy stocks that are currently undervalued? As of March 11, 2024, the following energy companies are considered to be the most undervalued according to certain financial metrics and their economic moats:

  • Devon Energy (DVN)
  • Hess (HES)
  • HF Sinclair (DINO)
  • Schlumberger (SLB)
  • Chevron (CVX)
  • space heating

Who is the leading geothermal energy producer in the United States? Calpine Corporation ( is recognized as the world’s largest producer of geothermal energy. In the United States, Calpine operates roughly 50 percent of the geothermal plant capacity, making it a significant player in the geothermal industry.

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