Energy and transition economics
2026-04-26
12 min read
12 sources
Next generation geothermal in 2026: Fervo's Cape Station, Eavor's Geretsried, and the hyperscaler offtake that ended the dormancy
Enhanced geothermal systems and closed loop designs broke into commercial operation between 2024 and 2026. Fervo, Eavor, Sage, and Quaise have converted shale era drilling, the IRA tax stack, BLM lease acceleration, and Google plus Meta offtake into a credible megawatt pipeline through 2030.
Geothermal moved from a 4 gigawatt domestic curiosity to a credible firm clean power option between 2024 and 2026. Fervo Energy commissioned the 3.5 megawatt Project Red pilot in Nevada in 2023, validated commercial scale enhanced geothermal at Cape Station Phase I in Beaver County, Utah in 2024, and is building Cape Station to 400 megawa...