NAICS 221116 Quarterly Industry Report
Geothermal Electric Power Generation
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 221116Sector: Utilities (22)Updated: Q1 2026
About This Report
This industry profile for Geothermal Electric Power Generation (NAICS 221116) draws on data from the Bureau of Labor Statistics[5], U.S. Census Bureau, and SBA size standards database[6]. Published by Fair Market Value and updated quarterly, it provides valuation professionals, energy analysts, and business brokers with current market data. The editorial analysis reflects the independent assessment of FairMarketValue.com's research team, with all quantitative claims sourced to publicly verifiable databases.
Industry Definition & Overview
Geothermal Electric Power Generation (NAICS 221116) encompasses establishments primarily engaged in operating geothermal electric power generation facilities that use heat derived from the Earth to produce electric energy per the U.S. Census Bureau[4]. Generated electricity is delivered to bulk power transmission systems or distribution networks. Geothermal plants tap underground reservoirs of steam or superheated water, typically at depths of one to three miles, to drive turbines through dry steam, flash steam, or binary cycle technologies.
About 100 establishments generate roughly $115 million in annual payroll and $1.01 billion in total revenue per the Bureau of Labor Statistics[5]. Calpine Corporation operates The Geysers complex in northern California, the world's largest geothermal field with 725 megawatts of installed capacity. Ormat Technologies manages a global portfolio of 1,230 megawatts including multiple U.S. plants in Nevada and California. Total U.S. geothermal nameplate capacity reached 3,970 megawatts as of 2024, generating 15.7 terawatt-hours and supplying about 0.4 percent of national electricity.
Per the SBA Table of Size Standards[6], the size standard is 250 employees. Geothermal resources concentrate in the western states, with California and Nevada hosting the majority of installed capacity. Unlike solar and wind, geothermal produces baseload power around the clock regardless of weather, achieving capacity factors above 90 percent at mature fields. Exploration risk remains high because drilling confirmation wells costs $5 to $10 million each with no guarantee of commercial steam production. improve Geothermal Systems (EGS) technology promises to expand the addressable resource base beyond naturally occurring hydrothermal reservoirs by fracturing hot dry rock formations.
What's Included in This Industry
- Dry steam geothermal power production
- Flash steam power generation from hot water
- Binary cycle geothermal generation
- Geothermal well field management
- Steam gathering system operation
- Turbine and generator maintenance
- Brine reinjection and resource management
- Environmental monitoring and emissions control
- Exploration and resource confirmation drilling
- Grid interconnection and power delivery
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Utilities | 22 |
| Subsector | Utilities | 221 |
| Industry Group | Electric Power Generation, Transmission and Distribution | 2211 |
| NAICS Industry | Electric Power Generation | 22111 |
| National Industry | Geothermal Electric Power Generation | 221116 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 221121 | Electric Bulk Power Transmission and Control | Electric Bulk Power Transmission carries geothermal output from remote western generation sites across high-voltage networks to population centers and regional demand hubs |
| 221122 | Electric Power Distribution | Electric Power Distribution delivers geothermal-generated electricity to retail customers through local networks after receiving bulk power from transmission systems |
| 221111 | Hydroelectric Power Generation | Hydroelectric Power Generation shares baseload renewable characteristics with geothermal, both producing steady output regardless of weather with capacity factors above 90 percent at top-performing facilities |
| 213112 | Support Activities for Oil and Gas Operations | Support Activities for Oil and Gas provide drilling rigs, directional drilling expertise, and well completion services used in geothermal exploration and production well construction |
| 541330 | Engineering Services | Engineering Services design geothermal plant systems, steam gathering infrastructure, binary cycle heat exchangers, and well field development plans during project construction |
| 221114 | Solar Electric Power Generation | Solar Electric Power Generation competes with geothermal for renewable energy procurement contracts, though geothermal provides baseload output while solar produces only during daylight hours |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | California | 45.7% | 16 |
| 2 | Nevada | 34.3% | 12 |
| 3 | Utah | 11.4% | 4 |
| 4 | Texas | 8.6% | 3 |
% Of Establishments
0%
46%
Source: County Business Patterns, U.S. Census Bureau[3]
Frequently Asked Questions
Common questions about this industry.
What companies operate geothermal power plants?
Calpine Corporation operates The Geysers complex at 725 megawatts, and Ormat Technologies manages 1,230 megawatts globally. About 100 establishments operate in the U.S. per the U.S. Census Bureau[4]. California and Nevada host the majority of installed capacity.
How much electricity does geothermal provide?
U.S. geothermal capacity reached 3,970 megawatts in 2024, generating 15.7 terawatt-hours and providing about 0.4 percent of national electricity per the Bureau of Labor Statistics[5]. Geothermal achieves capacity factors above 90 percent at mature fields.
What is the SBA size standard for Geothermal Power?
Per the SBA Table of Size Standards[6], NAICS 221116 has a size standard of 250 employees. This determines eligibility for SBA loans, federal contracting set-asides, and small business programs.
What NAICS codes are related to geothermal power?
Related codes include NAICS 221121 (Transmission), NAICS 221122 (Distribution), NAICS 221111 (Hydroelectric), NAICS 213112 (Oil and Gas Support), and NAICS 541330 (Engineering) per the U.S. Census Bureau[4].
Where are geothermal resources located?
Resources concentrate in western states, primarily California and Nevada. The Geysers complex in northern California is the world's largest geothermal field. Idaho, Utah, Oregon, and Hawaii also host geothermal capacity.
What activities are included in NAICS 221116?
Core activities include dry steam generation, flash steam production, binary cycle operations, well field management, steam gathering, turbine maintenance, brine reinjection, environmental monitoring, and exploration drilling per the U.S. Census Bureau[4].
Can geothermal businesses get SBA loans?
Yes, firms meeting the 250-employee standard qualify for SBA 7(a) loans[7] covering well drilling, plant equipment, and working capital. High exploration costs make SBA financing particularly relevant for smaller developers.
What is improve Geothermal Systems technology?
EGS creates artificial geothermal reservoirs by fracturing hot dry rock formations and circulating fluid to extract heat per the Bureau of Labor Statistics[5]. This technology could expand geothermal beyond naturally occurring hydrothermal sites, making more geographic areas viable for development.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Census Bureau, County Business Patterns census.gov
- [4]U.S. Census Bureau census.gov
- [5]Bureau of Labor Statistics bls.gov
- [6]SBA Table of Size Standards sba.gov
- [7]SBA 7(a) loans sba.gov
- [8]504/CDC loans sba.gov
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