US federal geothermal bids hit $1,207 per acre in 2026

Geothermal lease auctions on US federal land logged a top bid of $1,207 (USD) per acre in Utah in 2026, a record for the Bureau of Land Management (BLM). The Department of the Interior reported on August 19 that the Utah auction on August 18 raised 24.7 million USD for 72,398 acres, the second largest in BLM history in dollar terms.

The figure adds to the US Government Accountability Office (GAO) report, published on October 8, which documents the growth in demand: annual land nominations rose from about 25,800 acres in 2020 to more than one million in 2025. Federal lands hold close to two thirds of installed geothermal capacity in the US, according to ThinkGeoEnergy's analysis.

The number matters beyond the price of land. The GAO notes that, on BLM land, an average of 455 days elapsed from nomination to auction between 2019 and 2025, with state variations ranging from 256 days in New Mexico to 1,595 in Oregon and Washington. It also found that BLM geothermal manuals have remained in draft form since at least 2022 and that there is no single system for tracking drilling permits.

At the Nevada auction on October 20, the BLM offered 60 parcels of 186,641 acres for 4.83 million USD in receipts, according to the Bureau of Land Management. The average per acre came to about 26 USD, far below the Utah high. Utility Dive reported that Ormat Technologies paid close to 2.3 million USD for eight parcels of 20,263 acres and that the per-acre figure at the auction was lower than in 2025.

In Mexico, federal geothermal potential is handled through concessions before the National Water Commission and the Ministry of Energy, a mechanism distinct from US lease auctions. The investor appetite reflected in BLM prices does not yet have an equivalent figure on the Mexican platform.

What's next: the BLM has scheduled an auction in California on October 27, with 19 parcels and close to 40,000 acres, and another in Idaho on November 17. The results of both will show whether Utah's per-acre record holds or reflects local conditions.

This article was drafted with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.