As the stock market continues to fumble along, safer bargain stocks may be a place to look for investment. Although not sexy, utilities may be an option if the price is right. With industry down for the moment these types of stocks may also be ripe for purchase. For those that would like a portion of their portfolio in a fairly safe place, a profit may well come down the road.

Nevada Geothermal Power Inc., a newly opened Geothermal power plant located in Nevada, is working to construct geothermal power facilities located in Nevada and Oregon. The company’s Blue Mountain first phase has completed several months of operation and is running at 38 Megawatts.

Although a certain amount of reworking had to be completed where the first phase wiring was concerned the company reports that it is now running at 99% availability. In the fourth quarter 2010, the company also indicates that it will step up available supply for its Nevada Energy customer while reaching the plants design potential of 45 Megawatts. During the initial two months of operation, for this phase, the plant generated revenue of $4.2 million with subsequent months generating similar results. Going forward the company has begun new drilling and expansion of existing wells to increase capacity. Financing has been secured so that assessment and piping systems between injection wells can be established. As Phase two of development is completed the total output of the facility will be 70 Megawatts.

Financing for the testing and development of the company’s five separate site options is currently being pursued with John Hancock and several Department of Energy programs. John Hancock financing appears to be in place and is planned for the Blue Mountain expansion program and a reorientation of mezzanine financing. Financing from the DOE also appears to very close to approval and will be used for the development and testing at the company’s five sites. In any case, an independent consulting review does indicate that current power commitments and revenues are well within current operational limits.

From all indications, Nevada Geothermal Power is up and running in fine fashion after a development program that was run and managed very well. If the development programs of getting the first phase built and operational are any indication of success for the remainder of the company’s projects, this one deserves a second look.