Ormat Technologies Inc. (NYSE:ORA) announced financial results for the third quarter of 2011.For the three months ended September 30, 2011, total revenues increased 9.2 percent from $101.5 million in the third quarter of 2010, to $110.8 million this quarter. Product revenues increased 32.6 percent to $24.0 million, up from $18.1 million in the same period last year. Electricity revenues increased by 4.1 percent to $86.8 million, up from $83.4 million in the third quarter of 2010. Electricity revenues for the third quarter include $4.0 million relating to our North Brawley power plant with corresponding cost of revenues of $7.5 million. The average revenue rate of our electricity operations was $95 per MWh, up from $87 per MWh in the third quarter of 2010.
Ormat Technologies, Inc., together with its subsidiaries, engages in the geothermal and recovered energy power business in the United States and internationally. The company operates in two segments, Electricity and Product.
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