Geothermal handbook: PlanninG and Financing power Generation t e c h n I c a L r e p o r t 2 / 2

Full Public development
V
er
icall
y 
int
egr
at
ed
• Iceland
• Mexico
• New Zealand
1
3
2
• El Salvador
4
• Philippines 
(Chevron)
• Australia (Enel)
• Italy (Enel)
8
Separ
at
ed Upstr
eam and P
o
w
er
Full Private development
• Japan
• Indonesia
• Kenya new GDC
• Guatemala
5
• Turkey
• Indonesia
• New Zealand
• US
6
• US
• Nicaragua
• Chile 
7
• OECD
• Non-OECD
On the bottom right, the private sector has a strong role in various phases of an unbundled geothermal 
supply chain. These countries are successful in introducing private investors into geothermal business 
in various stages of development. Possible explanations to this apparent success include the 
following. First, many of these countries have gone through electric power market reforms including 
privatizations, so parts of the value chain are operated by private companies already. Second, 
the relatively low country risks coupled with sufficiently high expected returns make it feasible for 
KEy