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Ormat Technologies Inc. - Analyst/Investor Day

Other items on the agenda, should have rehearsed it before, I'm sorry. Other items on the agenda today would include the presentation of our operations by Yoram, Gillon will make a short presentation on FIMI; Nadav and Rahm will discuss PPAs and standard offer number 4, the contracts that are impacted by natural gas prices; Bob will describe the history of the McGinness project, one of the announcements of the day. And Joseph will provide some useful modeling information on interest expenses and on tax aspects of our activity.

We'll conclude the day, after Q&A, with a -- in closing remarks with lunch, and you're all invited. What I would ask you is to note your questions during the presentation and save them for the end when we will all come up and be available to answer questions.

Yoram, your turn.

Yoram Bronicki

I need to do anything? So good morning, everybody, and thanks for coming. Really, what I would like to, as you've seen in the agenda, there is a -- we're trying to provide sort of a continuum of updates, especially on the business development side and how projects are coming together. But what I would like to do is take a chance, to take the time today to review what happened in operations. A lot of this is really since our last Analyst Day, which was in April 2010, but I will make reference to how we really evolved our operations from 2007 onwards, and I think that we're very pleased and I think that you'll be impressed actually taking this -- looking back and seeing how far we have progressed.

I think that when we look at our operations, of course, we have currently about 580 megawatts of capacity. This generates a steady cash flow for the most part. And a lot of the results are really hidden in all the good things that we have done there. And it's -- sometimes, when you look at specific ratios like our cost to operate on $1 to megawatt hour produced and so on, this is when you can actually see all the work and all of the learning that went into the product. As most of you have heard time and again, Brawley has been a big impact and somewhat a mask on all the good things that we have done in operation. We've made steady progress in Brawley and I'd like to really address that. Talk to you a little bit about projects under construction and give some news in that area. And then, give you an update on exploration. What we have done in exploration? How things have changed in exploration? And why when you analyze Ormat, maybe a little bit in the industry, but especially Ormat, you should look at our recent accomplishments as a measure of what we have changed, both in the way that we do exploration and also in the way that we do field development. And then I would like to touch a little bit about our Product segment, which has been very strong or we expect to be very strong in the next 2 years. But really, as much as it is fluctuating, if you look -- if you take a 5-year look, then you can see that this is really a very impressive segment by itself.

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