BLM Utah Geothermal Energy Lease Sale Sets New Records

Utah’s geothermal energy sector made history on April 8, 2025. In a competitive lease sale conducted by the Bureau of Land Management (BLM) through the Efficient Markets platform, every parcel offered received bids, pushing total bonus bids to more than $5.6 million — a new record for BLM geothermal leasing in the state.

Fourteen parcels covering 50,691 acres were on the auction block. Over the course of the sale, 192 bids were submitted by a mix of experienced developers and new entrants, reflecting growing industry momentum around geothermal resources in Utah and across the western U.S.

Record-Setting Prices Reflect Strong Demand

The competition wasn’t just broad — it was aggressive. The previous BLM Utah geothermal per-acre record of $170, set by Enel in 2007, was shattered multiple times throughout the day.

The highest price achieved was $344 per acre, paid by Buffalo River Minerals, LLC for a prime tract in Beaver County. This new benchmark more than doubled the previous record, illustrating the intensity of interest in Utah’s geothermal opportunities.

Additional high bids included $327 per acre for a parcel secured by Invenergy Geothermal Development LLC and $251 per acre for another tract awarded to Percheron Professional Services, LLC.

Key Players in the Auction

Competition was strong across the board, but a few bidders stood out. Buffalo River Minerals, LLC led all participants with more than $2.49 million in total bonus bids. Percheron Professional Services, LLC closely followed at $2.32 million. Invenergy Geothermal Development LLC rounded out the top three, committing more than $592,000 toward key tracts.

Together, these three companies captured the majority of acreage awarded and set the tone for the day’s aggressive bidding environment.

A Market on the Move

The sale attracted 21 registered bidders, with 13 actively participating. Parcels averaged four unique bidders each, and bidding was often fast and competitive. One parcel alone received 46 bids before closing — a clear indicator of the market’s appetite for quality geothermal prospects.

The results confirm a growing shift: developers and investors are putting greater emphasis on geothermal as a reliable, domestic source of energy, and Utah is emerging as one of the most attractive areas for growth.

Efficient Markets is the leading platform for geothermal transactions across both the government and private sectors. Built on long-standing relationships with developers, operators, investors, and government agencies, we provide the market access, transactional expertise, and advisory support needed to move projects forward. Whether you are pursuing an acquisition, divestiture, or development opportunity, Efficient Markets offers the insights and network connections to help you succeed.

More information about current and upcoming geothermal opportunities is available at www.efficientmarkets.com.