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T H E M O S T R E L I A B L E R E N E W A B L E

Q1 2017 Earnings Call May 11, 2017

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FORWARD-LOOKING STATEMENTS

We would like to remind you that the information provided during this call, and in this presentation, may contain forward-looking statements relating to current expectations, estimates, forecasts and projections about future events that are forward-looking as

defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to the company’s plans, objectives and expectations for future operations and are based on management’s current estimates and projections of

future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. Such statements are based on management's expectations as of May 11, 2017 and involve many risks and uncertainties that could

cause actual results to differ materially from those expressed or implied in these forward-looking statements. Important factors that could cause actual results to differ materially from the company's expectations are set in our most recent Form 10-K filed with the

SEC at www.sec.gov.

During the call, and in this presentation, we will present non-GAAP financial measures such as EBITDA, adjusted EBITDA, and adjusted Net Income. Reconciliation to the most directly comparable GAAP measures and management’s reasons for presenting

such information is set forth in the press release that was issued last night. Because these measures are not calculated in accordance with U.S. GAAP, it should not be considered in isolation from our financial statements prepared in accordance with

GAAP. All share numbers have been adjusted for the 1-for-6 share consolidation in November 2016.

The company does not assume the obligation to update any forward-looking statement.All financial information presented in U.S. dollars unless otherwise indicated.

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DENNIS GILLES, CEO

AGENDA

INTRODUCTION: DENNIS GILLES, CEO

FINANCIAL SUMMARY: KERRY HAWKLEY, CFO

OPS/DEVELOPMENT UPDATE: DOUGLAS GLASPEY, PRESIDENT & COO

SUMMARY & GUIDANCE: DENNIS GILLES, CEO

EXPLPLCEPPLAPLLLENT PIPELINE OF DEVELOPMENT PROJECTS LPLQ&A

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INCREASED OUTPUT AT RAFT RIVER

ANNOUNCED CEO UPDATE AND FORMATION OF EXECUTIVE COMMITTEE

18TH QUARTER OF POSITIVE CASH FLOW FROM OPERATIONS & EBITDA

INCREASED EBITDA AND NET INCOME ATTRIBUTABLE TO USG, YOY

MAJOR HIGHLIGHTS

EXPANDED THE BOARD OF DIRECTORS TO EIGHT MEMBERS

COMPANY REAFFIRMS FULL-YEAR 2017 GUIDANCE4

F I N A N C I A LS U M M A R Y

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BALANCE SHEET

March 31, 2017 December 31, 2016

TOTAL ASSETS $240,499,848 $243,424,332

TOTAL LIABILITIES $109,624,343 $111,866,294

NET STOCKHOLDERS’ EQUITY $105,754,262 $104,978,048

NON-CONTROLLING INTERESTS $25,121,243 $26,579,990

SHARES OUTSTANDING 19,039,435 18,970,445

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STATEMENT OF OPERATIONS

($M) Q1 2017 Q1 2016REVENUE 8.44 8.50

PLANT OPERATING EXPENSES 4.58 3.98CORPORATE ADMINISTRATION 0.30 0.35PROFESSIONAL AND MGMT. FEES 0.15 1.06

INTEREST EXPENSE 1.19 0.93

NET INCOME BEFORE TAXES 1.26 1.28

INCOME TAX EXPENSE 0.14 0.09

NET INCOME ATTRIBUTABLE TO USG 0.26 0.15

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STATEMENT OF CASH FLOWS

3 Months Ending March 31

2017 2016BEGINNING CASH BALANCE $15,287,144 $8,654,375

CASH GENERATED BY OPERATIONS $2,941,228 $5,003,699

INVESTING ACTIVITIES ($780,276) ($1,612,056)

FINANCING ACTIVITIES ($4,379,118) ($4,614,416)

ENDING CASH BALANCE $13,068,978 $7,431,602

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O P E R AT I N GPOWER PLANTS

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Fleet-wide Total 3 Months Ending Mar. 312017 2016

AVAILABILITY*

MEGAWATT HOURS

93.7%

89,613

98.9%

93,788

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*excluding planned maintenance hours

3 Months Ending Mar. 312017 2016

AVAILABILITY* 82.5% 96.7%

MEGAWATT HOURS 48,178 53,671

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AVAILABILITY* 98.6% 99.4%


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AVAILABILITY* 100% 100%


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G R O W T HU P D AT E

San Emidio II Project

San Emidio I in background14

EXPAND OPERATING PROJECTS

• Converted idle injection well RRG-5 to production in Q1 = .71 MW net increase

• Upgrade injection pump late Q2 – early Q3 • Target generation increase 1.5 to 2 MW for

this phase of work• Review further wellfield modifications in Q3• 3MW annual average available under PPA• Increase revenue by $1.0 - $1.8 million/year

TOTAL OF UP TO 6 MW FROM EXPANDING EXISTING PROJECTS

RAFT RIVER: NEAL HOT SPRINGS:• Hybrid Cooling for summer months• Water from 2 wells = 250 gpm, enough for 1

unit.• Pursuing surface water rights for additional

water• Pilot unit for treatment of injection brine

continuing• 3 MW annual average available under PPA• Increase revenue by $2.5 – $3.0 million/year• Target Phase 1 complete: Q4-2017 with

startup in Q2-2018

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DEVELOPMENT PROJECTS

• Turbine/generator supply contract being negotiated.

• Engineering and construction contractors selected.

• Transmission right of way under negotiation

• Advancing PPA negotiations

WGP GEYSERS SAN EMIDIO II• Preparing to start

deepening 3 wells in Q2• New resource report issued

expanding resource P90 @ 18.8 MW, P50 @ 47 MW

• Submitted application to BLM for up to 45 megawatt facility

• Transmission path under study with LGIA to be submitted before October

• Submitted EOI to German Development Fund for drilling grant

• Preparing USTDA grant application for feasibility study

• Plan to drill and test deeper resource in 2017

• RFP for power expected in 2017

EL CEIBILLO

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STRONG Q1 PERFORMANCE

RELIABLE AND PREDICTABLE ANNUAL PERFORMANCE

NEW - $0.71 M PROPERTY TAX IMPACT TO GROSS PROFIT

KEY HIGHLIGHTS

EXTRAORDINARY MECHANICAL CHALLENGES - $0.83 M IMPACT

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FINANCIAL SUMMARY

*Refer to Appendix of May 10, 2017 News Release for explanation of EBITDA.

3 Months Ending March 312017 2016

REVENUE $8.44 $8.50

GROSS PROFIT $3.86 $4.52

NET INCOME, ATTRIBUTABLE TO USG $0.26 $0.15

PER SHARE $0.01 $0.01

EBITDA* (CONSOLIDATED) $4.08 $3.79

EBITDA* (USG PORTION) $2.26 $1.82

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$ Millions (except per share amounts)

CONSOLIDATED FINANCIAL SUMMARY AND 2017 GUIDANCE

*Adjusted to exclude discretionary exploration costs, non-cash stock compensation, write-off of discontinued development projects and other large non-recurring items**As Adjusted reflects Net Income before Tax and other large non-recurring items and is provided to support year over comparisons. Refer to Appendix of May 10, 2017 News Release for definition of Net Income, As Adjusted and Adjusted EBITDA.

RELIABLE AND PREDICTABLE PERFORMANCE

$ Millions 2014 2015 2016 2017 2017CONSOLIDATED

GUIDANCE(AS OF 1/23/17)

USG PORTIONGUIDANCE

(AS OF 1/23/17)

REVENUE 31.0 31.2 31.5 30-34 18-22

EBITDAADJUSTED* 17.2 17.6 17.1 15-19 9-12

EBITDA 14.9 16.4 15.0 14-18 8-10

NET INCOME, ASADJUSTED** 4.6 6.3 5.2 4-8 1-4

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MARKET EVOLUTION

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Community Choice Aggregators

Large Industrials

New Buyer Examples

Previous Buyer Examples

Public Utilities

POTENTIAL DEMAND GROWTH FOR RENEWABLES- PENDING LEGISLATION

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Nevada• Proposed bill AB 206 would expand the current Nevada RPS from

target of 25% by 2025 to 30% by 2020, 50% by 2030, and 80% by 2040

California• Proposed bill SB-584 would expand the current California RPS from

50% by 2030 to 50% by 2025, and 100% by 2045

• Proposed bill AB-920 would mandate that a minimum of 20% of all renewable energy procured would come from baseload renewable energy

MARKET EVOLUTION – CCAS AND LARGE INDUSTRIALS

OUTLOOK FOR POWER PURCHASE AGREEMENTS

OUTLOOK FOR RENEWABLE ENERGY DEMAND INCREASING

ADDITIONAL HIGHLIGHTS

115 MW ADVANCE STAGE DEVELOPMENT & EXPANSION PROJECTS

R Q & A LPL

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T H E M O S T R E L I A B L E R E N E W A B L E

NYSE MKT:HTM

WGP Geysers Project23

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