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The Next-Generation Geothermal Research and Development Act (HR8790) was reported out of committee on May 20, 2026, awaiting floor action. The bill authorizes DOE R&D for advanced geothermal systems, including closed-loop and supercritical technologies, but does not appropriate specific funding. This creates a structural tailwind for geothermal equipment suppliers and developers, though actual spending requires separate appropriations.
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The bill's passage out of committee is a procedural step with limited immediate market impact. For retail investors, the key signal is the expansion of DOE's geothermal R&D mandate to include closed-loop and supercritical systems, which could open new revenue streams for equipment providers like $GEV. However, without a funding authorization, the market should not price in significant revenue until appropriations are passed. $NEE and $DUK may benefit from a new baseload renewable option, but geothermal remains a small fraction of their generation mix.
What happened: On May 20, 2026, the House Committee on Science, Space, and Technology ordered HR8790, the Next-Generation Geothermal Research and Development Act, to be reported (amended) by voice vote. The bill, introduced by Rep. Harrigan (R-NC) with one cosponsor, now awaits floor action in the House. It was also referred to the Committee on Natural Resources. The bill amends the Energy Independence and Security Act of 2007 to direct DOE research, development, demonstration, and commercial application activities for next-generation geothermal systems, including closed-loop and supercritical geothermal.
The money trail: The bill authorizes R&D activities but does not specify a dollar amount. This is an authorization bill, not an appropriations bill. Actual funding will depend on future appropriations bills. The mechanism is DOE grants and cooperative agreements, not tax credits or direct procurement. The absence of a specific funding ceiling limits near-term market impact.
Structural winners and losers: Winners include geothermal equipment suppliers (GEV), renewable developers (NEE), and regulated utilities with clean energy mandates (DUK). The bill's focus on closed-loop and supercritical systems favors companies with advanced drilling and heat exchange capabilities. No clear losers emerge, as the bill does not penalize any existing energy sources.
Competitive landscape: The geothermal sector is small relative to wind and solar, but this bill signals federal commitment to diversifying renewable baseload. Pure-play geothermal companies are mostly private; public exposure is through diversified energy equipment and utility companies. GEV's power segment has geothermal service contracts; NEE and DUK could integrate geothermal into their portfolios if costs decline.
Timeline: The bill has cleared committee and awaits House floor action. Given the 119th Congress's remaining calendar (through 2027), passage this session is possible but not guaranteed. Companion legislation in the Senate has not been introduced. The bill's bipartisan nature and voice vote passage suggest moderate momentum.
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A bill to amend the Geothermal Steam Act of 1970 to waive the requirement for a Federal drilling permit for certain activities, to exempt certain activities from the requirements of the National Environmental Policy Act of 1969, and for other purposes.
Geothermal Cost-Recovery Authority Act of 2025
STEAM Act
GEO Act
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