BLM's June New Mexico Geothermal Lease Sale Sets Federal Record

A June geothermal lease sale held in New Mexico by the Bureau of Land Management netted more than $16.5 million, making it the second-highest-grossing sale in BLM history, according to an agency spokesperson who spoke with Utility Dive. The top bid set a federal record of $701 per acre.

Sale details

The auction offered 68 parcels covering roughly 197,000 acres across southern New Mexico. Forty-seven parcels sold at an average of $107 per acre, more than triple the $32 per acre average recorded in Nevada's October 2025 sale, according to Enverus Intelligence Research. Only 17% of parcels sold at the $2-per-acre minimum bid, down from 76% in 2019, as EIR said competition increased for sites with stronger development potential.

The record-setting bid was made by Rock Canyon Resources, which paid $3.14 million for one 4,479-acre tract. Major participants in the sale included Ormat Technologies, Zanskar and Invenergy. The sale marked a significant expansion from the state's previous federal geothermal lease auction, which offered seven parcels in 2024.

Enverus said proximity to high-voltage transmission was the strongest financial factor in its analysis, estimating that access to transmission added about $43 per acre in value.

What's next

The results come ahead of a scheduled Aug. 18 lease sale in Utah. Other BLM geothermal lease sales planned later this year include Nevada in October and Idaho in November. Enverus said 21 of the 35 parcels planned for auction in Idaho are within 25 kilometers of the Gateway West and Boardman-to-Hemingway transmission routes, and modeled average bids there rising from $58 per acre under current grid conditions to $70 per acre once those lines are energized.