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New Mexico geothermal lease sale resets federal acreage pricing

Record bonus payments and stronger competition raise expectations for Idaho’s November geothermal lease sale

byJon Haubert

CALGARY, Alberta (July 28, 2026) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, has released an analysis examining record-setting results from the Bureau of Land Management’s June 16 New Mexico geothermal lease sale and the implications for the upcoming Utah, Nevada and Idaho sales.

Forty-seven of 68 parcels offered in New Mexico sold at an average of $107/acre, more than triple the $32/acre average recorded in Nevada’s October 2025 sale and roughly four times EIR’s presale model. Winning bids totaled $16.3 million, the highest total for a BLM geothermal sale, while one 4,479-acre parcel sold for $701/acre and $3.14 million, setting records for both per-acre pricing and total value for a single geothermal tract.

EIR’s analysis indicates that geographic fundamentals alone did not drive the outcome. Competition among bidders materially increased pricing, while proximity to high-voltage transmission emerged as the model’s top financial driver, with an estimated impact of about $43/acre. The results suggest that federal geothermal acreage is being repriced as more bidders compete for parcels with stronger infrastructure access.

The report also raises expectations for Idaho’s upcoming November sale. Of the 35 parcels scheduled for auction, 21 are within 25 km of the Gateway West and Boardman-to-Hemingway transmission routes. EIR estimates that Idaho’s average bid could rise from $58/acre based on the current grid to $70/acre once those lines are energized. A premium scenario reaches $344/acre before adjustments for parcels receiving minimum bids or no bids, though EIR characterizes that scenario as a ceiling rather than a base case.

“Competition is now materially moving federal geothermal bids. For years operators could lock up acreage at the minimum bid, and New Mexico showed that window is closing. Access to transmission lines with available capacity is emerging as a top driver of what bidders will pay, and that sets the benchmark heading into Idaho’s November sale,” said Graham Bain, principal analyst and report author at EIR.

Key takeaways:

  • Forty-seven of 68 offered parcels sold at an average of $107/acre, compared with $32/acre in Nevada’s October 2025 sale.
  • Winning bids totaled $16.3 million, surpassing the previous BLM geothermal-sale high of $9.4 million.
  • A 4,479-acre parcel sold for $701/acre and $3.14 million, setting records for both per-acre pricing and total value for a single tract.
  • The share of parcels sold at the $2/acre minimum declined from 76% in 2019 to 17% in 2026, signaling stronger auction competition.
  • In Idaho, 21 of 35 November-sale parcels sit within 25 km of major transmission routes, making infrastructure access central to bid expectations.

FIGURE 1 | Geothermal Bids Jumped to an Average $107/Acre, With a $701 High

Chart of BLM geothermal lease bids per acre by state, 2014-2026
Source | Enverus Intelligence® Research, BLM

EIR’s analysis pulls from a variety of products including Enverus ONE™.

You must be an Enverus Intelligence® Research subscriber to access this report.

EIR research reports cannot be distributed to members of the media without a scheduled interview. Journalists interested in learning more about this analysis are encouraged to use our Request Media Interview button to schedule a time to meet with one of our expert analysts, who can provide context, insight, and deeper discussion of the findings.

Additional Resources:

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About Enverus Intelligence® Research
Enverus Intelligence ® | Research, Inc. (EIR) is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries. EIR publishes reports including asset and company valuations, resource assessments, technical evaluations and macro-economic forecasts; and helps make intelligent connections for energy industry participants, service companies and capital providers worldwide. Enverus is the most trusted, energy-dedicated SaaS company, with a platform built to create value from generative AI, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 95% of U.S. energy producers, and more than 40,000 suppliers. Learn more at Enverus.com.

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Jon Haubert

Jon Haubert is the communications director at Enverus. Members of the media should use our Request Media Interview option on the Enverus Newsroom page to schedule an interview with one of our expert analysts.

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