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May 2008

May 2008. Nevada Geothermal Power Inc.

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May 2008

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  1. May 2008

  2. Nevada Geothermal Power Inc. This PowerPoint presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," “estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect our current belief and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. We undertake no obligation to update or advise in the event of any change, addition, or alteration to the information catered in this PowerPoint presentation including such forward-looking statements. This PowerPoint presentation does not constitute an offer of the securities described herein. The foregoing MW estimates are derived from several reports prepared by an independent geothermal consultant, and are based upon certain assumptions contained in these reports. Other than Blue Mountain, insufficient exploration work has been conducted on the other properties in order to determine the reasonableness of these assumptions, therefore there are risks that these estimates may not be accurate. Accordingly, investors should not rely on this information when making an investment decision.

  3. GEOTHERMAL ENERGYAdvantages Base load power plants 24 hours a day/ 7days a week High capacity factor: 95%+ Low emissions Established technology 40+ years plants operating in US Self replenishing (renewable) 3

  4. STATE OF NEVADANew Geothermal Power Development! Abundant geothermal resources Geothermal industry established 308 MW existing capacity +120 MW signed power contract +200 MW contract awards pending Strong power demand By 2015 Nevada’s two Utilities to spend US$2 billion on increasing renewable supplies Net importer of power Large industrial loads Highest growth rate in U.S. 4

  5. GOVERNMENT SUPPORT Renewable Portfolio Standards 20% by 2015 in Nevada (currently 8%) Oregon, California progressive portfolio standards Production Tax Credits US$19 /MWh on the first 10 years of output, Senate has extended a bill to extend to the end of 2009 U.S. Department of Energy (DOE) funding to be renewed 5

  6. NEVADA GEOTHERMAL Corporate Structure Nevada Geothermal Power Inc. (“NGP”) (TSX.V: NGP, OTCBB: NGLPF) B.C., Canada Corporation Blue Mountain Power Company, Inc.(“Blue Mountain”) B.C., Canada, Corporation Nevada Geothermal Power Company (“NGPC”) Nevada Corporation Formerly NORAMEX NGP Blue Mountain HoldCo, LLC (“HoldCo”) HoldCo for future financing flexibility Black Warrior, NV Crump Geyser, OR Pumpernickel, NV Sierra Geothermal Power Inc. (formerly Inovision) Option for 50% if they provide $5MM in development capital NGP Blue Mountain I, LLC (“NGP 1”) Borrower 6

  7. Project Pipeline Over 200 MW of Development Potential Blue Mountain Pumpernickel Valley • Scheduled to be the first project to reach commercial operation • Potential for additional phases after the Project reaches commercial operation • Funded by JV partner, Sierra Geothermal Power • Full size production test well expected to be drilled in 2008 Crump Geyser Black Warrior • Top prospect in Oregon • Access to California power market • Large scale heat anomaly • Plans to continue exploration surveys in 2008 7

  8. NEVADA GEOTHERMAL Aggressive Growth

  9. Well 25-15 10.0 MW Gross

  10. Blue Mountain Project 30 MW (net) Power Purchase Agreement Negotiating contract for reserve power Large generation interconnection (LGIA) Environmental Assessment Approved (FONSI) EPC contract: 49. 5 MW gross/39 MW net fixed price guaranteed completion date December 31, 2009 $140M project financing committed Turn on the Power: 4th Quarter 2009 ON THE ROAD TO REVENUEExploration ► Feasibility ► Construction ► Production ►

  11. Blue Mountain Project Participants Owner Operator : Nevada Geothermal Power Inc. Power Offtaker: Nevada Power Company EPC Contractor: Ormat Nevada, Inc. Interconnection: Sierra Pacific Power Company Drilling: ThermaSource, Inc. Independent Resource Evaluation: GeothermEx, Inc. Independent Engineer: Luminate, LLC

  12. Key Investment Highlights Stable Cash Flow from Long-Term Power Purchase Agreement 20-year PPA with NPC minimizes exposure to energy price fluctuations Energy payments increase if PTCs are not available Fundamental value supported by requirements for NPC to obtain 20% of its total energy from renewable resources by 2015 Environmentally Friendly Base-Load Power Well Positioned on the Dispatch Curve Attractively positioned on dispatch curve Limited direct exposure to variable fuel costs Nearly no greenhouse gas emissions High reliability relative to other clean technologies, such as solar and wind Project Financing Committed Construction financing is expected to close at end of April 2008 Agreement with Morgan Stanley affiliate for "take-out" equity to repay the construction loan Requires extension of PTC legislation which a bill is currently in the Senate 12

  13. Key Investment Highlights Well-Developed Stage of Resource Three production wells tested to 29.6 MW (gross) / 22.0 MW (net), representing approximately 60% of expected output Additional production well completed in February 2008 also expected to be a commercial producer GeothermEx engaged to opine on the geothermal resource EPC Agreement with Ormat Mitigates Construction Risk Fixed-price, date-certain EPC contract with Ormat Liquidated damages payable in the event of underperformance and/or delay Luminate hired as independent engineer Proven Technology Mitigates Operating Risk Three unit binary plant reduces production outage for maintenance Increases availability factor of the facility Ormat is recognized leader in geothermal space Experienced Developer / Operator Arms-length O&M agreement with NGP Executive experience in geothermal resource development 13

  14. PROJECT LOCATION Power Grid

  15. BLUE MOUNTAINView from the west Jungo Road North

  16. Well 23-14, Rig on Flow Test 10.0 MW Gross

  17. BLUE MOUNTAINWell FieldDevelopment 17

  18. BLUE MOUNTAINWell Field Development for 49.5 MW • Well Field plan calls for 6 Production Wells and 4 injection wells • 4 Production Wells Drilled 26A-14: 9.6 MW gross 23-14: 10.5 MW gross 25-14: 10.0 MW gross Proven Capacity: 29.6 MW gross = 59.8% of Project’s expect output • Currently drilling first injection well (58-15) • Contract with ThermaSource, Inc. secures rig through planned well field development 18

  19. Flat underdeveloped terrain, with no river or highway crossings 120kV transmission interconnection Sierra Pacific Power Company 75 MW Large Generator Interconnection Agreement in place BLUE MOUNTAIN Transmission Route

  20. Power Purchase Agreement – ‘Faulkner 1’ Nevada Power Resources (Utility) • Blue Mountain – 31. 25 MW net • 20-year Power Purchase Agreement • 31.25 MW net plus RECs • US$60 - $70 per MWh • 20-year fixed escalator • Contract value US$375 million • US$19/MWh PTC • $US66 million • ‘Faulkner 1’ projected to come on line in 2009.

  21. Summary of Ormat EPC Contract 21

  22. Iso-pentane pre-heater Vaporizer

  23. Blue Mountain’s Faulkner I Power PlantFinancing Path US$20 million Glitnir Bank Bridge Loan • To fund the continuous development for Faulkner I power plant US$140 million Loan Facility Morgan Stanley • Takes out Glitnir Loan • To fund construction of geothermal power plant • Geothermal well field, related infrastructure and development costs. US $140 million Morgan Stanley tax equity investment • At completion of Blue Mountain, Faulkner 1 • Takes out construction loan • Blue Mountain’s Faulkner 1 assets are held in a project level single purpose entity.

  24. Leases from Newmont Mining Corporation & the Federal BLM 135°C (275˚F) legacy well with temperature increasing at bottom Gravity and Seismic surveys completed – drill targets defined Production test well in 2008 $5.0 million funding committed from JV partner to earn 50% interest Nevada Geothermal remains operator of Pumpernickel project PUMPERNICKEL PROJECTProduction Test Well in 2008

  25. CRUMP GEYSER – LOOKING EASTAggressive Drilling Program in 2008! 1959

  26. Potential geothermal source indicated in red circle Magnetic survey delineated faults Resistivity survey delineated super conductor reflecting geothermal reservoir 3.6 miles to transmission line Drilling program 2008 CRUMP GEYSERTop Prospect in Oregon

  27. 37MW (90% probability); GeothermEx Inc., California Energy Commission 2005 21 sq kilometres/8 sq miles Heat anomaly over 25 sq kilometres/9.6 sq miles Deep test hole recorded maximum temperature of 128°C/262˚F at 552 metres/1811 ft Gradients suggest commercial temperatures within 1000 metres/3280 ft BLACK WARRIOR PROJECT AREA

  28. Officers, Management & DirectorsExperts In Geothermal Power Development Brian D. Fairbank. P.Eng., President & CEO Canada’s foremost geothermal expert with 30 years of experience in geothermal engineering, drilling, field development, business management and project finance Andrew Studley, P.Eng, CPA, MBA, CFO Experience in all areas of corporate planning, accounting, finance and administration for chemical, energy and environmental management to worldwide chemical companies and refiners Kim Niggemann, B.Sc., Director, Resource Exploration Responsible for day-to-day operations, scheduling, program efficiency, budget control and overall project success Background in mining exploration and field drilling for major mining companies Max Walenciak, P. Eng., Mgr. of Geothermal Development Responsible for engineering, equipment procurement and contractor selection for the Project Has over 30 years of diverse project management experience, including both gas-fired and geothermal power plants Markus Christen, Board of Directors A senior financial executive with extensive experience in investment and commercial banking Responsible for raising over US$50 billion domestically and internationally for projects, including geothermal plants 30

  29. Officers, Management & Directors Richard Campbell, M.Sc., P.Eng., Board of Directors Currently Manager of the Technical & Engineering Services Division of TIC – The Industrial Company. TIC is a leader in geothermal plant construction 1994 – 1999 as President of Ben Holt Company, he directed the design, construction and support of major international geothermal power plants that helped Ben Holt to become a world leader in steam and binary cycle geothermal power engineering Received the Joseph W. Aidlin Award in 2000 for Outstanding Contribution to the Development of Geothermal Energy. President (1995 – 1996) and currently a Director of the Geothermal Resources Council Domenic Falcone, CPA, Board of Directors Founder of Geothermal Resources International Inc., a power developer that played a significant role in building a viable U.S. geothermal industry Received the Joseph W. Aidlin Award in 1991 for Outstanding Contribution to the Development of Geothermal Energy R. Gordon Bloomquist, Ph.D., Board of Directors Director of Geothermal and District Energy for the state of Washington Responsible for in-state geothermal policy decisions, assistance to developers, investigation of geothermal resources, and district heating installations Past President of the Geothermal Resource Council Jack Milligan, P. Eng., Board of Directors Civil engineer with 46 years experience in power plant and transmission line construction Responsible for building major power dams and transmission lines, and managed the Meager Creek geothermal project for B.C. Hydro James Yates, Board of Directors Independent businessman with 20 years of experience in corporate development and financing of emerging resource companies Financed and developed the Crowfoot Lewis open-pit gold mine in Nevada 31

  30. Corporate Information 32

  31. Brian D. Fairbank, P. EngPresident & CEOTelephone: 604-688-1553fairbank@nevadageothermal.com Head Office900 – 409 Granville StreetVancouver, B.C. Canada V6C 1T2 Toll Free: 1-866-688-0808Investor Enquires: Extension 118 www.nevadageothermal.com Shelley KirkInvestor RelationsTelephone: 604-638-8784Cell: 604-999-1121sfkirk@nevadageothermal.com Contact Information

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