This paper analyzes the sensitivity of the levelized cost of geothermal power to: (a) capital cost; (b) operations-d-maintenance (O&M) cost; (c) make-up well drilling cost; (d) resource characteristics (well productivity and its rate of decline); (e) development and operational options (installed plant capacity, number of years of make-up well drilling, and project life); and (f) macro-economic climate (interest and inflation rates). We consider here the levelized cost of power (in cents per kilowatthour) over the project life, the capital cost being amortized over 30 years; any royalties, tax burden, or tax credit are ignored. A range of development sizes, from 5 to 150 MW, with 50 MW as the base case, is considered. The economy of scale in both capital cost and O&M cost, as well as the higher productivity decline rate due to increased installed capacity, are taken into account. The capital cost does not include transmission line cost or any unusually site-specific costs of regulatory compliance or environmental impact mitigation.