The Island Park-Yellowstone National Park region comprises a complex caldera system which has formed over the last 2 m. y. The caldera system has been estimated to contain 50% of the total thermal energy remaining in all young igneous systems in the United States. As the result of a reexamination of the data and recent electrical work in the area, the authors now postulate that much of the area where the first- and second-stage calderas developed is underlain by a solidified but still hot pluton. They postulate that the pluton represents a significant hot-dry-rock resource for the United States.