This development support our long-term goals and further our efforts to expand our generation capabilities toward our goal to achieve a run rate of $500 million in annual EBITDA toward the end of 2022.
Even with these challenges and the ongoing slowness in our product segment, we reported continued growth of more than 15.4% in the electricity segment, leading to revenue that was essentially flat year-over-year.
This enabled us to deliver over $100 million in adjusted EBITDA for the quarter.
The new long-term resource adequacy agreement with PG&E for our Pomona-2 project is another example as other product segment wins in Nicaragua and Indonesia, which boosted our product segment backlog.
With a portfolio of over 1.1 GW of generation, a rebounding product segment and a growing energy storage offering.
Total revenues for the third quarter were $158.8 billion, essentially flat year-over-year, reflecting the contribution of the Terra-Gen acquisition, offset by lower year-over-year product sales.
Third quarter 2021 consolidated gross profit was $63.1 million, resulting in a gross margin of 39.8%, up from the gross margin of 34% in the third quarter of 2020.
Gross margin including $15.5 million of BI income compared to $2.6 million in the third quarter last year.
We delivered net income attributed to the companys stockholders of $14.9 million or $0.26 per diluted share in the quarter compared to $15.7 million or $0.31 per share in the same quarter last year, representing a decrease of 5% and 16.1%, respectively, mainly as a result of a lower operating income, driven mainly by a $9 million increase in the G&A expenses.
Adjusted net income attributed to the company stockholder was $17.8 million or $0.32 per diluted share in the quarter compared to $0.31 per share in the same quarter last year.
Net income attributed to the company stockholder was adjusted to exclude the transaction cost of $3.7 million pre-tax and $2.9 million after-tax related to the Terra-Gen Geothermal acquisition.
Our effective tax rate for the third quarter was 9.2%, which is lower than the 38.8% effective tax rate from the third quarter of 2020, mainly due to the movement in the valuation allowances for each quarter.
We still expect the annual effective tax rate to stand approximately between 30% to 34% for the full year 2021.
Adjusted EBITDA decreased 5.1% to $101.6 million in the third quarter compared to $107.1 million in the third quarter last year.
Id note that compared to second quarter 2021, adjusted EBITDA increased 20.2%.
The lower year-over-year adjusted EBITDA was due to a combination of approximately $4.6 million, lower business interruption income and approximately $4.7 million of higher G&A costs, mainly related to the special committee legal costs.
Breaking the revenues down, electricity segment revenues increased 15.4% to $142.7 million, supported by contribution from new added capacity to our McGinness Hills Complex, Punas resumed operation and the contribution of the recently acquired plants in Nevada.
In the product segment, revenue declined 64.5% to $101 billion to $10.5 billion, representing 6.6% of total revenues in the third quarter.
Energy Storage segment revenues remained flat year-over-year at $5.7 million in the third quarter.
This quarter, we had an increase in the revenue from our storage operating facility of 26%.
That was offset by approximately 67% reduction in demand response revenue as we expect to diminish over the next few quarters.
Gross margin for the electricity segment for the quarter increased year-over-year to 42.8%.
This was the result of $15.8 million in business interruption insurance, of which $15.5 million was included in the cost of revenues for the electricity segment, partially offset by higher costs related to the repair and the recovery of Olkaria, Brawley and Bouillante power plants.
Excluding the impact of the business interruption in Q3 2021 and Q3 2020, gross profit increased 2.8% compared to the same time last year.
In the product segment, gross margin was 12.8% in the quarter compared to 18.9% in the same quarter last year.
The Energy Storage segment reported gross margin of 12.2% compared to gross margin of 25.6% in the third quarter last year.
Electricity segment generated 96% of Ormats total adjusted EBITDA in the third quarter.
The product segment generated 2% of the and the Storage segment reported adjusted EBITDA of $2 million, which represents 2% of the total adjusted EBITDA.
On slide nine, our net debt as of September 30 was $1.5 billion.
Cash, cash equivalents, marketable security at fair value and restricted cash and cash equivalents as of September 30, 2021, was approximately $402 million compared to $537 million as of December 31, 2020.
Marketable securities were at fair value of $46 million.
Our total debt as of September 30th was $1.9 billion, net of deferred financing costs, and its payment schedule is presented on slide 32 in the appendix.
The average cost of debt for the company reduced to 4.4% compared to 4.9% last quarter.
During the third quarter, we raised $275 million of new corporate debt to support the Terra-Gen asset acquisition and capex needs.
On November 3, 2021, the Company Board of Directors declared approved and authorized payment of quarterly dividends of $0.12 per share pursuant to the companys dividend policy.
During Q3 of 2021, our power generation in our power plants increased by approximately 13.8% compared to last year.
We benefited from the incremental contribution of the recently expanded McGinness Hills and the generation from Puna that is operating now at a stable level of 26 megawatts.
In addition, we had the contribution of the Dixie Valley and Beowawe plants acquired from Terra-Gen, with a total net annual generating capacity of approximately 67.5 megawatts.
We stabilized Puna generation to approximately 26 megawatts as we continue reservoir study and improvement of existing wells to maximize the long-term performance of the power plant.
Our revenue in the Olkaria complex was down year-over-year as a result of a reduction in the performance of the resource, which has resulted in an approximate reduction of 25 megawatts.
This reduction in capacity and associated repair costs reduced our quarterly gross margin by approximately $3.6 million compared to last year.
In the task force report, they indicate that Ken-Gen geothermal average tariff, including steam cost, is $8.05 per kilowatt hour, which is not significantly lower than our rate.
As a reminder, this acquisition added a total net generating capacity of approximately 67.5 megawatts to our portfolio, along with the greenfield development asset adjacent to Dixie Valley and an underutilized transmission line, capable of handling between 300 to 400 megawatts on a 230 KV electricity connecting Dixie Valley in Nevada to California.
With this acquisition, we now own 10 operating plants in Nevada, generating a total of 443 megawatts, which is roughly equivalent to approximately 7% of Nevadas overall generated energy.
We signed a few new contracts during the quarter, including a new contract with Salak energy geothermal to supply products to a new 14 megawatt Salak geothermal power plant in Indonesia.
As of November 3, 2021, our product segment backlog increased for the third quarter in a row to approximately $67 million compared to $56 million in early August this year, giving us a good start for this segment in 2022.
And as Assi, indicated, they were up 26%.
Moving to slide 21 and 22.
The buildup supports our robust growth plan, which is expected to increase our total portfolio by almost 50% by the end of 2023.
Although we have delays within 2021 to 2023, we are still aiming to add an additional 240 to 260 megawatts by year-end 2023, in addition to the 83 megawatts we added since the beginning of 2021.
In our rapidly energy storage portfolio, we plan to enhance our growth and to increase our portfolio by 200 megawatts to 300 megawatts by year-end 2022.
Achieving this growth target is expected to help us reach an annual run rate of more than $500 million in adjusted EBITDA toward the end of 2022, that we expect to continue to grow as we move forward with our plans in 2023 and beyond.
slide 23 displays 14 projects underway that comprise the majority of our 2023 growth goals.
Moving to slide 24 and 25.
The storage facilities listed in this slide are expected to generate in todays pricing, approximately $15 million annually, with EBITDA margins of 50% to 60% approximately.
As you can see on slide 25, our energy storage pipeline stands at 2.1 gigawatt and currently include 30 named potential projects, mainly in California, Texas and New Jersey.
To fund this growth, we have over $780 million of cash and available lines of credit.
Our total expected capital for the remainder of 2021 includes approximately $177 million for capital expenditures, as detailed in slide 33 in the appendixes.
We expect total revenues between 652 and $675 million, with electricity segment revenues between 585 and $595 million.
We expect product segment revenues between 40 and $50 million.
Guidance for energy storage revenues are expected to be between 27 and $30 million.
We expect adjusted EBITDA to be between 400 and $410 million.
We expect annual adjusted EBITDA attributable to minority interest to be approximately $31 million.
Adjusted EBITDA guidance for 2021 includes the $15.8 million insurance proceeds received in the third quarter.

Summary:
We delivered net income attributed to the companys stockholders of $14.9 million or $0.26 per diluted share in the quarter compared to $15.7 million or $0.31 per share in the same quarter last year, representing a decrease of 5% and 16.1%, respectively, mainly as a result of a lower operating income, driven mainly by a $9 million increase in the G&A expenses.