and approximately 85% SO2 of the total sulfur gas. Relative amounts of He, Ar, and N2 show a distinct hot-spot signature ( ). The δ13C–CO2 is approximately −3.6‰ and δ34ST is approximately +3.3‰. The δD/δ18O of fumarole H2O indicates steam separation from local meteoric waters whose estimated minimum mean residence time from 3H analyses is ≤40 years. Fumarolic activity at Alcedo is controlled by a caldera-margin fault containing at least seven hydrothermal explosion craters, and by an intracaldera rhyolite vent. Two explosion craters which formed in 1993–1994 produce approximately 15 m3/s of steam, yet discharge temperatures are ≤97°C. Water content of the total gas is 95–97 mol.%, noncondensible gas is 92–98 mol.% CO2, and sulfur gas is dominated by H2S. Relative amounts of He, Ar, and N2 show extensive mixing between hot spot and air or air-saturated meteoric water components but the average . The δ13C–CO2 is approximately −3.5‰ and δ34ST is approximately −0.8‰. The δD/δ18O of fumarole steam indicates separation from a homogeneous reservoir that is enriched 3–5‰ in 18O compared with local meteoric water. 3H indicates that this reservoir water has a maximum mean residence time of approximately 400 years and empirical gas geothermometry indicates a reservoir temperature of 260–320°C. The intracaldera hydrothermal reservoir in Alcedo is probably capable of producing up to 150 MW; however, environmental concerns as well as lack of infrastructure and power users will limit the development of this resource.