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How fast will wind energy develop in Iceland?

So far only four large wind turbines have been constructed in Iceland, all of them in the southern part of the country. The first were two 900 kW turbines from Enercon, which started operating in early 2013. The second two were 600 kW used Vestas turbines, set up in Iceland in 2014. The project owners are the national power company Landsvirkjun and private firm Biokraft.

Wind-Power-IcelandThe nature of these first wind energy projects in Iceland is to obtain operational experience with onshore wind turbines in the Icelandic climate. The turbines are connected to the grid and both projects have been quite successful, offering more than 40% capacity factor.

According to a report by Kvika bank and Pöyry, published earlier this year (2016), most if not all upcoming power projects in Iceland will be either hydro or geothermal. Kvika and Pöyry are not expecting substantial wind power to become developed in Iceland unless Iceland will have an interconnector to Europe,

Having regard to the low- and central scenarios, according to the report by Kvika/Pöyry, absolutely no wind power is expected to be developed in Iceland in the next two decades unless the IceLink (or other subsea HVDC cable to Europe) will become reality. On the other hand, Kvika/Pöyry expect quite high investment in Icelandic wind power if IceLink will be developed.

iceland-new-generation-until-2035_kvika-poyry-report-2016According to the high scenario, 1,600 MW of new wind power capacity may be developed in Iceland if the subsea electricity interconnector will be constructed. This is explained on the graph at left; the wind power is expressed by the green part of the columns. The graph is from a recent presentation by Pöyry.

What is somewhat surprising about these assumptions by Kvika and Pöyry is the extremely low wind power investment expected in Iceland if an interconnector will not be developed. The fact is that Iceland has already harnessed the most economical options in geothermal power (and also in hydropower). The expected new geothermal projects will be quite costly.  According to a recent report published by Samorka (the Federation of the Icelandic electricity industry, district heating, waterworks and sewage utilities in Iceland), the levelized cost (LCOE) of many of the new geothermal projects expected until 2035 is believed to be close to 35-45 USD/MWh.

In addition, Kvika/Pöyry seem to have over-estimated how fast new geothermal power in Iceland can be developed. In fact Iceland does not have a very long history of extensive geothermal harnessing for electricity generation. The experience so far tells us that the geothermal areas are quite sensitive to over-exploitation. Thus, it seems possible if not very likely, that the true LCOE for new geothermal projects in Iceland may in fact normally be more expensive than Samorka claims. At least it is quite possible that to avoid over-exploitation, geothermal power development in Iceland may have to become substantially slower than expected by Kvika/Pöyry. Which would make more space for wind power development.

Iceland has very good wind conditions in numerous locations close to the grid; locations which offer wind capacity between 40-50%. This has been confirmed by the two positive research projects in Southern Iceland, developed by Landsvirkjun and Biokraft, as mentioned above. The project by Landsvirkjun consists of two 0.9 MW Enercon turbines, while Biokraft has relied on two somewhat smaller and older (used) Vestas turbines.

Iceland-Wind-Power-Landsvirkjun-Burfellslundur-Wind-ParkAs the cost of wind power technology has been coming down, and is expected to become even lower in the coming years and decades, it seems likely that wind power will be developed in Iceland even without IceLink. One should also have in mind that Icelandic power companies are already buying generation from the first wind turbines in Iceland at a price equivalent to roughly 40-45 USD/MWh.

Due to the positive outcome of the two ongoing experimental wind projects, both Landsvirkjun and Biokraft are now planning the construction of first wind farms in Iceland. The combined capacity is expected to be close to 350 MW. In addition, a company called Arctic Hydro has introduced plans for a wind park of 20-30 MW.

We, at the Icelandic Energy Portal, will be informing our readers more on these projects as they develop (two of the projects are currently in the phase of EIA). At this stage we will leave you with the claim that wind farms located in high-capacity locations in Iceland are likely to offer as low cost as new geothermal plants and even lower. This means a LCOE between 35-40 USD/MWh.

lazard-lcoe-wind-usa-version-9-0-2015Also, keep in mind that according to most recent report from Lazard, wind farms in Midwest USA offer as low LCOE as 32 USD/MWh. Having regard to Icelandic wind conditions, we should not be surprised if wind farms in Iceland may offer similar cost. And if so, wind power in Iceland is likely to develop a lot faster than predicted by Kvika/Pöyry.

The wish-list of the Icelandic energy industry

Iceland may offer numerous new renewable energy projects where levelized cost of energy (LCOE) is very low. Or as low as 22.50 USD/MWh.

The weighted average cost (LCOE) for all new projects in Iceland needed to meet increased power demand until 2035, could be as low as 26.93 USD/MWh. This can be seen from a new report published by the Icelandic Energy Industry Association (Samorka). However, to realize such a low LCOE the Icelandic energy industry would have to be able to develop several projects that are currently not classified for development/utilization. When only taking into account projects already classified for utilization, the LCOE is substantially higher or 34.41 USD/MWh. Note that those figures are an estimation by contractors working for the Icelandic Energy Industry Association, and are based on cost-information from the Icelandic National Energy Agency (NEA).

LCOE for projects in utilization category is 34 USD/MWh

The Icelandic government has adopted a special Master Plan for Nature Protection and Energy Utilization, where possible new hydro- and geothermal power projects are classified into three categories. The categories are protection, on-hold, and utilization. Many of the possible new energy projects have not made it into the utilization category.

Iceland-New-Power-Projects-Utilization-Category_Askja-Energy-Partners_August-2016The table at left lists the lowest-cost hydro- and geothermal power projects planned by the Icelandic government to be realized, currently classified in utilization category. Some of these projects have substantial higher LCOE than the lowest-cost projects not categorized for utilization. Note that the list is not absolute; for example the Eldvörp project may be developed before the Gráuhnjúkar project.

As can be seen on the table, the weighted average LCOE for all projects already categorized for utilization, needed to meet increased domestic demand until 2035, is close to 34 USD/MWh. Which probably explains why Icelandic energy companies are now, according to sources within the industry, offering new long-term power contracts where the tariffs are as low as 34-35 USD/MWh (common unofficial starting tariff; the advertised tariff is 43 USD/MWh).

Different classifications may offer LCOE as low as 27 USD/MWh

Being able to offer new power contracts with a starting price close to 34 USD/MWh, may be quite competitive having regard to the international power market. However, Icelandic energy firms are eager to be able to develop projects that have even lower LCOE. Thus, the industry hopes to have several low-cost projects re-classified by the Icelandic parliament (Alþingi).

Iceland-New-Power-Projects-Wish-List_Askja-Energy-Partners_-Twitter-August-2016To reach the lower LCOE of 26.93 USD/MWh, several projects need to be re-classified. Meaning low-cost projects that are now classified as protection or on-hold, would be re-classified as projects in utilization category. This is illustrated on the table at below.

If the energy industry will be able to convince the Icelandic government and parliament to move certain possible projects from the categories of protection and on-hold, to the utilization category, the levelized cost of new generation needed until 2035 may drop from approximately USD 34 USD/MWh to close to only 27 USD/MWh (meaning almost 20% lower cost). So, the projects listed on the table at left can be said to reflect the wish-list of the Icelandic energy industry (the industry hoping to have all these projects listed for utilization).

With IceLink LCOE could be somewhere between 28-37 USD/MWh

The two tables above also illustrate how different selection of projects affect the LCOE when/if the IceLink subsea power cable between Iceland and United Kingdom (UK) will be realized. If power will be exported from Iceland to UK, Icelandic generation naturally needs to increase more than without IceLink (as we have explained earlier here at the Icelandic and Northern Energy Portal). Depending  on which projects will/would be developed with IceLink, the LCOE for new traditional hydro- and geothermal projects could be as low as 28.49 USD/MWh (note that the overall LCOE for all the generation needed for IceLink would be higher, as it is expected that close to 550 MW of wind power would also be developed in Iceland to fulfill the demand of the cable). To reach such a low target for LCOE, 28.49 USD/MWh, the Icelandic energy industry would have to have its wish-list, as shown on the second table, accepted by the Icelandic authorities.


Having regard to projects currently categorized for utilization in the Master Plan, the LCOE will be much higher (with IceLink) than the said 28.49 USD/MWh. The LCOE for new traditional hydro- and geothermal stations currently categorized for utilization and needed for IceLink, is expected to be 37.21 USD/MWh (as can be seen on the first table above). Which is close to 30% more than the low-cost options on the wish-list. Thus the Icelandic government and politicians now face difficult and controversial decisions how to balance the economics and environmental issues, when deciding if changes will be made to the Master Plan. It is expected that a new version of the Master Plan may be adopted by the Parliament (Alþingi) even before the end of this year (2016).

Almost 1,000 MW of new large hydro- and geothermal power plants until 2035

If IceLink subsea HVDC power cable will be constructed, it is expected that totally 954 MW of new traditional large hydro- and geothermal plants will be needed in Iceland. These power plants would be constructed during the next two decades.

IceLink-Kvika-Poyry_New-Power-Stations_Askja-Energy-Partners-Twitter-_July-2016According to the Icelandic Master Plan for Nature Protection and Energy Utilization, the Icelandic government would most likely fulfill the increased demand by permitting the development of twelve new large hydro- and geothermal projects (as listed on the table at left). These are two hydropower projects and ten geothermal projects (or nine projects if Þeistareykir I and II would be defined as one project).

The ten geothermal projects are Þeistareykir I and Þeystareykir II in NE-Iceland, Bjarnarflag and Krafla II in NE-Iceland (Krafla I was constructed almost 40 years ago), Gráuhnúkar and Meitillinn in the Hengill geothermal area in SW-Iceland, Eldvörp and Stóra-Sandvík on the Reykjanes peninsula in SW-Iceland, and Sandfell and Sveifluháls in the Krýsuvík area in SW-Iceland. The two hydropower projects would be Blanda II in NE-Iceand and Hvammsvirkjun in Þjórsá in S-Iceland.

Eldvorp-Geothermal-Area-IcelandAll these twelve projects are already defined in utilization-category in the Master Plan for Nature Protection and Energy Utilization. However, some of these projects are somewhat costly to develop when compared to all possible energy projects in Iceland (which means there are several cheaper options available, although today they are not classified as utilization-projects, by either classified as protected or on hold).

Recently, the Icelandic Energy Industry Organization and some of the power companies in Iceland started pushing for changes of the Master Plan, to have the Icelandic government and the parliament (Alþingi) to include several other lower-cost projects in the utilization-category (we will soon explain the cost-issues further, here at the Independent Icelandic and Northern Energy Portal). As several of the cheapest options for harnessing more hydro- or geothermal power are in environmentally sensitive areas, there will without doubt be strong opposition against major changes of the Master Plan.

IceLink-Kvika-Poyry_Increase-in-Power-Generation_2015-2035_Askja-Energy-Partners-Table-Portal_July-2016If/when the IceLink project will go through, the total Icelandic power generation will have to increase enormously. Most of the new generation, or 7,400 GWh of the total increase of 12,800 GWh in annual production. would be added as exported power to the UK. In this same period (2015-2035) Icelandic general consumption of electricity is expected to increase by 1,700 GWh and power consumption by heavy industries in Iceland is expected to increase by 3,700 GWh. In total, Icelandic electricity generation would thus increase 68 percent in the period 2015-2035. For more on this subject, we refer to the table at left, and our earlier post from last July 22nd.

UK-Iceland power cable needs 1,459 MW of new capacity

A subsea HVDC power cable between Iceland and the United Kingdom (UK) would call for proportionally extreme increase in Iceland’s generation capacity. According to a new report by Kvika Bank and Pöyry, Iceland needs to build new power capacity of 2,137 MW to supply both the cable and the domestic demand. The figure for the necessary new capacity for the cable only is expected to be 1.459 MW (as shown on the table below). The rest of the new capacity is to meet expected increase in domestic demand for electricity (until 2035).

IceLink-Kvika-Poyry_New-Capacity_Askja-Energy-Partners-Twitter_July-2016The cable is normally referred to as IceLink. The report by Kvika and Pöyry (available in Icelandic only) claims that high proportion of the needed new capacity for IceLink can be met with wind power (today Iceland has very small wind power industry, as new geothermal- and hydropower projects have been the least costly way to generate electricity in Iceland). The authors of the report expect that 550 MW of new wind power would be constructed to meet demand by the cable.

The second largest increase in Icelandic power capacity would be in the form of hydropower refurbishments (which would probably mostly be new turbines in current hydropower stations). This figure is expected to be 448 MW. However, the report does not explain in a clear manner how these refurbishments would be carried out. From the report it is also somewhat unclear why it is believed that 550 MW of new wind power will be a good opportunity for the business case – instead of for example somewhat less wind power and somewhat more hydropower.

Iceland-Small-Hydro-Power-Bruarvirkjun-Project_9-MWSubstantial part of the expected new Icelandic capacity until 2035 would come from new small hydropower stations. Such new small hydropower stations, each with a capacity less than 10 MW, would in total be close to 150 MW. This would probably mean dozens of new small running-river hydropower projects in Iceland. Such projects tend to be more costly than the traditional large Icelandic hydropower projects. However, high strike price for the electricity make such expensive projects financially viable, according to the report.

According to the report, 276 MW of new traditional hydro- and geothermal power will be needed to meet demand from the cable. Most of this capacity will be in geothermal (245 MW).

IceLink-Kvika-Poyry_New-Capacity-and-Generation_Askja-Energy-Partners-Twitter-_July-2016-2When also taking increased domestic power demand into account, the total new traditional hydro- and geothermal capacity needed by 2035 is expected to be 954 MW; 124 MW in traditional large hydropower and 830 MW in traditional geothermal power. Today, Iceland has 665 MW of geothermal power (and 1,986 MW of hydropower). So the expected increase in utilization of Icelandic geothermal power is quite enormous. It should be noted that figures on traditional hydro- and geothermal power projects in the report are based on the Icelandic Master Plan for Nature Protection and Energy Utilization.

According to the report, considerable part of the new Icelandic power capacity to be developed is to meet expected increased demand from heavy industries in Iceland. Today, heavy industries in Iceland (which are mostly aluminum smelters) consume close to 80% of all electricity generated in the country. According to the report by Kvika Bank and Pöyry on IceLink, all the three aluminum smelters in Iceland will continue their operations in the coming years and decades. And the authors of the report expect that in the coming years and decades power demand of heavy industries in Iceland will increase. It is noteworthy that such assumptions could change dramatically, if for example one of the aluminum smelters in Iceland would close down.

Iceland-Geothermal-Theistareykir-areaFinally we should mention that if/when IceLink will be constructed, it is expected that the total increased power capacity in Iceland will be around 77% (increase from beginning of 2016). The increase in generation will be somewhat more or close to 68%. According to the above mentioned report, all the projects to meet this increase will be developed in the next 15-20 years. We will soon be revisiting this subject, explaining in more details what power projects will be needed to meet this high increase. Obviously such an increase will/would make Iceland’s position as the world’s largest electricity producer even more pronounced.

NordLink: 1,400 MW interconnector between Norway and Germany

Earlier this month (February 2015) final investment decision for the NordLink high voltage direct current (HVDC) interconnector was made by partners Statnett, TenneT and KfW.

HVDC-Nordlink-MapThis will be the first direct connection between the German and Norwegian electricity markets and is yet another indicator how positive interconnectors are for the Norwegian electricity market. This development is also likely to strengthen interest in a cable project connecting Iceland and Europe (sometimes referred to as IceLink). Thus, we at Askja Energy will closely be following the construction of the NordLink.

NordLink is a turning point in the development of subsea electric cables. The longest cable of this kind today is the 580 km long NorNed between Norway and the Netherlands, which has been in operation since 2008. The length of NordLink will be close to 600 km, of which 516 km will be a subsea cable. Furthermore, the capacity of NordLink will be 1,400 MW and the voltage will be 500 kV, while NorNed is only 700 MW (and 450 kV).

The NordLink will be realized by the Norwegian Statnett and Nordseekabel, each with 50 percent ownership in the project. The Dutch TSO TenneT (which also operates transmission system in Germany) and the German promotional bank KfW each have shares of 50 percent in Nordseekabel.  The tender process has been finalized, where Nexans and ABB have been awarded contracts for the HVDC cable itself and ABB has been awarded the contract for the converter stations (on each end of the cable in Germany and Norway). Lead insurer for the project will be Codan.

NordLink signingThe NordLink comprises a total investment volume of approximately EUR 1.5 – 2 billion EUR (equivalent to 1,7-2,3 billion USD). The interconnector is scheduled for commissioning and trial operation in the last quarter of 2019, and after the trial period the interconnector will go into commercial operations in 2020.

The most important aspect of NordLink’s business model is to utilizing the flexibility of Norway’s hydropower system as storage for German wind power. This will increase the utilization of the German wind power capacity and also make it possible to maximize profits of the Norwegian hydropower industry, creating a win-sin situation. The result will also be increased proportion of renewable electricity and increased security of supply. Without doubt, an interconnector between Iceland and Europe would offer similar advantages.

Icelandic Energy News 2015

BostInno, December 30th 2015:
Iceland as Price for Driven Energy Challenge

IB Times, December 24th 2015:
Iceland’s volcanoes Have Enough Energy to Power the UK

Sky News, December 24th 2015:
Data Game: Tech Giants Should Go To Iceland

Globe News Wire, December 23rd 2015:
Landsvirkjun signs a new USD 200m Revolving Credit Facility

Discovery News, December 22nd 2015:
Iceland Volcanoes Could Help Power the UK

December 22, 2015, 7:05 AM
CBS News, December 22nd 2015:
“Green” Iceland Gets Greener

Oil Price, December 17th 2015:
Geothermal Energy Could Grow Six Fold

GT Review, December 16th 2015:
Icelandic Geothermal Power Wins ECA Support

Huffington Post, December 12th 2015:
How Islands Are Upping the Clean Energy Ante

See News Renewables, December 14th 2015:
Iceland’s Landsvirkjun Gets Loan for 90 MW of Geothermal Turbines

Globe News Wire, December 11th 2015:
Landsvirkjun Secures ECA Financing from Japan for Theistareykir Geothermal Power Plant

Huffington Post, December 11th 2015:
What Would A Futuristic Low-Carbon Tech World Actually Look Like?

Huffington Post, December 10th 2015:
The ‘Little’ Icelandic Example: Pursuing a Clean-Energy Agenda

Computer World UK, December 9th 2015:
Does Iceland’s Renewable Energy Make it the Ideal Data Centre Destination for UK Businesses?

Renewable Energy Magazine, December 9th 2015:
Global Geothermal Alliance launched at COP 21

Newswire Today, December 7th 2015:
ENGIE and Reykjavik Geothermal Cooperate in the Field of Geothermal Energy in Mexico

Clean Technica, December 2nd 2015:
Silicor Materials Commits to Carbon Neutrality At Iceland Solar Silicon Plant

Business Wire, December 2nd 2015:
Silicor Materials Commits to Carbon Neutrality At Iceland Solar Silicon Plant

Power Online, December 2nd 2015:
Silicor Materials Commits to Carbon Neutrality At Iceland Solar Silicon Plant

Alternative Energy Mag, December 2nd 2015:
Silicor Materials Commits to Carbon Neutrality At Iceland Solar Silicon Plant

Korea Observer, December 2nd 2015:
Iceland’s Renewable Energy Use Highest in OECD: Report

Iceland Review, December 1st 2015:
PM at COP21: “Climate Change Visible in Iceland”

Huffington Post,December 1st 2015:
Climate Change Through an Arctic Lens

Iceland Monitor, November 30th 2015:
Iceland at Paris Climate Conference

Iceland Monitor, November 25th 2015:
Iceland announces Climate Change Plan

Globe News Wire, Nov 23rd 2015:
Stable and Good Operating Results at Reykjavik Energy

The Guardian, November 22nd 2015:
Wind from Britain, Solar from the Sahara, Geothermal from Iceland

News Fulton County, November 22nd 2015:
Iceland Ready to Help Turkey for Geothermal: Minister

Iceland Review, November 12th 2015:
Profitability of Selling Power to UK Unclear

Cornell University News, November 11th 2015:
Faculty, Students, Staff Study Iceland’s Geothermal Energy

The Guardian, November 6th 2015:
Björk Calls for Action to Prevent Destruction of Iceland’s Highlands

Eco Business, November 6th 2015:
‘Dragon Water’ Could Power the Planet

Thanhnien News, November 6th 2015:
Iceland offers Vietnam Support in Renewable Energy

Oil Price, November 4th 2015:
UK Looking at Subsea Cable to Tap Icelandic Geothermal Power

Global Construction Review, November 2nd 2015:
Iceland’s Volcanoes Could Power UK homes

HVN Plus, October 30th 2015:
Multi-Billion Pound Plan Aims to Power UK Homes with Volcanoes

Oil Voice, October 30th 2015:
IceLink Under Study

Reykjavik Grapevine, October 30th 2015:
UK Might Finance Sea Cable Between Iceland And Britain

Iceland Review, October 30th 2015:
PM on Power to UK: Jobs and Prices Essential

Iceland Review, October 30th 2015:
Power from Iceland to Britain?

Energy Voice, October 29th 2015:
Icelandic volcanoes Could Provide Power to British Homes

RT, October 29th 2015:
Icelandic Volcanoes could Power British Homes

Independent, October 29th 2015:
David Cameron to Announce Plan to Power UK by Harnessing Iceland’s Volcanoes

ITV, October 29th 2015:
Multi-Billion Pound Plan to Power UK Homes with Icelandic Volcanoes Within 10 Years

The  Times, October 29th 2015:
Iceland’s volcanic energy may power British homes

Politics Home, October 29th 2015:
UK and Iceland Consider Setting up Undersea Electricity Pipeline

Yahoo, October 29th 2015:
Iceland Volcanoes May Provide Electricity for Britain, David Cameron to Announce

Sky News, October 29th 2015:
Iceland’s Volcanoes Could Power British Homes

Oil Price, October 15th 2015:
Why Aluminum Should Be On The Agenda In Paris Climate Talks

Student Pulse, October 15th, 2015:
Iceland’s Clean Energy Economy: A Roadmap to Sustainability and Good Business

Eco Watch, October 1st, 2015:
Iceland: World’s Largest Clean Energy Producer Per Capita

Huffington Post, September 30th, 2015:
Exploring Iceland’s Clean Energy Economy

Alaska Public Media, September 30th, 2015:
Arctic Energy Summit Focuses on Both Fossil Fuels and Renewables

KTOO Public Media, September 30th 2015:
Arctic Energy Summit Focuses on Both Fossil Fuels and Renewables

Arctic Energy Summit focuses on both fossil fuels and renewables


Clean Technica, September 24th 2015:
Energy Storage and Icelandic Volcanoes

Nature World News, September 24th 2015:
Wind Turbines: Novel, Clean Energy Device Developed By Icelandic Brothers

Fierce Energy, September 22nd 2015:
The Power of Hydro: Building Silicon Plants Where Electricity is Cheap

Queen’s University Journal, September 18th 2015:
Going Green in Iceland

Search Data Center, September 18th 2015:
Iceland’s Blueprints for a Data Center Industry

Renewable Energy Magizine, September 18th 2015:
Silicor Materials Closes $105 Million in Equity Capital Commitments

PV Tech, September 17th 2015:
Iceland’s PM Welcomes ‘Low Cost’ Solar Silicon Plant as New Funds Bring it Closer

Business Wire, September 16th 2015:
Silicor Materials Closes Equity Capital Commitments for Iceland Plant

PV Magazine, September 16th 2015:
Silicor Raises US$105 Million to Support UMG Polysilicon in Iceland

Search Data Center, September 15th 2015:
Get to Know Data Centers in Iceland

Renewables SeeNews, September 9th 2015:
Iceland Drilling Awarded Geothermal Wells Drilling Contract in Nicaragua

Independent, September 9th 2015:
Energy-Rich Iceland Eyes the High Tech Data Centre Market

Granite Geek, September 7th 2015:
Electric Cars Shipped to Iceland via Maine

Malay Mail Online, September 7th 2015:
With Abundant Energy, Iceland Woos Power-Hungry Data Centres

Business Day Live, September 4th 2015:
Data Bringing Iceland in From the Cold

Reuters, September 3rd 2015:
With Abundant Energy, Iceland Woos Power-Hungry Data Centres

The Globe and Mail, ‎September 3rd, 2015‎:
Iceland Using Cool Climate to Cash in With Power-Hungry Data Centres

International Business Times, September 3rd 2014:
Iceland Lures Data Center Companies With Cheap, Renewable Energy

Daily Mail, September 3rd 2015:
Iceland’s Energy Production and Data Capacities

The Fiscal Times, September 3rd 2014:
Iceland’s Energy Production and Data Capacities

Renewables SeeNews, August 28th 2015:
Iceland’s Landsvirkjun Says Net Profit Grew 85% in H1 2015

Globe News Wire, August 24th 2015:
Reykjavik Energy‘s ‘Plan’ Yields ISK 7 Billion Above Target

Iceland Review, August 24th 2015:
Geothermal Power Plants Running Out of Steam?

Pollution Solutions, August 23rd 2015:
Reykjavik, Iceland is the World’s Greenest City

Coinspeaker, August 22nd 2015:
Inside a Bitcoin Mining Farm in Iceland

Data Center Knowledge, August 21st 2015:
Cray Supercomputer to Power Weather Research in Iceland

Red Orbit, August 12th 2015:
Iceland Hits Geothermal Jackpot – Will Japan be Next?

Reykjavik Grapevine, August 10th 2015:
New US Ambassador in Iceland Interested in Renewable Energy

Iceland Review, August 5th 2015:
Reykjavik Geothermal and Iceland Drilling Sign Agreement in Ethiopia

Computer Weekly, August 4th 2015:
How Iceland Will Create a New Breed of CIO

OilPrice, August 3rd 2015:
Benefits Of Geothermal Power Outweigh The Risks

SeeNews Renewables, July 31st 2015:
France, Iceland to Cooperate in Geothermal Energy

Maritime Journal, July 29th 2015:
Icelandic HVDC Connection Moves Forward With Swedish Support

Star Africa, July 28th 2015:
Ethiopia, Icelandic Company Reach Power Purchase Agreement

CNTC /CCTV, July 23rd 2015:
Iceland Transforms its Energy; China Sees Opportunities

Globe News Wire, July 22nd 2015:
Good results at Reykjavik Energy for Q1 2015

2-Merkato, July 20th 2015:
Iceland to Support Geothermal Energy Development in Ethiopia

Brave New Coin, July 16th 2015:
Iceland is a Hub for Sustainable Bitcoin Mining

Business Wire, July 13th 2015:
A Milestone in Eco-Friendly Transportation

The China Post, July 9th 2015:
Taiwan Students to Research Geothermal Energy in Iceland

Gulf News, July 4th 2015:
President of Iceland Chair of the Zayed Future Energy Prize Jury

Moody’s, July 1st 2015:
Moody’s Upgrades Landsvirkjun’s Ratings – Stable Outlook

Computer Weekly, June 22nd 2015:
Icelandic IT Startups Beat the Odds

Solar Industry, June 23rd 2015:
Silicor Materials Forges Deals To Make Iceland A Link In The Solar Supply Chain

ECNS, June 25th 2015:
China Willing to Enhance Practical Cooperation With Iceland

Business Wire, June 24th 2015:
Conditions Precedent Lifted in Power Purchase Agreement Between Landsvirkjun and PCC BakkiSilicon

Bitcoinist, June 19th 2015:
Alternative Energy Sources for Bitcoin Mining

Rechargenews, June 19th 2015:
Silicor Taps Danish MT Højgaard to Design, Build Iceland Solar-Polysilicon Plant

Reykjavík Grapevine, June 16th 2015:
Iceland’s Cars Pollute More Than Aluminium Smelter

reNews, June 15th 2015:
MMT Sweden Surveys Iceland/UK HVDC Link

Intelligent Utility, June 11th 2015:
Utility2Utility: Reykjavik Energy

Virtual Press Office, June 9th 2015:
Level 3 to Implement Point-of-Presence in Iceland Data Centre

Iceland Review, June 7th 2015:
Expert Says Iceland a Good Location for Data Centers

Iceland Review, June 6th 2015:
Icelandic Heating Bills Vary by Region

CoinDesk, May 28th 2015:
BitVest Digital Mining Signs Long-Term Hosting Agreement in Iceland

Globe News Wire, May 28th 2015:
Good results at Reykjavik Energy for Q1 2015

IT Business Net, May 28th 2015:
BitVest Digital Mining Signs Hosting Agreement With Icelandic Verne Global Data Center

Iceland Review, May 24th 2015:
Icelandic Energy Boss Warns: Dam or Run Out of Electric

The Guardian, May 20th 2015:
Iceland and Clean Energy Beacons Around the World

The Diplomat. May 20th 2015:
Iceland is Playing a Growing Role in China’s Arctic Strategy

Capital Public Radio, May 20th 2015:
What California Can Learn From Iceland About Climate Change

The Age, May 18th 2015:
Iceland and Geothermal energy – An Earthly Power to be Reckoned With

Biotech Wired, May 17th 2015:
Geothermal Energy an Earthly Power to be Reckoned With

Reykjavik Grapevine, May 17th 2015:
Nordic Council Nominates Icelandic Companies For Environmental Prize

Sys-Con Media, May 15th 2015:
When Will Google Move to Iceland?

Popular Science, May 13th 2015:
Iceland is Positive for the Energy Sucking Internet

Globe News Wire, May 5th 2015:
Moody‘s Changes Landsvirkjun´s Outlook from Stable to Positive

Moody’s Investor Service, May 4th 2015:
Moody’s Revises Landsvirkjun Outlook to Positive

Globe News Wire, May 4th 2015:
Reykjavik Energy‘s Rating Improves by Two Notches

Techworld, April 27th 2015:
BMW i3 Electric Vehicle and Verne Global’s Icelandic Data Centre

Manila Times, April 26th 2015:
Iceland Drilling Corporation to
 Drill $185-M Mindoro Plant

Huffington Post, April 24th 2015:
Hawaii Wants To Run Completely On Renewable Energy Like Iceland

Business Wire, April 23rd 2015:
Iceland’s Mila Interconnecting Reykjavik Data Centers

Houston Chronicle, April 21st 2015:
Land’s Icy Winds Could Help Power Europe

Fuel Fix, April 21st 2015:
Arctic Energy Should Include Renewables, Foreign Leader Says 

Shanghai Daily, April 19th 2015:
AIIB membership Means Opportunity for Icelandic Energy Projects

Iceland Review, April 16th 2015:
Geothermal Power Plant Underway in North Iceland

PR Newswire, April 15th 2015:
Icelandic CRI Offer Power-To-Methanol Solutions

Global Post, April 14th 2015:
Renewable Transport Fuels Increase Dramatically in Iceland

ReNews, April 14th 2015:
Iceland Builds New 45 MW Geothermal Plant

Business Wire, April 13th 2015:
Þeistareykir Geothermal Power Station Reaches the Construction Phase

FnB News, Aril 9th 2015:
Geothermal Energy Provides Opportunity for Sustainable Food: FAO Report

IceNews, April 8th 2015:
Iceland Advises Japan on Global Energy

Reykjavik Grapevine, April 7th 2015:
Every Swimming Pool In The Greater Reykjavík Area, Rated

The Japan News, April 7th 2015:
Water and Fire: How Iceland Taps Geothermal Energy

Japan Times, April 3rd 2015:
Iceland a Leader in Geothermal Energy

Tech World, April 2nd 2015:
Icelandic Government Hopes to Entice Internet Giants to its Shores With Chilly Climate and Geothermal Power

MarketWatch, April 1st 2015:
President of Iceland Speaker at IHS Energy CERAWeek 2015

Yahoo Finance, March 26th 2015:
Fuji Electric Wins Geothermal Power Equipment Contracts in Indonesia and Iceland

PV Tech, March 25th 2015:
Silicor Signs Equipment Supplier for ‘Lowest-Cost’ Iceland Poly Fab

Inside HPC, March 24th 2015:
Iceland is Good Choice for Data Centers

CNET, March 24th 2015:
Costa Rica in the Footsteps of Iceland

Globe News Wire, March 23rd 2015:
Good and Stable Results for Reykjavik Energy in 2014

Quartz, March 23rd 2915:
Costa Rica in the Footsteps of Iceland

ComputerWorld, March 20th 2015:
Data Centers in Iceland? Yes, Really!

Computerworld, March 19th 2015:
Need a Data Center Location? Iceland Wants You

Iceland Review, March 18th 2015:
EAB New Energy Interested in Wind Farm in Iceland

Reykjavik Grapevine, March 18th 2015:
Wind Power Proving Good Choice For Iceland

BBC, March 17th 2015:
Will Iceland Become Part of Renewable Energy Trade Hub?

Eventbrite, March 12th 2015:
Boston and Reykjavik Discuss Innovations in Energy and Mobility Affecting the Future of the Cities

PennWell Offshore, March 10th 2015:
Iceland to Fund Hydrocarbon Studies

Telecompaper, March 10th 2015:
Epsilon, Farice Supply Connectivity to Icelandic Data Centre

The Scotsman, March 10th 2015:
Icelandic Style Geothermal Energy Plan to Heat Scots Homes?

Globe News Wire, March 9th 2015:
Reykjavik Energy and Dexia Credit Local Agree on Amended Repayment Schedule

Nassau News LIve, February 26th 2015:
Alterra Power Announces HS Orka’s 2014 Annual Financial Results

Reykjavik Grapevine, February 24th 2015:
Why Faroe Petroleum Stopped Looking in Drekasvæðið

Mother Nature Network, February 22nd 2015:
Now is the Time to Invest in Real Geothermal Energy

Transport Evolved, February 20th 2015:
First Mixed Brand Electric Car Store Opens in Iceland

PennEnergy, February 17th 2015:
GE to Modernize Iceland’s Power Grid for Reykjavik Energy

Reykjavík Grapevine, February 14th, 2015:
Why They Think There Is Something Worth Finding In Drekasvæðið

Reykjavík Grapevine, February 11th 2015:
Here Be Dragons – oil Exploration To the North of Iceland

Globe News Wire, February 11th 2015:
Fitch Publishes Reykjavik Energy‘s BB- Rating With Stable Outlook

Forbes, February 3rd 2015:
BT Adds Icelandic Point of Presence (POP)

The Californian Aggie, February 3rd 2015:
Could Icelandic Geothermal be a Model for the United States?

Iceland Review, January 31st 2015:
Three Iceland Power Plant Options Off the Table

Nora Region Trends, January 30th 2015:
Faroe Petroleum Leaves Iceland

IceNews, January 30th 2015:
Iceland Underlines its Efforts for Promoting Geothermal Energy With IGC 2016 Sponsor Agreement

Clean Technica, January 25th 2015:
President of Iceland Speaks With CleanTechnica about Energy

Reykjavik Grapevine, January 23rd 2015:
Here’s What You Need to Know About Dropping Oil Prices and Drekasvæðið

Iceland Review, January 21st 2015:
Dams in Jökulsá Among New Energy Options

Emirates 24/7, January 19th 2015:
President of Iceland at World Future Energy Summit

CCTV America, November 16th 2015:
Icelandic Scientists Turn CO2 in Solid Rock in Potential Fix to Climate Change

IceNews, January 14th 2015:
Iceland Geothermal Conference 2016 to Focus on Benefits of Geothermal Energy

Data Center Knowledge, January 12th 2015:
Verne Raises $98M to Expand Iceland Data Center Campus

The Reykjavik Grapevine, January 11th 2015:
Oil Exploration in Iceland Continues Despite Drastic Price Drop

CNBC, January 5th 2015:
Are Volcanoes the Energy Source of the Future?

The Hans India, January 2nd 2015:
Iceland: Safe Haven of Information

Icelandic Energy News 2013, December 30th 2013:
Iceland – ‘Hot’ Destination for Bitcoin Mining

IceNews, December 27th 2013:
Iceland Motorists Could Soon Use Volcano Power

New York Times, December 23rd 2013:
The Bitcoin Mines of Iceland

TeckSpot, December 23rd 2013:
Inside the Walls of a Professional Bitcoin Mining Facility in Iceland

New York Times, December 21st 2013:
Into Iceland’s Digital Bitcoin Mines

CBC Radio Canada News, December 11th 2013:
Heated Sidewalks: Iceland Has Them, Saskatoon Wants Them

Tech Dirt, December 4th 2013:
Icelandic Fuels From Thin Air

World Fishing & Aquaculture, December 4th 2013:
Icelandic Companies Introduce “Green Marine Technology”

Globe Newswire, December 4th 2013:
Unbundling of Reykjavik Energy Does not Affect Credit Rating

Fish Info & Services, December 4th 2013:
Joint Effort to Promote Green Marine Technology

Smithsonian Magazine, December 2nd 2013:
Is the Future of the Internet in Iceland?

Business Recorder, November 24th 2013:
Norway to Join Chinese Firm in Iceland Oil Exploration

Reuters, November 22nd 2013:
Norway to Join Chinese Firm in Iceland Oil Exploration

Bloomberg, November 22nd 2013:
Norway, China to Participate in Iceland Dreki Oil Exploration

Seeking Alpha, November 22nd 2013:
Norway to Join China’s Cnooc in Iceland Oil Exploration

The Baltic Course, November 20th 2013:
EU Sees Iceland and Norway as Imortant Sources for Renewable Energy

Iceland Review, November 16th 2013:
Joint Oil Search in Icelandic Waters to Reconcile Norway and China?

Globe Newswire, November 15th 2013:
Good Operational Results at Reykjavik Energy

Daily Wild Cat, November 14th 2013:
“Switch” Explains Energy Resources – Focus on Iceland

Reuters, November 13th 2013:
China, Norway May Team Up in Search for Arctic Oil on Iceland’s Continental Shelf

Globe Newswire, November 13th 2013:
Preparations for Unbundling of Reykjavik Energy’s Operations

The Sacramento Bee, November 12th 2013:
Verne Global’s Lisa Rhodes Honored With Gold Stevie® for Women in Business Award

The Daily Reveille, November 11th 2013:
GREEN Program Offers Sustainability Experience Abroad

Petroleum Economist, November 11th 2013:
Iceland Eyes Renewable Future

WDAM, November 8th 2013:
Iceland Teaches Other Countries How to Cultivate Alternative Energy

Scandinavia – a Way to Go, November 5th 2013:
What do You Know About the IceLink Project?

Smart Planet, November 4th 2013:
Could Iceland finally transmit clean electricity to Europe?

AG Professional, November 4th 2013:
Another Look at Iceland Investment Opportunity

Jamaica Observer, November 3rd 2013:
Icelandic Geothermal Expertise in St Vincent 

Icelandic Geothermal, November 1st 2013:
Icelandic Energy and Engineering Specialists in Major Project in Turkey

Bloomberg, November 1st 2013:
Iceland-U.K. Subsea Power Cable Sees ‘Strong’ Investor Interest

Popular Mechanics, November 1st 2013:
Tour One of Iceland’s Incredible Geothermal Plants

Data Center Knowledge, October 31st 2013:
Icelandic GreenQloud Enters U.S. Market With Digital Fortress

Manitoba Cooperator, October 30th 2013:
Iceland Shows That Feeding the World Doesn’t Have to Be Complicated and Expensive

Hydrogen Fuel News, October 30th 2013:
Can Iceland Become A Geothermal Powerhouse?

Bloomberg, October 29th 2013:
Iceland Pushes to Become Arctic Hub After Scrapping EU Accession

The Globe and Mail, October 29th 2013:
Canadian Geothermal Firm Finds Hot Opportunities Abroad

Hispanic Business, October 29th 2013:
GreenQloud Selects Digital Fortress™ As Next Green Data Center Provider

Arctic Startup, October 29th 2013:
Icelandic GreenQloud partners with Digital Fortress for Clean U.S. Data Hosting

Oilprice, October 28th 2013:
UK to Finance Subsea Energy Cable to Connect Grid with Iceland

The Guardian, October 28th 2013:
Iceland Seeks UK Funding for Subsea Cable Project

Bloomberg, Business Week, October 28th 2013:
Iceland Pushes to Become Arctic Hub After Scrapping EU Accession

Xinhuanet, October 28th 2013:
China Willing to Expand Cooperation With Iceland on Energy

Guardian, October 27th 2013:
Iceland Seeks UK Funding for Subsea Cable Project

Global Post, October 23rd 2013:
Ethiopia Signs $4 Billion Geothermal Deal With Icelandic Company

National Geographic, October 22nd 2013:
Reykjavik, Iceland—Here’s Why We Came

Fierce Enterprise Communications, October 21st 2013:
Chill Out! Reports From Inside Iceland’s Newest Data Center

Data Center Knowledge, October 20th 2013:
Special Report: Iceland and the Data Center Industry

AccuWeather, October 19th 2013:
Climate Debate: Five Countries Making Green Changes

Network Computing, October 18th 2013:
Inside Iceland’s Newest Data Center

Des Moines Register, October 16th 2013:
Iceland’s President Advocates Clean Energy in Inaugural Harkin Institute Address

EU Cordis News, October 14th 2013:
The Promise of Greater Energy Efficiency on Europe’s Islands

Iceland Review, October 14th 2013::
NYT: Iceland “Hopes to Capitalize on Arctic Boom”

Renewable Energy Magazine, October 13th 2013:
UK Must Embrace Potential of Geothermal Energy Says Institute of Mechanical Engineers

Renewable Energy Magazine, October 10th 2013:
Ethiopian Government and Reykjavik Geothermal Announce Ground-Breaking Geothermal Agreement

RE News, October 9th 2013:
UK Urged to Warm to Geothermal

Globe Newswire, October 9th 2013:
Financing of Reykjavik Energy’s Headquarters Purchase Completed

DesMoinesRegister, October 8th 2013:
Harkin Institute Brings Iceland President to Drake for Clean Energy Lecture

Oilprice, October 5th 2013:
Iceland: Geothermal Pioneers Go Commercial

Environment 360, October 3rd 2013:
Iceland Seeks to Cash In On Its Abundant Renewable Energy

Worldcrunch, October 3rd 2013:
How Renewable Energy Has Fueled Iceland’s Miraculous Comeback

BBC, October 2nd 2013:
Iceland Hot on Renewable Energy Use

New York Times, October 1st 2013:
Iceland Aims to Seize Opportunities in Oil Exploration

Daily Fusion, October 1st 2013:
Iceland Provides Expertise for Development of Geothermal Energy in Africa

PluginCars, September 30th 2013:
The Tesla Model S in Iceland

Power Engineering International, September 30 th2013:
Icelandic company to invest $4bn in Ethiopian energy

CIO, September 27th 2013:
Why RMS Built Its Cloud Environment in Iceland

Tech Week Europe, September 26th 2013:
Iceland’s Data Centre Saga: Ready For Live Customer Data?

Tech Week Europe, September 26th 2013:
Icelandic Data Centre Shows Off Its Security

PluginCars, September 24th 2013:
Coal’s Long Goodbye Translates to Cleaner Electric Cars – Iceland has the Greenest Grid

Data Center Knowledge, September 19th 2013:
Free Cooling in Iceland: A Closer Look at the Verne Global Data Cente

TCE Today, September 18th 2013:
Iceland to Help Ethiopian Geothermal Industry – Ethiopia could have 5,000 MW geothermal potential

AllAfrica, September 16th 2013:
Ethiopia and Iceland Sign Cooperation Agreement for Geothermal Energy Development

Laboratory Equipment, September 16th 2013:
Simulation Shows Geothermal Energy Potential

AllAfrica, September 15th 2013:
Ethiopia,Iceland Agrees to Cooperate in Geothermal Development

News of Iceland, September 12th 2013:
Internet Speed in Iceland About to Greatly Improve

AllAfrica, September 12th 2013:
Iceland Starts Geothermal Cooperation With Ethiopia

Techworld, September 11th 2013:
Iceland-Scotland Data Cable Gets Upgrade From Farice

Iceland Review, September 11th 2013:
Iceland Starts Geothermal Cooperation with Ethiopia

MarineLink, September 10th 2013:
Unique System Delivers Performance Monitoring to ADNATCO-NGSCO

Light Reading, September 10th 2013:
Ciena Plants GeoMesh Flag in Iceland

Renewable Energy Magazine, September 7th 2013:
Iceland Could Provide Renewable Energy to the UK

Responding to Climate Change, September 6th 2013:
Nordic countries Join Obama in Shunning Dirty Energy

Afrique Jet, September 5th 2013:
Iceland an Geothermal Energy in Africa’s Rift Valley

Iceland Review, September 5th 2013:
Obama and Icelandic PM Discuss Geothermal Energy

Utility Week, September 5th 2013:
Iceland Interconnector Could Undercut UK Offshore Wind

News of Iceland, September 1st 2013:
81% in Favour of the Development of Wind Power in Iceland

Iceland Review, August 30th 2013:
Icelanders Support Wind Turbines

Computing, August 29th 2013:
Why aren’t All Data Centres in the Arctic Circle?

Globe Newswire, August 29th 2013:
Costs at Reykjavik Energy Still Decreasing

News of Iceland, August 28th 2013:
Research of the Roots of Geothermal Energy

Scientific American Blogs, August 27th 2013:
Iceland Wants to Know: “Who Needs Coal When You Have FIRE?”

Wall Street Journal, August 23rd 2013:
Landsvirkjun’s Results for the First Six Months of the Year 2013

Digital Journal, August 20th 2013:
Verne Global Honored With Two Stevie® Awards

News of Iceland, August 20th 2013:
Increased Collaboration with the University of the Faroe Islands

News of Iceland, August 19th 2013:
Icelandic Online Cloud – QloudSync

Arctic Startup, August 14th 2013:
GreenQloud Launches Dropbox-Style Client Fueled By Green Energy

News of Iceland, August 10 th2013:
Iceland to Become the Best Place In the World for Data Centers

MarketWatch, August 3rd 2013:
Methanex and Carbon Recycling International Sign Landmark Investment Agreement for Advanced Renewable Fuel Production

News of Iceland, August 1st 2013:
Research Project On the Roots of Geothermal Systems

Iceland Review, July 30th 2013:
U.K. Minister’s Iceland Energy Deal Causes Controversy

Guardian, July 29th 2013:
Former Tory Minister Charles Hendry Takes Job With Party Donor

Iceland Review, July 29th 2013:
Gathering Steam

IceNews, July 22nd 2013:
Iceland to Get Second Opinion on Power Cable

Asia Times, July 17th 2013:
Exploring China’s Arctic Icebreaker

Iceland Review, July 16th 2013:
Iceland to Further Study Sea Cable Prospects

Bloomberg Business Week, July 14th 2013:
Iceland Seeks Second Power Cable Study to Tap European Markets

News of Iceland, July 14th 2013:
Icelandic Power Plants a Popular Tourist Attraction

Iceland Review, July 11th 2013:
Iceland State Oil Association to be Established Shortly

Iceland Review, July 8th 2013:
Fifty Thousand Guests to Visit Geothermal Plant

Money Morning, July 1st 2013:
China Gets Hungry for Arctic Oil

China Daily, June 25th 2013:
Oil Deals Strengthen China’s Energy Supplies

IPP Media, June 25th 2013:
Two Foreign Firms to Invest in Geothermal Power Generation

News of Iceland, June 23rd 2013:
Travel video of the day – Geothermal Iceland

China Daily, June 21st 2013:
China Steps Up Search for Gas

News of Iceland, June 21st 2013:
Roots of Geothermal Systems Researched in Iceland

PluginCars, June 20th 2013:
Iceland Ramps Up With EVs, Gets Europe’s First Model S

The Australian, June 20th 2013:
CNOOC Seeks Arctic Energy Partner

United Press International, June 19th 2013:
China Looks to Iceland for Oil Opportunity

Hydrogen Fuel News, June 18th 2013:
Complete Reliance on Renewable Energy is Possible

China Daily, June 18th 2013:
Sinopec Looks North for Oil

Web Host Industry Review, June 17th 2013:
Datapipe Delivers Green HPC Cloud from Verne Global Data Center in Iceland

Data Center Knowledge, June 17th 2013:
Datapipe Opens Green HPC Cloud Node in Iceland

China Daily, June 17th 2013:
Sinopec Holds Oil Exploration Talks with Iceland

Platts, June 17th 2013:
China’s Sinopec in Talks on Oil Exploration Offshore Iceland

Iceland Review, June 12th 2013:
Former OR CEO: Geothermal Debate Reeks Politics

News of Iceland, June 11th 2013:
Aluminium Producers in Iceland: Electricity Monopsonists

Energy Business Review, June 10th 2013:
CNOOC, Eykon Energy to Jointly Explore Oil and Gas in Arctic

24/7 Wall St., June 10th 2013:
Chinese Oil Company Finds Partner in Search for Oil in Iceland

IceNews, June 10th 2013:
Iceland Dubbed as Premier Location for Algae Biomass Production

Upstream, June 10th 2013:
CNOOC ‘in joint bid’ off Iceland

The Investor’s Portal, June 10 th2013:
CNOOC Teams up with Iceland’s Eykon Energy for Arctic Oil Exploration

Iceland Review, June 10th 2013:
Iceland Geothermal Power Plant Unsustainable

The Telegraph, June 10th 2013:
China’s CNOOC Teams Up With Icelandic Company to Explore for Oil in the Arctic

Inter Press Service News, June 10th 2013:
Iceland Renews Push for Aluminium Plant

Seeking Alpha, June 10th 2013:
Iceland’s Energy Authority Hopes to Decide by the Fall Whether to  Grant an Exploration License

Financial Times, June 9th 2013:
Cnooc Teams Up With Icelandic Group in its Play for Arctic Oil

Independent European Daily Express, June 9th 2013:
Iceland Renews Push for Aluminium Plant

Iceland Review, june 6th 2013:
Chinese Oil Company to Apply for Iceland Oil License

Wall Street Journal, June 5th 2013:
China’s CNOOC Eyes First Foray Into Offshore Arctic Oil Drilling

Platts, June 5th 2013:
China’s CNOOC Eyeing Iceland’s Offshore Dreki Area

IceNews, June 4th 2013:
Full Steam Ahead for Energy Plants in Iceland

Telecompaper, May 31st 2013:
Iceland Set to Become International Data Centre Hub

National Post, May 29th 2013:
Iceland Positioned to Become International Datacenter Hub

News of Iceland, May 16th 2013:
ReMake’s Energy Monitoring System Enters the UK Market

News of Iceland, May 16th 2013:
Electric Vehicle User Models Help Implementation

Datacenter Dynamics, May 15th 2013:
Iceland – Somthing to Sell – Part I

The Sacramento Bee, May 15th 2013:
Green Data Center News Recognized As Best Website by Network Products Guide

Wall Street Journal, May 8th 2013:
Opera Software Expands Operations at Advania’s Green Data Center in Iceland

Iceland Review, May 7th 2013:
Third Iceland Oil Exploration License in Progress

News of Iceland, April 27th 2013:
The Cheapest Energy in Iceland

Guardian, April 25th 2013:
Harnessing Volcanoes: Charles Hendry Talks Nuclear, Fracking and More

New Europe, April 18th 2013:
Icelandic Excellence in Web Energy Efficiency Calculators

Xinhua News Agency, April 16th 2013:
China Promises Continuous Support for Iceland

Bloomberg Business Week, April 15th 2013:
Iceland Is First in Europe to Sign Free Trade Pact With China

Wall Street Journal, April 15th 2013:
Iceland-China Ties Are Seen Expanding

Renewable Energy World, April 15th 2013:
Iceland First in Europe to Sign Free Trade Pact with China, Offers Geothermal Expertise

The Houston Chronicle, April 15 2013:
China and Iceland Sign Free Trade Agreement

IceNews, April 15th 2013:
EU and Iceland talks on Arctic Conservation

RTTC, April 12th 2013:
Commissioner Calls for Expansion of EU Energy Empire

AG Professional, April 11th 2013:
Iceland’s Geothermal Focus

The Montreal Gazette, April 10th 2013:
Iceland is Proud to Be Green

MarketWatch, April 5th 2013:
Icelandic ReMake Introduces eTactica(TM) Energy Intelligence

The Sacramento Bee, April 3rd 2013:
Verne Global Extends European Sales Presence into Germany

Money Expert, March 13th 2013:
European Businesses Flock to Iceland for Cheap Energy

Renewable Energy World, March 13th 2013:
What Do Iceland and Kenya Have in Common? Lots of Clean and Renewable Geothermal Energy

IceNews, March 13th 2013:
Iceland Geothermal Conference Spreads Green Energy Industry Message

Renewable Energy World, March 11th 2013:
In Iceland, Geothermal Energy is “Use It or Lose It”

Computer Weekly, March 6th 2013:
Cheap Energy and Green Credentials lure Business to Iceland Datacentres

Data Center Dynamics, March 5th 2013:
Iceland bets Future on Large Data Center Development

Renewable Energy World, March 4th 2013:
Geothermal Energy in Iceland: Too Much of a Good Thing?

WebWire, February 30th 2013:
Excitement Builds for Iceland Geothermal Conference 2013

Electric Light & Power, February 28th 2013:
A Clean Energy Economy – Lessons from Iceland

IceNews, February 25th 2013:
Iceland Geothermal Conference Gears Up for 2013 Geothermal Energy Event

New York Times, February 20th 2013:
Iceland Looks to Export Power Bubbling From Below

SmartPlanet, February 13th 2013:
Believe it Or Not: Icelandic Geothermal to Power European Cars

IceNews, February 12th 2013:
Field Trips as Part of 2013 Iceland Geothermal Energy Conference Programme

Think Geoenergy, January 30th 2013:
Alterra Power Updates on Geothermal Activities in Iceland and Chile

IceNews, January 14 th2013:
Geothermal Energy Business Exhibition to Take Place at Iceland Geothermal Conference 2013

The Scotsman, January 10th 2013:
Icelandic Volcanoes Could Help to Power UK via Subsea Scottish Cable

Deutsche Welle, January 7th 2013:
Icelandic Power Export Plans Still a Pipe Dream

Yahoo Finance News, January 4 th2013:
Iceland Launches Search for Black Gold

IceNews, January 1st 2013:
Japan Should Opt for Geothermal Energy


UK-Iceland cable on the Global Infrastructure 100 List

A global panel of independent industry experts has identified a subsea electric cable between Iceland and the United Kingdom (UK) as one of the hundred most inspirational and innovative infrastructure projects in the world – many of which are expected to transform the way the world’s populations interact with their cities, governments and environment. This is the first time that an infrastructure project in Iceland is on this list, which is published by KPMG (download the report as pdf here).

KPMG-Global-Infrastructure-100-2014-coverKPMG International’s ‘Infrastructure 100: World Markets Report highlights key trends driving infrastructure investment around the world. In the report, a global panel of industry experts identifies 100 of the world’s most innovative, impactful infrastructure projects. Furthermore, the panel demonstrates how governments are coming together with the private sector to overcome funding constraints in order to finance and build projects that can improve quality of life – both solving immediate needs and planning for future societal demands.

The 2014 report focuses on key trends driving infrastructure investment in four key markets, one of the categories being smaller established markets, which are strong domestic markets open to private finance in infrastructure.

The subsea electric cable between Iceland and the UK is one of 25 projects falling under this market-category. The report describes the project, called IceLink, as an ambitious attempt to connect the power grids of Iceland and the UK. Iceland produces all of its electrical power by the means of renewable energy, such as hydro, geothermal and wind, and has potential well beyond local consumption.

According to KPMG, the total investment in the cable and related production and grid infrastructure in Iceland has been assessed in the range of USD 5 billion. When completed, this clean-tech venture would be the world’s longest subsea power cable, delivering as much as 5 TWh a year of renewable electricity to the UK – at a cost lower than offshore wind in UK territories. KPMG says that UK-based ventures have shown interest in funding the interconnector, while Icelandic power companies will build the power-generating facilities and onshore infrastructure in Iceland

KPMG-Global-Infrastructure-100-2014-enregy-and-resources-list-smallOf all the 100 projects listed in the 2014 KPMG-report, 27 projects are in the sector of energy and natural resources. Besides the IceLink, these projects are for example the Alaska LNG Project, the UK Hinkley Point C Nuclear Power Station, and Russia-China Gas Pipeline.

A total of 25 projects are classified as being in smaller established markets. The IceLink is one of these projects – other projects in this category are for example the Facebook Rapid Deployment Data Center in Luleå in Sweden, the Scandinavian 8 Million City High Speed Rail Link between the capitals of Norway, Sweden and Denmark, and the Rail Baltica, linking Finland, Estonia, Latvia and Lithuania with 960 km of railway track. Although many of the projects in this category face challenges regarding scale and investment, KPMG believes there are good possibilities to realize all the projects with increased access of private investment. With IceLink in mind, a perfect and realistic business model might be a private ownership of the cable, while the Icelandic TSO and the main Icelandic power firms would probably be in majority governmental ownership, possibly with private investors as co-owners.

UK energy investors looking towards Iceland

Over the next few years billions of pounds are expected to be invested in new energy projects in the United Kingdom (UK). One of the projects may be a HVDC electric cable between UK and Iceland.

First step: 12 billion GBP for wind and biomass projects

Earlier this year (2014), the UK government made Contracts for Difference (CfD) with eight renewable energy projects, with a total capacity of more than 4,500 MW. Five of these projects are large wind farms (more than 3,100 MW in total capacity) and the three others are biomass projects (close to 1,400 MW).

The list of participants e.g. includes the Danish energy firm Dong, Spanish Repsol, Scottish SSE, and Norwegian Statkraft and Statoil. The eight projects are expected to contribute around 15 TWh annually, which will be 14% of the expected renewable electricity to be added to the British electricity generation by 2020.

Together, these contracts open the door for a private investment of 12 billion GBP in the British renewable energy sector. However, this is only the start of a much larger energy investments in the British energy system. In total, these investments are estimated to be about 110 billion GBP by the year 2020, including 40 billion GBP in renewable electricity generation projects.

Groundbreaking policy and legislation

The investments mentioned above are possible due to the recently approved energy policy and electricity market reform of the UK. The recently adopted Energy Act calls for higher proportion of renewable energy and the strengthening of energy security of the UK by increased access to more diversified energy production.


This is a very interesting step by the UK. The new energy policy introduces special Contracts for Difference (CfD) to replace earlier system of incentives. The CfD sets certain strike prices for electricity, which is a pre-defined long-term price. This system will substantially limit the risk of new power projects and be an important driver for projects giving access to more reliable power.

This may offer a variety of opportunities, such as for Icelandic engineering firms with geothermal expertise. Even more interesting, may be the possibility of a submarine electric cable between Iceland and Great Britain.

Nordic companies among the first to benefit

The new British energy policy and electricity market reform is already being implemented. It is an interesting fact that energy firms from the Nordic countries are the main players in four of the first eight projects involving CfD’s. These are the Danish Dong Energy and the Norwegian Statoil and Statkraft (the latter company is wholly owned by the Norwegian state).

All of the four “Nordic projects” are new offshore wind power parks, with a total capacity of close to 2,600 MW (CfD has also been awarded to a fifth wind park – Beatrice – with a capacity of 664 MW). The projects have gained authorization by the EU Commission, thus fully in consistency with competition and state aid rules. And the fixed strike price is 140-155 GBP/MWh (equivalent to approximately 220-250 USD/MWh).

New power plants and new submarine cables

The new investments, according to UK’s energy policy, will primarily be in new power plants and development of electricity transmission and distribution systems. In the coming months, the policy will be further developed and the UK Department of Energy & Climate Change (DECC) will continue to prioritize projects.


The CfD-system applies to energy projects in Britain. However, the British energy policy also focuses on special arrangements to increase UK’s access to energy and electricity from abroad. This will e.g. happen with new cable connections (submarine electric cables) between the UK and its neighboring countries.

For the UK it will be especially important to gain access to flexible hydropower, to balance the electricity system. A HVDC cable between Iceland and UK could be an important part of such balancing and create high value to both countries. Such a project would also attract the interest of private investors, as already can be seen on the website of Disruptive Capital.

The importance of diversifying Europe’s energy sources

Economist-Euorope-Energy-Security-april-2014-3The Economist recently wrote about how Europe is highly vulnerable to Russian control over gas supplies – and how Europe can reduce its reliance on Russia by changing generating technology. In the article, it states that “better electricity interconnectors could reduce that need for gas by making it easier to export electricity from renewables-rich markets like Germany on sunny or windy days and to import it on dark or still ones.“ This brings attention to the great importance of strengthening the electric grid in Europe and construct new electric cables, such as to Norway and to Iceland.

The Economist correctly points out that interconnectors can help substitute one type of renewable energy for another. Hydropower (like gas-fired power stations) can easily be turned on – when the wind in Germany or United Kingdom  falters. But hydropower is not evenly spread. As stated in the article, “Sweden and, particularly, Norway have a lot of it, Germany and Benelux not so much.” Iceland is a country with abundant hydropower, that by far exceeds the country’s own electricity needs. In addition, Iceland also has extensive geothermal resources, that offer stable electricity generation for domestic use and for exports via submarine electric cable(s). Thus, Icelandic energy can be an excellent option for diversifying Europe’s energy sources.

Icelink-Bloomberg-HVDC-2“Forging such links requires a pan-European push”, the Economist-article continues. To make it work on a large scale will require new pricing strategies to recompense the owners of fossil-fuel plants pushed off the grid when renewable energy from other countries flows in. According to the Economist, Norway could generate much more hydropower, given a market. The Economist states that there are currently plans for up to five new interconnectors from Norway to the EU to be built by 2020, with a capacity of up to 5GW. An inteconnector to Iceland would easily offer 1 GW more.

In last March (2014) the EU’s Heads of Government told the EU Commission to produce a plan for reducing energy dependence. The plan is to be finalized by June, and some of the key elements of the strategy are to include an in-depth study of EU energy security and plan for the diversification of supply. That is likely to give a push to storage capacity and both more and larger interconnectors. Iceland is the world’s number one electricity generator per capita and still has substantial unharnessed hydro- and geothermal resources. Thus, the development and implementation of such an action plan may offer very interesting possibilities for the Icelandic energy sector.