Good performance despite operational challenges
Landsvirkjun's interim financial statements for Q3 2024 have been published.
The company continues to operate well, although not matching the record performance of 2023. Core operating profit in the third quarter amounted to 65 million US dollars, decreasing by 31%.
Landsvirkjun develops a wind firming solution
Landsvirkjun intends to offer wind farm developers a service which will smooth (or “firm”) variability in power output due to changing wind conditions. Developers would deliver surplus power to Landsvirkjun when winds are strong, allowing Landsvirkjun to save water in its reservoirs.
All Licences for Hvammur Power Station Acquired!
The council of the municipality of Skeiða- and Gnúpverjahreppur has approved a construction licence for the Hvammur Power Station in the river Þjórsá. Earlier, the council of the municipality of Rangárþing ytra had approved a construction licence on its behalf. Thus, all the required licences for commencing the power station construction have been acquired. It is now estimated that the Hvammur Power Station will begin operations in 2029.
KMT Secures Key Support
The Icelandic Ministry of the Environment, Energy, and Climate, Landsvirkjun, Reykjavik Energy, and the Krafla Magma Testbed (KMT) signed an important agreement in Krafla, securing financing for the next two years.
Moody´s Ratings upgrades Landsvirkjun's ratings to A3
Moody´s Ratings has upgraded Landsvirkjun’ s credit rating to A3 from Baa1.
The outlook has been changed to stable from positive.
Curtailment for Large Energy Users in the South
Landsvirkjun has announced energy curtailment for large energy users in the South.
The curtailment will start on 24 October, all else being equal.
Responsible utilisation of resources
We have set ourselves an ambitious Climate and Environmental Policy.
We respect the Icelandic natural environment and place emphasis on minimising the environmental impact of our operations. We will become carbon neutral in 2025. Then, emissions from the Company’s operations will equal carbon sequestration.
Now is the time to act. We will do our part in the fight against climate change.
Our Power Stations
We operate fifteen hydropower stations, three geothermal power stations and two wind turbines for research purposes in five operating areas in Iceland.
In operating power stations, emphasis is placed on a holistic vision, where prudence, reliability and harmony of the operations with environment and society are the guiding principles.
