“First quarter results were excellent. Profit before unrealised financial items, which reflects Landsvirkjun’s core operations, increased by more than 40% compared to the first quarter of 2022. Operating revenues increased by almost 20% year on year due to increased electricity sales, high energy prices to power intensive customers, and revenues from realised hedges.
Meanwhile, Landsvirkjun’s operating expenses decreased by 8% year on year. Cash generation was also strong in the first quarter, as cash flow from operating activities increased by 43% year on year and was USD 144.4 million.
Power station operations were superb in the first quarter, with a 5% increase in energy generation year on year. However, delivery of controllable load to data centres and fish meal factories had to be reduced repeatedly during the period since the Company’s electricity system was operating at maximum capacity.
Landsvirkjun is working hard to acquire the relevant licences needed to increase energy generation to meet the apparent domestic demand for energy and the energy transition.”