Ársskýrsla 2018

Í landi endurnýjanlegrar orku


On the right path

Landsvirkjun's operations were successful in 2018. Energy sales reached an all-time high or 14.8 TWh. Revenues were the highest in the Company's history and net debt decreased by USD 157 million this year.

More on the financial statements


Operating revenues

USD 534m 11%


USD 390m 13%

Cash flow from operations

USD 296m 6%

Electricity sales

TWh 14.8 3%

Free cash flow

USD 273m 6%

Profit before unrealised items

USD 184m 20%

Net debt

USD 1,885m -8%

Equity ratio

- 48.6% 2.8%

Landsvirkjun's 18th power station, Búrfell II Hydropower Station, was commissioned during the year, and the second phase of the Þeistareykir project was completed. Krafla Geothermal Station celebrated its 40th year of operations this year.

Búrfell Hydropower Station II:
Landsvirkjun’s 18th power station

Þeistareykir Geothermal Station:
Second phase completed

Krafla Geothermal Station:
40 years of successful operations


Green accounts

Carbon footprint

TONNES 27,875

Percentage of clean-energy vehicles
in our car fleet


Decrease in emissions
due to air travel


Decrease in emissions due to
electricity production from geothermal resources pr. MWh


More on our green accounts


We actively support the United Nation’s Sustainability Goals and put a special emphasis on three of the goals in our operations.


Landsvirkjun has outlined a three-year project to show its commitment to supporting gender equality within the Company.

More on SDG 5

Sustainable Energy

Every human being should be ensured access to affordable, reliable, sustainable and modern energy by 2030.

More on SDG 7

Climate change

Global business is now expected to do everything possible to prevent climate change.

More on SDG 13


Emissions come at a cost

Landsvirkjun raised internal carbon prices in 2018, which are the cost criteria for greenhouse gas emissions.  Greenhouse gas emissions are now registered as costs in the Company's operations. This supports the Company's goal of becoming carbon neutral in 2030.

More on action on climate change

Excess demand for green certificates

The demand for green certificates issued by Landsvirkjun in the US market was seven-fold in 2018.

More on green certificates

Diverse business opportunities

Renewable energy sources have become part of Iceland's image and the sustainable use of natural resources is at the centre of the many future business opportunities ahead.

More on new opportunities

A diminishing carbon footprint

Búðarháls Hydropower Station’s carbon footprint measures 1.5 g of CO-eq//kWh, while the average within Europe is 417 g of .CO2-eg//kwh

More on our carbon footprint

A higher international grade

Our rating with the international organisation CDP rose from C to B in 2018, which (according to CDP's rating system) means that the Company has a good overview of climate issues in its operations and manages them effectively.

More on CDP