Iceland could become the hub of renewable energy
New and diverse business opportunities are continually emerging, based on the interplay of technological progress, increased expertise, continuous development over decades of operation and evolving renewable energy markets.
Iceland produces all of its electricity from renewable energy sources.
Global consumers are continually more aware of the crucial role of sustainable development in all aspects of society and the value of reducing the negative human impact on the environment. This increased demand for renewable energy products and services has given Landsvirkjun the opportunity to focus on a larger and more diverse customer base.
Renewable energy has, in many ways, become central to Iceland's image, creating various opportunities for value creation by focusing on the sustainable use of natural resources. The development of primary and secondary energy vectors will provide the key to attracting and creating new energy-related industries in connection with data centers, tourism, algae cultivation and health and wellness products and services.
Renewable energy for future generations
EIMUR -improving the utilisation of natural resources
EIMUR is a perfect example of how to successfully collaborate on improving the utilisation of natural resources.
EIMUR has launched a number of projects in recent years including the mapping of natural resources in the Northeast of Iceland (with an emphasis on sustainable utilisation), an Idea Challenge on the utilisation of low to medium enthalpy resources in Northeast Iceland, a geothermal food idea challenge, a summer school focused on sustainability and diverse utilisation and the “Viltu sigra EIMINN” prize which is awarded for the best sustainability concept in connection with increased resource utilisation, and / or environmental and community interaction.
Focusing on efficiency will enable us to broaden opportunities associated with renewable energy sources, both at the domestic and global level. Our Marketing and Business Development Division will continue to conduct an international marketing campaign, focusing on defined target groups in prioritised industry sectors.
´Viltu sigra EIMINN´ competition in 2018
Production or protection?
Opportunities for increased utilisation and energy production in Iceland are increasing as Europe’s resources become more and more depleted.
Each power project is preceded by many years of research and projects are defined according to feasibility, sustainability and minimal environmental impact.
Extensive and exact data are an essential component of the initial assessment phase of a power project. The relevant data assists in the design process for proposed power projects and also helps to minimise any environmental impact.
Iceland has an effective framework for the further utilisation and protection of land areas, based on three key factors: The Master Plan for Hydro and Geothermal Energy, Environmental Impact Assessments and planning legislation.
Power projects affect the environment in both highland and suburban areas. These tools are specifically designed to assess if the potential negative environmental impact of a proposed power station outweighs the benefits.
Green certificates offer Icelandic businesses immense opportunity
Landsvirkjun actively participates in the European green certificate market. Green certificates are included with all electricity we sell on the Icelandic wholesale market, providing consumers with a guarantee that their electricity was produced from renewable energy sources.
The green certificate market encourages eco-friendly electricity generation. Electricity consumers can make their contribution to increasing sustainability by buying green certificates from companies that generate electricity from renewable energy sources.
Green certificates give Icelandic companies access to the international market. The purchase of green certificates supports businesses in marketing their products to withstand intense international competition. They are part of the companies' green accounts and enable them to obtain international environmental certification. Environmental consumer awareness is growing and certified eco-friendly products are a sought-after commodity.
The sale of green certificates is a source of increased revenue for Icelandic energy companies and also allows them to participate in the provision of a commodity that is tremendously valuable to the end-user. The sale of green certificates will provide Landsvirkjun with over ISK 600 million in revenue 2018.