Success and challenges over 50 years

Landsvirkjun is Iceland’s largest energy company and plays an important role within Icelandic society- maximising the yield and value of the natural resources we have been entrusted with, in a sustainable, responsible and efficient manner.

The establishment of Landsvirkjun on the 1st of July, 1965 was an ambitious venture and the initiative and high standards of those pioneers is well documented. The Company has been a driving force in national progress and value creation for over half a century and has achieved significant results, to the benefit of Icelandic society. The Company has also faced various challenges in its operations and has met these challenges successfully with progress and consensus as guiding principles.

Initially, a conscious decision was made to support heavy industry in Iceland. This was a huge step forward for the economy and Icelandic society as a whole. Companies in energy-intensive industries are the backbone of Landsvirkjun’s customer base. An emphasis is placed on fostering these aspects of Landsvirkjun’s operations, enabling customers to grow and prosper. Serving these interests is an integral part of succeeding in this area.

The main objective of those who have steered the Company throughout the years has always been to achieve the best results in light of the circumstances presented at any given time. This objective remains unchanged. The value of energy resources is tremendous and growing rapidly. The opportunities to achieve greater success for Icelandic society are substantial, but they are also accompanied by ongoing challenges.

The demand for Icelandic electricity now exceeds the available supply and diverse industries are showing increased interest in Iceland. New business opportunities enable Landsvirkjun to broaden their customer base in order to increase the value and profitability of the business for its owner, as well as reducing operational risk. There is also evidence that electricity sales to international markets, via sub-sea cable, could prove a feasible option for Iceland, increasing energy security in the country and supporting the responsible use of energy resources.

Landsvirkjun has proposed that these opportunities be further explored. Landsvirkjun will continue to strive to be a leader in the environmental field, focusing on the sustainable use of natural resources, supporting research on biodiversity and minimising the environmental impact of its operations.

Landsvirkjun’s vision is to be a progressive energy company in the field of renewable energy. The Company operates within an international environment and compares itself with the very best in generating and selling energy. Iceland must use its natural resources wisely to support its economy.