Power in Iceland
There are five major geothermal power plants in Iceland which produce approximately 26.2% (2010) of the nation's energy. In addition, geothermal heating meets the heating and hot water requirements of approximately 87% of all buildings in Iceland. Apart from geothermal energy, 73.8% of the nation’s electricity is generated by hydro power, and a mere 0.1% from fossil fuels.
Consumption of primary geothermal energy in 2004 was 79.7 petajoules (PJ), approximately 53.4% of the total national consumption of primary energy, 149.1 PJ. The corresponding share for hydro power was 17.2%, petroleum was 26.3%, and coal was 3%. Plans are currently underway to turn Iceland into a 100% fossil-fuel-free nation in the near future. An example of this is the way that Iceland's abundant geothermal energy has enabled renewable energy initiatives, such as Carbon Recycling International's carbon dioxide to methanol fuel process.
Competitively priced electricity has already attracted foreign investors to Iceland in fields such as production of aluminium and ferro-silicon. Export-orientated power-intensive industries now consume more than half the country’s electricity production but there is plenty to go around.
Both hydro and geothermal power are sustainable and supremely environment-friendly or “green” resources which are free from the atmospheric emissions of fossil fuels and the potential hazards of radioactive power sources. In the case of aluminium production, using electricity generated by hydropower instead of coal will typically cut total emissions of CO2 by about 90% per ton of production. A recent venture backed by Daimler-Chrysler, Norsk Hydro and Shell has located one of the world’s first pilot projects for developing infrastructure of a hydrogen-driven transport system in Iceland, using hydropower to make an emission-free petrol substitute, sometimes called “the energy source of the future”.
Iceland Drilling Ltd. is a leading high technical company in the field of high temperature geothermal drilling and has many decades of experience in both high and low temperature drilling.
Landsvirkjun is the largest energy producer in Iceland. It was founded in 1965 by the city of Reykjavik and the state of Iceland.
Mannvit is a leader in geothermal energy and hydroelectric power, with over four decades of experience in all phases of the development of power plants.