Icelandic power generation and energy storage prices

Does Iceland have a competitive electricity price?

Electricity prices for energy intensive industries in Iceland are relatively competitive at a global level. This is mainly due to the abundant and natural energy sources in Iceland, such as hydro power and geothermal energy. Only a few countries or regions in North America or Europe can benefit from similar energy sources.

What is the primary energy supply in Iceland?

In total, about 85 percent of the primary energy supply in Iceland is derived from domestically produced renewable energy sources. The second graph (at left) illustrates the electricity generation in Iceland each year in the period 1990-2011. A major production increase can be seen in 2008.

How much electricity does Iceland generate a year?

Iceland generates approximately 19 TWh of electricity annually, which is about 35% of its estimated potential geothermal- and hydropower sources. This makes Iceland the world’s largest electricity generator per capita, with approximately 55,000 kWh per person. In comparison, the EU average is close to 6,000 kWh.

Which is the largest energy company in Iceland?

Landsvirkjun, which is state-owned, is by far the largest energy company in Iceland, providing approximately 75% of all the electricity produced in Iceland, or 12.6 GWh annually of the total 16.8 GWh.

Why are electricity costs high in Iceland?

In Iceland, the high electricity costs are driven by the costs of hydro power and geothermal energy sources, which have higher upfront investments than conventional fossil fuel power plants like gas or coal. However, they have lower operational costs.

What is Iceland's electricity supply & demand?

Iceland is the world’s largest green energy producer per capita and the largest electricity producer per capita, with approximately 55,000 kWh per person per year in electricity supply. In comparison, the EU average is less than 6,000 kWh.